1st Mar 2021. 7.42am
Morning Report – Monday 1st March
FTSE to open at 6,535 (+52 pts)
The battered bond market has stabilised during the last two sessions, and this has been welcomed by equity markets.
Asian equities have had a modestly bullish session overnight on a backdrop of mixed economic data – China’s manufacturing PMI missed forecasts, but Japanese figures showed the fastest growth in two years.
With UK, EU and US manufacturing PMI’s to be released later today (see calendar below), it’s likely to be volatile start to the month.
|S&P 500||-0.48%||Bearish for UK stocks|
|Hang Seng||+1.52%||Bullish for UK stocks|
|Gold||+1.23%||Bearish for UK stocks|
|AUD/JPY||+0.89%||Neutral for UK stocks|
|US 10yr Yield||-0.96%||Neutral for UK stocks|
The FTSE rolling futures (below) broke and closed below 6,570 support on Friday.
Friday’s break actually saw the market test the next level of support at 6,480 – and we’re bouncing from that level this morning.
If the broken support level at 6,570 is re-tested during today’s session, we’d expect it to provide resistance moving forward.
|Afc Energy (AFC)|
|Greencoat Rene. (GRP)|
|Mti Wireless (MWE)|
|Quartix Hlds (QTX)|
|Seplat Petrol. (SEPL)|
|UK Economic Announcements|
|(09:30) M4 Money Supply|
|(09:30) PMI Manufacturing|
|(09:30) Mortgage Approvals|
|(09:30) Consumer Credit|
|International Economic Announcements|
|(08:55) PMI Manufacturing (GER)|
|(09:00) PMI Manufacturing (EU)|
|(14:45) PMI Manufacturing (US)|
|(15:00) ISM Manufacturing (US)|
|(15:00) Construction Spending (US)|
|(15:00) ISM Prices Paid (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.