29th Oct 2021. 7.45am
Morning Report – Friday 29th October
FTSE to open at 7,211 (-38 pts)
Wall Street rallied yesterday as traders chose to look past weak US GDP data and instead focus on a raft of strong corporate earnings.
After the New York closing bell Amazon and Apple released quarterly earnings – both badly missing market expectations and this is likely to mark a volatile end to the week in the US.
While overnight in Asia stocks have weakened in response to the disappointing numbers from the US tech giants.
|S&P 500||+0.98%||Bullish for UK stocks|
|Hang Seng||-0.71%||Bearish for UK stocks|
|Gold||-0.19%||Neutral for UK stocks|
|AUD/JPY||-0.09%||Neutral for UK stocks|
|US 10yr Yield||+2.73%||Bearish for UK stocks|
Yesterday’s price action saw the FTSE retrace and retest the broken resistance zone…
Prices rallied from intra-day lows – forming a bullish pin-bar candle. however, the futures have broken below yesterday’s lows overnight and should we end the week below resistance it would of course be a bearish sign.
|Grit Real Est. (GR1T)|
|Scancell Holdings (SCLP)|
|Time Out (TMO)|
|Natwest Grp (NWG)|
|Omv Petrom S (PETB)|
|UK Economic Announcements|
|(09:30) M4 Money Supply|
|(09:30) Consumer Credit|
|(09:30) Mortgage Approvals|
|International Economic Announcements|
|(07:00) Import Price Index (GER)|
|(09:00) GDP (Preliminary) (GER)|
|(10:00) GDP (Preliminary) (EU)|
|(13:30) Personal Income (US)|
|(13:30) Personal Consumption Expenditures (US)|
|(13:30) Personal Spending (US)|
|(13:30) Employment Cost Index (US)|
|(14:45) Chicago PMI (US)|
|(15:00) U. of Michigan Confidence (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.