9th Aug 2021. 7.47am
Regency View:
Morning Report – Monday 9th August
FTSE to open at 7,101 (-22 pts)
Friday’s US non-farm payrolls comfortably beat expectations with 943,000 jobs added in July versus 870,00 expected – sparking a 6% jump in US bond yields and a record close on the S&P 500.
The bullish employment data has also created volatility in the gold market with prices dropping more than 2% on Friday and tumbling a further 4% in early Asian trading – taking prices back towards their March lows.
| S&P 500 | +0.17% | Bullish for UK stocks |
| Hang Seng | +0.71% | Bullish for UK stocks |
| Gold | -1.01% | Bullish for UK stocks |
| AUD/JPY | -0.03% | Neutral for UK stocks |
| US 10yr Yield | +6.30% | Bullish for UK stocks |
FTSE futures have moved lower in early trading due to the gold price volatility – taking prices back to the confluent support level created by the short-term trendline (gold dotted line) and the 7,094 horizontal support level.
It’s worth paying attention to how the market responds to support when this morning’s opening bell rings…
A swift break of the trendline at the open could trigger a much larger sell-off, whereas a hold above support in the first hours trading could create an attractive buying opportunity.
FTSE 100 Daily Rolling Futures – Key Levels
| Final Results |
| Hargreaves Lansdown (HL.) |
| Interim Results |
| Clarkson (CKN) |
| H&t Group Plc (HAT) |
| PageGroup (PAGE) |
| International Economic Announcements |
| (07:00) Balance of Trade (GER) |
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Disclaimer:
This research is prepared for general information only and should not be construed as any form of investment advice.