22nd Aug 2022. 7.48am
Morning Report – Monday 22nd August
FTSE to open at 7,491 (-59 pts)
US stocks ended last week on a downbeat note as the S&P 500 retreated -1.29% to post its first weekly loss since early July.
Overnight in Asia, stocks have had a quiet session despite China cutting its mortgage lending rate by 15 basis points to 4.3% to shore up an economy.
Looking ahead this week, the Jackson Hole Economic Symposium, which starts on Thursday, will be closely watched with Fed Chair Jay Powell due to speak on Friday.
|S&P 500||-1.29%||Bearish for UK stocks|
|Hang Seng||-0.17%||Neutral for UK stocks|
|Gold||-0.23%||Bullish for UK stocks|
|AUD/JPY||+0.50%||Bullish for UK stocks|
|US 10yr Yield||+88pts||Bearish for UK stocks|
Friday’s price action saw the market attempt to break higher only to retreat during a weak US session.
This morning’s pre-open price action has seen the market retest Friday’s lows – an area that coincides with the bottom of short-term ascending channel.
|Base Resources (BSE)|
|Smoove Plc (SMV)|
|Phoenix Group Holdings (PHNX)|
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This research is prepared for general information only and should not be construed as any form of investment advice.