11th Mar 2021. 7.43am
Morning Report – Thursday 11th March
FTSE to open at 6,752 (+26 pts)
Biden’s $1.9tn stimulus package received final backing from the House yesterday, paving the way for the US President to sign it into law on Friday.
This news has been priced into the market for several months, but both US and Asian stocks were buoyed by the final confirmation.
Primary focus for traders today will be the ECB’s lunchtime rate decision and press conference. The market will be waiting for clarity on the rate of bond purchases (stimulus), growth and inflation outlook fro the Eurozone.
|S&P 500||+0.60%||Bullish for UK stocks|
|Hang Seng||+1.22%||Bullish for UK stocks|
|Gold||+0.52%||Bearish for UK stocks|
|AUD/JPY||+0.70%||Bullish for UK stocks|
|US 10yr Yield||-0.45%||Neutral for UK stocks|
The FTSE held above the 6,705 broken resistance zone level that we highlighted yesterday.
We are now set for a retest of Tuesday’s high and the key February swing highs at psychologically significant 6,800 marker. However, it’s important to keep in mind that we may see some outsized volaitlity following the ECB press conference at 1.30pm (UK time).
|Derwent London (DLN)|
|James Fisher and Sons (FSJ)|
|Gem Diamonds Di (GEMD)|
|Gresham House (GHE)|
|Just Group (JUST)|
|Morrison WM (MRW)|
|Rolls-Royce Holdings (RR.)|
|Secure Income Reit (SIR)|
|Tcs Group S (TCS)|
|Volution Group PLS (FAN)|
|Arabian Food S (DOMT)|
|Tcs Group S (TCS)|
|UK Economic Announcements|
|(00:01) RICS Housing Market Survey|
|International Economic Announcements|
|(12:45) ECB Interest Rate (EU)|
|(13:30) Continuing Claims (US)|
|(13:30) Initial Jobless Claims (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.