2nd Aug 2021. 7.48am
Regency View:
Morning Report – Monday 2nd August
FTSE to open at 7,078 (+46 pts)
Today we check the temperature of the global economy through Purchasing Managers’ Index (PMI) figures for manufacturing in July from China, UK, Germany, EU and US…
China were the first cab off the rank and the data came in below consensus estimates showing a contraction in factory activity for the first time in over a year.
| S&P 500 | -0.54% | Bearish for UK stocks |
| Hang Seng | +0.78% | Bullish for UK stocks |
| Gold | -0.32% | Bullish for UK stocks |
| AUD/JPY | +0.02% | Neutral for UK stocks |
| US 10yr Yield | -3.36% | Bearish for UK stocks |
The FTSE fought back from a 50 point deficit on Friday to close back near its opening price – indicating that traders are in ‘buy the dip’ mode.
We’ve seen a strong move higher in the futures this morning, and the cash market is set to open above Friday’s high. Barring a sharp reversal, it looks like we’re gearing up for a retest of the 7,167 – 7,219 resistance zone.
FTSE 100 Daily Rolling Futures – Key Levels
| Final Results |
| HSBC Holdings (HSBA) |
| Senior (SNR) |
| Xp Power (XPP) |
| UK Economic Announcements |
| (09:30) PMI Manufacturing |
| International Economic Announcements |
| (07:00) Retail Sales (GER) |
| (08:55) PMI Manufacturing (GER) |
| (09:00) PMI Manufacturing (EU) |
| (14:45) PMI Manufacturing (US) |
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Disclaimer:
This research is prepared for general information only and should not be construed as any form of investment advice.