11th Aug 2022. 7.44am
Morning Report – Thursday 11th August
FTSE to open at 7,517 (+10 pts)
Yesterday’s US inflation data came in slightly below estimates, causing stocks on Wall Street to rally in anticipation of a more accommodative stance from the Fed.
US headline consumer prices rose 8.5% in July year-on-year, just shy of economists’ expectations of 8.7% – causing the S&P 500 to break above it’s May swing highs.
Asian stocks have followed Wall Street higher with Hong Kong’s Hang Seng index gaining more than 2%, erasing Wednesday’s losses.
|S&P 500||+2.13%||Bullish for UK stocks|
|Hang Seng||+2.21%||Bullish for UK stocks|
|Gold||-0.31%||Bullish for UK stocks|
|AUD/JPY||+0.15%||Neutral for UK stocks|
|US 10yr Yield||+7pts||Neutral for UK stocks|
Yesterday’s price action saw the FTSE finally break and close above the inside day pattern, albeit in a slow and steady fashion.
The dominant momentum and market structure remains bullish.
|Network Intl (NETW)|
|Derwent London (DLN)|
|Pressure Tech (PRES)|
|Empresaria Group (EMR)|
|Ocean Wilsons (OCN)|
|UK Economic Announcements|
|(00:01) RICS Housing Market Survey|
|International Economic Announcements|
|(13:30) Initial Jobless Claims (US)|
|(13:30) Producer Price Index (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.