1st Apr 2021. 7.44am
Morning Report – Thursday 1st April
FTSE to open at 6,740 (+26 pts)
Asian stocks have been boosted by Joe Biden’s ambitious spending plans and improved factory orders data.
In a speech yesterday evening, President Biden called for a sweeping use of government power to reshape the world’s largest economy and counter China’s rise in a $2 trillion-plus spending package. This proposal was met with swift Republican resistance and will be the source of much debate during the next quarter.
European stocks are set for a small opening bounce after yesterday’s weakness.
|S&P 500||+0.36%||Bullish for UK stocks|
|Hang Seng||+1.12%||Bullish for UK stocks|
|Gold||+0.35%||Bearish for UK stocks|
|AUD/JPY||-0.56%||Bearish for UK stocks|
|US 10yr Yield||-1.12%||Bullish for UK stocks|
The FTSE once again retreated from 6,800 resistance during yesterday’s session on Tuesday, prices closed near intra-day lows.
Should the market breach yesterday’s lows in early trading, this will likely setup a retest of the ascending trendline at 6,680 (gold dotted line).
|Renew Holdings (RNWH)|
|UK Economic Announcements|
|(09:30) PMI Manufacturing|
|International Economic Announcements|
|(07:00) Retail Sales (GER)|
|(08:55) PMI Manufacturing (GER)|
|(09:00) PMI Manufacturing (EU)|
|(13:30) Continuing Claims (US)|
|(13:30) Initial Jobless Claims (US)|
|(14:45) PMI Manufacturing (US)|
|(15:00) ISM Manufacturing (US)|
|(15:00) Construction Spending (US)|
|(21:30) Auto Sales (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.