21st Jul 2022. 7.49am
Morning Report – Thursday 21st July
FTSE to open at 7,265 (+1 pt)
The S&P 500 broke to 1-month highs yesterday, but printed its smallest daily range in over seven sessions – indicating that the recent rally is losing momentum.
While in Asia, stocks have been mixed with the Hong Kong’s Hang Seng dropping more than -1% and Japan’s Nikkei 225 bouncing +0.47%.
Russia is set to resume supplies of gas to mainland Europe today at reduced capacity following a 10-day maintenance break – easing fears of a retaliatory gas cut in response to Europe’s military support of Ukraine.
|S&P 500||+0.59%||Bearish for UK stocks|
|Hang Seng||-1.03%||Bearish for UK stocks|
|Gold||-0.39%||Bullish for UK stocks|
|AUD/JPY||+0.26%||Bullish for UK stocks|
|US 10yr Yield||-4pts||Neutral for UK stocks|
Yesterday’s price action saw the FTSE pullback and erase around half of Tuesday’s breakout gains.
The market needs to hold near Tuesday’s highs in order to maintain the renewed bullish momentum.
|Fulham Shore (FUL)|
|Howden Joinery (HWDN)|
|Nokia Ord (0HAF)|
|Aj Bell (AJB)|
|Brewin Dolphin (BRW)|
|Close Bros (CBG)|
|Intermediate Capital (ICP)|
|Frasers Grp (FRAS)|
|Dp Eurasia (DPEU)|
|Volution Group PLS (FAN)|
|Mitchells & Butlers (MAB)|
|UK Economic Announcements|
|(07:00) Public Sector Net Borrowing|
|International Economic Announcements|
|(12:45) ECB Interest Rate (EU)|
|(13:15) ECB Monetary Policy Statement (EU)|
|(13:30) Continuing Claims (US)|
|(13:30) Initial Jobless Claims (US)|
|(13:30) Philadelphia Fed 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.