23rd May 2022. 7.44am
Morning Report – Monday 23rd May
FTSE to open at 7,459 (+69 pts)
US stocks clawed back losses on Friday to close flat on the session and hold just above support.
Overnight in Asia, stocks have had a mixed session with Japan’s Nikkei 225 pushing +0.98% higher and Hong Kong’s Hang Seng drifting -1.22% lower.
Looking ahead this week, the US, France and Germany all report first-quarter gross domestic product estimates. While on Wednesday, the Federal Open Market Committee will publish minutes from its May meeting.
On the corporate earnings front, Twitter will hold its AGM this week and Marks & Spencer will release full-year results on Wednesday.
|S&P 500||+0.01%||Neutral for UK stocks|
|Hang Seng||-1.22%||Bearish for UK stocks|
|Gold||+0.35%||Bearish for UK stocks|
|AUD/JPY||+0.81%||Bullish for UK stocks|
|US 10yr Yield||-65pts||Bullish for UK stocks|
Friday’s price action saw the FTSE end a volatile week on a positive note, closing near Thursday’s highs.
As the market continues to whipsaw we are starting to see a series of lower swing highs and higher swing lows emerge – indicating that a new wedge pattern is forming. We’ll be watching closely over the coming sessions to see if this wedge continues to take shape.
|UK Economic Announcements|
|(16:15) BoE’s Governor Bailey speech|
|International Economic Announcements|
|(08:00) IFO – Business Climate(May)|
|(08:00) IFO – Current Assessment(May)|
|(08:00) IFO – Expectations(May)|
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This research is prepared for general information only and should not be construed as any form of investment advice.