10th Oct 2022. 7.42am
Morning Report – Monday 10th October
FTSE to open at 6,931 (-60 pts)
Friday’s non-farm payrolls came in ahead of expectations rising by 263,000 in September versus 250,000 expected.
Finally, wage inflation, as measured by the Average Hourly Earnings, fell to 5% on a yearly basis from 5.2%.
Overnight in Asia, stocks have weakened with the Hang Seng down more than -3% and the Nikkei 225 down -0.77% on the day.
US market’s are closed for Columbus Day today and this is likely to see reduced volatility across all asset classes.
Looking ahead this week, we have inflation data from the US and China. The Fed will also release the minutes from its September meeting, which will be watched for indications about the path of interest rate rises.
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|S&P 500||-2.80%||Bearish for UK stocks|
|Hang Seng||-3.06%||Bearish for UK stocks|
|Gold||-0.58%||Bullish for UK stocks|
|AUD/JPY||-0.73%||Bearish for UK stocks|
|US 10yr Yield||+60pts||Bearish for UK stocks|
After bursting higher from support last week, the FTSE has drifted lower and the recovery has lost some momentum.
The bulls will be hoping that this drift lower is just a retracement before a second leg higher.
|Sirius R E. (SRE)|
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This research is prepared for general information only and should not be construed as any form of investment advice.