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9th May 2022. 7.45am

Regency View:

Morning Report – Monday 9th May

FTSE to open at 7,375 (-14 pts)

Friday’s non-farm payrolls accelerated by 428,000 in April, more than the 391,000 expected and Average Hourly Earnings growth came in at 5.5% YoY as expected…

The reaction on Wall Street was relatively muted with the S&P 500 index edging back down into its February swing lows as the yield on US 10yr Treasury’s continued to march higher.

Overnight in Asia, the Hang Seng is closed for Buddha’s Birthday, while Japan’s Nikkei 225 mirrored Friday’s losses in US and European markets, dropping -2.53%.

S&P 500-0.57%Bearish for UK stocks
Hang SengCLOSEDNeutral for UK stocks
Gold-0.60%Bullish for UK stocks
AUD/JPY-0.51%Neutral for UK stocks
US 10yr Yield+92ptsBearish for UK stocks
Regency Risk Barometer Snapshot

Friday’s price action saw the FTSE break and close decisively below the wedge consolidation pattern that we identified last week.

This bearish break lower has set the scene for a retest of the April swing lows at 7,296.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
UK Economic Announcements
(13:00) BoE’s Saunders speech
(23:01) BRC Like-For-Like Retail Sales (YoY)(Apr)
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.