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12th Jul 2021. 7.45am

Regency View:

Morning Report – Monday 12th July

FTSE to open at 7,108 (-13 pts)

Asian stocks have enjoyed a relief-rally overnight as China’s State Council said the country’s central bank might cut the reserve requirement ratio (RRR) in order to stimulate the economy.

The Asian rally, along with a strong performance from U.S. stocks on Friday has created a bullish backdrop to the start of today’s European trading.

Looking ahead this week, we have U.S. inflation data on Tuesday ahead of Fed Chair Jerome Powell’s testimony on Wednesday. We also have the start of U.S. corporate earnings season with JP Morgan, Goldman, Citigroup and Wells Fargo among those reporting.

S&P 500-1.13%Bearish for UK stocks
Hang Seng-1.10%Bearish for UK stocks
Gold+0.54%Bearish for UK stocks
AUD/JPY-0.18%Neutral for UK stocks
US 10yr Yield+73ptsBearish for UK stocks
Regency Risk Barometer Snapshot

The FTSE respected 7,000 support on Friday – a support area which represents a confluent zone between the ascending trendline (gold dotted line), a horizontal level and a psychologically significant price point.

With prices trading back at the mid-range area between support at 7,000 and resistance at 7,167, we are in coin toss territory.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Interim Results
Thungela Res (TGA)
Mti Wireless (MWE)
UK Economic Announcements
(00:01) RICS Housing Market Survey
International Economic Announcements
(07:00) Wholesale Price Index (GER)
Today’s Financial Diary

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This research is prepared for general information only and should not be construed as any form of investment advice.