5th Sep 2022. 7.47am
Morning Report – Monday 5th September
FTSE to open at 7,218 (-63 pts)
European gas prices have surged by almost a third in early trading today following Russia’s indefinite suspension of the Nord Stream 1 pipeline.
Overnight in Asia, stocks have weekended in Hong Kong as China extended lockdown in key cities ahead of its holiday season.
Looking ahead this week, we have a key OPEC+ meeting today in which Saudi Arabia are likely to push for a cut in oil production if prices keep falling.
We also have the UK’s Conservative party leadership election – with Liz Truss the clear favourite to become the next PM.
And on Thursday, the European Central Bank’s monetary policy committee meets to review how it can curb eurozone inflation.
|S&P 500||-1.07%||Bearish for UK stocks|
|Hang Seng||-1.27%||Bearish for UK stocks|
|Gold||-0.13%||Neutral for UK stocks|
|AUD/JPY||-0.11%||Neutral for UK stocks|
|US 10yr Yield||-68pts||Bullish for UK stocks|
Friday’s price action saw the FTSE put in a relief rally following heavy losses throughout the week.
However, the market weakened during after hours trading and the FTSE is set to open lower.
|UK Economic Announcements|
|(09:30) PMI Services|
|(09:30) PMI Composite|
|International Economic Announcements|
|(08:00) OPEC+ Meeting (US)|
|(08:55) PMI Services (GER)|
|(08:55) PMI Composite (GER)|
|(09:00) PMI Composite (EU)|
|(09:00) PMI Services (EU)|
|(10:00) Retail Sales (EU)|
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This research is prepared for general information only and should not be construed as any form of investment advice.