5th Aug 2022. 7.34am
Regency View:
Morning Report – Friday 5th August
FTSE to open at 7,462 (+14 pts)
The Bank of England hiked rates by 0.5 percentage points to 1.75% yesterday…
Whilst the rate hike was in-line with analyst forecasts, the Central Bank’s grim economic forecast surprised the market by indicating that it now expects a longer and deeper recession than it forecast in May.
On Wall Street, stocks had a muted session as US jobless claims hit six-month highs as labour demand cools.
And overnight in Asia, the Hang Seng and Nikkei have made modest gains ahead of this afternoon’s July Non-Farm Payrolls.
| S&P 500 | -0.08% | Neutral for UK stocks |
| Hang Seng | +0.28% | Bullish for UK stocks |
| Gold | -0.07% | Neutral for UK stocks |
| AUD/JPY | +0.29% | Bullish for UK stocks |
| US 10yr Yield | -11pts | Neutral for UK stocks |
Yesterday’s price action saw the FTSE break above Monday’s swing highs only to retreat and close near intra-day lows – forming a small bearish reversal candle.
A break below yesterday’s low would likely trigger a retest of support at 7,361.
FTSE 100 Daily Rolling Futures – Key Levels
| Final Results |
| Hargreaves Lansdown (HL.) |
| Interim Results |
| F.b.d.hldgs (FBH) |
| WPP (WPP) |
| Synthomer (SYNT) |
| Trading Announcements |
| Pets At Home (PETS) |
| UK Economic Announcements |
| (07:00) Halifax House Price Index |
| International Economic Announcements |
| (07:00) Industrial Production (GER) |
| (13:30) Unemployment Rate (US) |
| (13:30) Non-Farm Payrolls (US) |
| (20:00) Consumer Credit (US) |
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Disclaimer:
This research is prepared for general information only and should not be construed as any form of investment advice.