23rd Sep 2021. 7.40am
Morning Report – Thursday 23rd September
FTSE to open at 7,126 (+43 pts)
So much for a taper tantrum! Wall Street rallied yesterday despite Fed chair Jay Powell signalling the US central bank could start withdrawing its stimulus programme as early as November.
New economic projections showed a majority of Fed officials expect to raise rates at least three times in 2023, and a growing number expect an earlier rate rise in 2022.
Stock markets shrugged off the hawkishness and the S&P managed to close back above key support, and Asian stocks have followed suit.
Our Risk Barometer has clean sweep of bullish indicators – signalling that sentiment is firmly ‘risk on’ as we head into the start of European trading.
|S&P 500||+0.95%||Bullish for UK stocks|
|Hang Seng||+0.75%||Bullish for UK stocks|
|Gold||-0.25%||Bullish for UK stocks|
|AUD/JPY||+0.19%||Bullish for UK stocks|
|US 10yr Yield||-1.90%||Bullish for UK stocks|
The FTSE blast through multiple levels of resistance yesterday, creating a V-shaped recovery on the price chart.
This morning’s pre-open price action on the futures has seen the market continue higher and break above interim resistance at 7,092.
|Dfs Furn (DFS)|
|Fonix Mob. (FNX)|
|Supermarket Inc (SUPR)|
|Arecor Therape (AREC)|
|Distrib. Fin. (DFCH)|
|Eve Sleep (EVE)|
|Everyman Media (EMAN)|
|Gemfields Grou. (GEM)|
|Safestyle Uk (SFE)|
|City Pub Group. (CPC)|
|Xeros Tech (XSG)|
|UK Economic Announcements|
|(12:00) BoE Interest Rate Decision|
|International Economic Announcements|
|(13:30) Continuing Claims (US)|
|(13:30) Initial Jobless Claims (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.