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8th Mar 2021. 7.47am

Regency View:

Morning Report – Monday 8th March

FTSE to open at 6,670 (+40 pts)

Friday’s Non-Farm payrolls came in miles ahead of market expectations with the US added 379k jobs in February versus consensus expectations of 182k.

The payrolls prompted a bounce in US stocks, especially in the tech sector, but in Asia traders have chosen to focus more on inflation worries as oil has jumped above $70 a barrel after attacks aimed at Saudi oil facilities.

S&P 500+1.97%Bullish for UK stocks
Hang Seng-2.29%Bearish for UK stocks
Gold-0.01%Neutral for UK stocks
AUD/JPY+0.11%Neutral for UK stocks
US 10yr Yield+2.02%Bearish for UK stocks
Regency Risk Barometer Snapshot

The meat of Friday’s US payrolls rally came after the UK close at 4.30pm – hence the FTSE 100 futures closed well above the FTSE 100 cash index.

And whilst the futures have given back some of their Friday evening gains, the cash market is still set for a bullish open.

All eyes are on resistance at 6,705 – a level we highlighted last week. The futures have found resistance at that level overnight and if the FTSE consolidates below 6,705 during the opening rotation, it could setup a move down towards Friday’s lows.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
Clarkson (CKN)
Direct Line (DLG)
Diversified Gas (DGOC)
Emis (EMIS)
Network Intl (NETW)
RHI Magnesita (RHIM)
Shoe Zone (SHOE)
Abcam (ABC)
Pci-pal (PCIP)
International Economic Announcements
(07:00) Industrial Production (GER)
(15:00) Wholesales Inventories (US)
Today’s Financial Diary

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This research is prepared for general information only and should not be construed as any form of investment advice.