25th Feb 2021. 7.40am
Regency View:
Morning Report – Thursday 24th February
FTSE to open at 6,680 (+ 21pts)
After a week of conflicted signals from Asia and the US, we finally have a day that looks bullish across the board.
US stocks followed through on Tuesday’s Fed-induced reversal with a strong trending move higher, taking the S&P back within sight of all-time highs.
This prompted a bounce in Asian stocks with the Hang Seng erasing half of Wednesday’s losses, and other asset classes in terms of gold, currencies and bonds look supportive for European equities as we head towards the opening bell.
| S&P 500 | +1.14% | Bullish for UK stocks |
| Hang Seng | +1.47% | Bullish for UK stocks |
| Gold | -0.69% | Bullish for UK stocks |
| AUD/JPY | +0.26% | Bullish for UK stocks |
| US 10yr Yield | +2.23% | Bullish for UK stocks |
As anticipated in yesterday’s Morning Report, it wasn’t too surprising to see the FTSE rally from its opening lows yesterday given the dovish comments from the Fed and the key support level at 6,573.
We’re set for a mildly bullish open, and as mentioned above, the backdrop from other asset classes looks pretty supportive today.
The FTSE futures have tapped and rejected 6,700 during Asian hours. However, we don’t expect this price point to cause too much resistance as there are no inflection points at this price level.
FTSE 100 Daily Rolling Futures – Key Levels
| Final Results |
| BAE Systems (BA.) |
| Centrica (CNA) |
| Drax (DRX) |
| Evraz (EVR) |
| Grafton Group (GFTU) |
| Gran Tierra (GTE) |
| Hikma Pharmaceuticals (HIK) |
| Howden Joinery (HWDN) |
| Impax Asset Management (IEM) |
| Inchcape (INCH) |
| KAZ Minerals (KAZ) |
| Macfarlane Grp. (MACF) |
| Mondi (MNDI) |
| Morgan Sindall Group (MGNS) |
| National Express (NEX) |
| Pjsc Polyus S (PLZL) |
| Serco (SRP) |
| Romgaz S (SNGR) |
| Spectris (SXS) |
| St James Place (STJ) |
| Standard Chartered (STAN) |
| Total Produce (TOT) |
| Menzies (MNZS) |
| Interim Results |
| Cap-xx (CPX) |
| Dotdigital (DOTD) |
| Genus (GNS) |
| Ricardo (RCDO) |
| Q4 Results |
| Bank Of Georgia Group (BGEO) |
| Gran Tierra (GTE) |
| Pjsc Polyus S (PLZL) |
| International Economic Announcements |
| (07:00) GFK Consumer Confidence (GER) |
| (09:00) M3 Money Supply (EU) |
| (10:00) Services Sentiment (EU) |
| (10:00) Business Climate Indicator (EU) |
| (10:00) Industrial Confidence (EU) |
| (10:00) Economic Sentiment Indicator (EU) |
| (10:00) Consumer Confidence (EU) |
| (13:30) Durable Goods Orders (US) |
| (13:30) Initial Jobless Claims (US) |
| (13:30) Continuing Claims (US) |
| (13:30) GDP (Preliminary) (US) |
| (15:00) Pending Homes Sales (US) |
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Disclaimer:
This research is prepared for general information only and should not be construed as any form of investment advice.