7th Mar 2022. 7.45am
Morning Report – Monday 7th March
FTSE to open at 6,814 (-173 pts)
Friday’s US jobs data saw non-farm payrolls accelerate (687k v 400k expected), but wage growth failed to pick up with average hourly earnings growth slowing from 5.7% to 5.1% (5.8% expected).
Overnight, Chinese stocks have plunged to a 20-month low as surging commodity prices and an escalating Russia-Ukraine crisis has damped growth expectations. While Gold has broken to 12-month high as investors become increasingly risk averse.
Looking ahead this week, key events on our calendar include Tuesday’s Apple product launch event and Thursday’s European Central Bank governing council meeting in Frankfurt.
|S&P 500||-0.79%||Bearish for UK stocks|
|Hang Seng||-3.33%||Bearish for UK stocks|
|Gold||+0.46%||Bearish for UK stocks|
|AUD/JPY||+0.93%||Bullish for UK stocks|
|US 10yr Yield||-111pts||Bullish for UK stocks|
On Friday, the FTSE posted its largest one-day loss since December – breaking decisively below support 7,200 and taking prices down into the November swing lows.
Overnight, the futures have fallen further to retest another major area of support at 6,800. The market has now fallen more than 10% from its New Year highs.
|Mti Wireless (MWE)|
|Downing Renewa. (DORE)|
|International Economic Announcements|
|(07:00) Current Account (GER)|
|(07:00) Balance of Trade (GER)|
|(07:00) Factory Orders (GER)|
|(10:00) Retail Sales (EU)|
|(20:00) Consumer Credit (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.