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11th Jul 2022. 7.46am

Regency View:

Morning Report – Monday 11th July

FTSE to open at 7,111 (-85 pts)

Friday’s US jobs data came in ahead of expectations with 372,000 jobs added in June (versus 268,000 expected) and average hourly earnings up 5.1% year-on-year (versus 5% expected).

The jobs numbers received a muted reaction from Wall Street on Friday, but overnight in Asia stocks have moved lower in Hong Kong.

Looking ahead this week we have important inflation figures from the US, UK, France and Germany — possibly giving an indication of how long the cost of living crisis will last — plus GDP data from China and the UK.

We also have the start of US bank earnings season with JP Morgan Chase, Morgan Stanley, BNY Mellon and Citi Group reporting Q2 numbers towards the end of the week.

S&P 500-0.08%Neutral for UK stocks
Hang Seng-2.98%Bearish for UK stocks
Gold-0.10%Neutral for UK stocks
AUD/JPY+0.12%Neutral for UK stocks
US 10yr Yield+88ptsBearish for UK stocks
Regency Risk Barometer Snapshot

The FTSE’s recent price action has carved out a series of lower swing highs and higher swing lows – effectively ‘funneling’ prices towards the apex of a wedge pattern.

A break below Friday’s low during the opening rotation is likely to setup a retest of the bottom of the wedge.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
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This research is prepared for general information only and should not be construed as any form of investment advice.