17th Jun 2021. 7.46am
Regency View:
Morning Report – Thursday 17th June
FTSE to open at 7,138 (-46 pts)
US stocks beat a hasty retreat from all-time highs as the Federal Reserve brought forward plans for monetary tightening.
The US central bank upped its economic projections to factor in faster growth and higher inflation this year – penciling in two rate hikes in 2023 – sending stocks lower and the yield on the US 10yr surging higher.
Overnight, Asian stocks have fought back from early loses but there remains a bearish feel to our Risk Barometer and European stocks are called lower at the open.
| S&P 500 | -0.54% | Bearish for UK stocks |
| Hang Seng | -0.11% | Bearish for UK stocks |
| Gold | +0.17% | Bearish for UK stocks |
| AUD/JPY | +0.16% | Bullish for UK stocks |
| US 10yr Yield | +5.70% | Bearish for UK stocks |
After a strong start to yesterday’s session which saw the FTSE touch the Feb 2020 swing lows at 7,216, the market fell back to close on intra-day lows – forming a bearish reversal candle.
This failure at resistance should setup a retest of the ascending trendline (gold dotted line) at the very least.
FTSE 100 Daily Rolling Futures – Key Levels
| Final Results |
| Halfords (HFD) |
| NextEnergy Solar (NESF) |
| Open Orphan (ORPH) |
| Record (REC) |
| Syncona (SYNC) |
| Volex (VLX) |
| Trading Announcements |
| Brown Group (BWNG) |
| Whitbread (WTB) |
| International Economic Announcements |
| (10:00) Consumer Price Index (EU) |
| (13:30) Continuing Claims (US) |
| (13:30) Initial Jobless Claims (US) |
| (13:30) Philadelphia Fed Index (US) |
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Disclaimer:
This research is prepared for general information only and should not be construed as any form of investment advice.