27th Jun 2022. 7.46am
Morning Report – Monday 27th June
FTSE to open at 7,240 (+31 pts)
Wall Street ended last week on a high as stocks rallied more than +3% as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the Fed’s rate-hike plans.
Overnight in Asia, Chinese and Hong Kong stocks rallied, with tourism and technology groups buoyed by Shanghai’s declaration of victory over Covid-19 – Shanghai recorded no new community cases of the virus for the first time in months.
Looking ahead this week, we have a raft of consumer confidence reports, inflation and gross domestic product updates – all likely to give some indication of the effectiveness of the various monetary policy tightening measures in play.
|S&P 500||+3.06%||Bearish for UK stocks|
|Hang Seng||+2.06%||Bullish for UK stocks|
|Gold||-0.04%||Neutral for UK stocks|
|AUD/JPY||-0.18%||Neutral for UK stocks|
|US 10yr Yield||+41pts||Bearish for UK stocks|
Friday’s price action saw a strong, counter-momentum rally with prices closing near highs for the day…
Should prices hold above 7,157 in the the coming session, this could setup a more substantial rally back towards the 7,400 mid-range area.
|International Economic Announcements|
|(12:30) US Durable Goods Orders (May)|
|(12:30) Nondefense Capital Goods Orders ex Aircraft (May)|
|(18:30) ECB’s President Lagarde speech|
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This research is prepared for general information only and should not be construed as any form of investment advice.