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18th Mar 2021. 8.08am

Regency View:

Morning Report – Thursday 18th March

FTSE to open at 6,778 (+16 pts)

The Fed reiterated its dovish stance yesterday despite sharply upping it’s growth forecast.

Fed officials now predict that the US will grow by 6.5% this year, a significant jump compared with 4.2% in its December forecast. However, Chairman Jay Powell said that “substantial” progress was still needed before the central bank would begin curtailing its bond-buying programme.

The S&P erased intra-day losses to close back above its February highs, Asian stocks have followed suit and Hong Kong’s Hang Seng has had a bullish session.

It is worth noting that bond yields have jumped to new highs over night and this may weigh on stocks if yesterday’s dovish Fed comments still can’t curtail the rise in borrowing costs.

S&P 500+0.29%Neutral for UK stocks
Hang Seng+1.68%Bullish for UK stocks
Gold+0.04%Neutral for UK stocks
AUD/JPY+0.58%Bullish for UK stocks
US 10yr Yield+3.44%Bearish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s Fed-led fightback in the US couldn’t provide enough exuberance for the FTSE futures to break through 6,800.

The market continues to coil beneath this key resistance level – remaining within the range of Tuesday’s inside day. Something’s got to give, and should the market finally break above 6,800, it would open the door for a run into the January highs.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
888 Holdings (888)
Audioboom Grp. (BOOM)
Capital (CAPD)
Empresaria Group (EMR)
Eve Sleep (EVE)
Fevertree Drk (FEVR)
Genel Energy (GENL)
National Express (NEX)
Portmeirion (PMP)
Restore (RST)
Gym Grp (GYM)
Interim Results
Ceres Power (CWR)
UK Economic Announcements
(12:00) BoE Interest Rate Decision
International Economic Announcements
(10:00) Balance of Trade (EU)
(12:30) Initial Jobless Claims (US)
(12:30) Philadelphia Fed Index (US)
(12:30) Continuing Claims (US)
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.