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23rd Jun 2022. 7.45am

Regency View:

Morning Report – Thursday 23rd June

FTSE to open at 7,070 (-19 pts)

Wall Street’s counter-momentum rally faded yesterday, with a slide in oil prices weighing on energy shares that dragged down equity indices.

Fed Chair, Jay Powell warned the US Senate banking committee that further surprises from inflationary trends and a recession was “certainly a possibility”.

Overnight in Asia, Chinese tech shares in Hong Kong staged a strong rebound after Beijing approved a plan for the further development of China’s large payment firms and the fintech sector.

S&P 500-0.13%Neutral for UK stocks
Hang Seng+1.52%Bullish for UK stocks
Gold-0.20%Neutral for UK stocks
AUD/JPY-0.75%Neutral for UK stocks
US 10yr Yield-121ptsBullish for UK stocks
Regency Risk Barometer Snapshot

The FTSE’s technical picture hasn’t changed from yesterday’s Morning Report – the market found resistance at broken support and has formed a new inflection point (lower swing high) at Tuesday’s high.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
UK Economic Announcements
08:30 S&P Global/CIPS Services PMI(Jun) PREL
International Economic Announcements
(07:30) German S&P Global/BME Composite PMI (Jun) PREL (EUR)
(08:00) European S&P Global Composite PMI(Jun) PREL (EUR)
(13:45) US S&P Global Manufacturing PMI(Jun) PREL (USD)
(14:00) Fed’s Chair Powell testifies (USD)
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.