24th Jun 2021. 7.41am
Morning Report – Thursday 24th June
FTSE to open at 7,095 (+21 pts)
The S&P posted its narrowest trading range in over seven sessions as the market coils underneath all-time highs.
This caution has followed through into Asian markets with Hong Kong’s Hang Seng and Japan’s Nikkei 225 treading water.
At mid-day, the Bank of England’s interest rate decision, monetary policy summary and meeting minutes are released. The central bank is likely to follow the Fed in wanting to demonstrate it can keep inflation in check…
Inflation in the UK has jumped from 0.4% in February to 2.1% in May, a much faster rise than the Bank of England expected. And whilst it the central bank is expected to keep rates unchanged and maintain it’s bond buying program, the market will be waiting to see if the growing inflationary pressures are mentioned.
|S&P 500||-0.11%||Neutral for UK stocks|
|Hang Seng||+0.24%||Bullish for UK stocks|
|Gold||-0.09%||Neutral for UK stocks|
|AUD/JPY||+0.01%||Neutral for UK stocks|
|US 10yr Yield||+0.45%||Neutral for UK stocks|
Yesterday’s price action saw the FTSE rally to retest the broken trendline and then retreat to close back near lows for the session – forming a small bearish candle.
A break below yesterday’s low will likely trigger a retest of Monday’s swing lows.
|Alpha Fin. Mkts (AFM)|
|First Property (FPO)|
|Latham Timber (LTHM)|
|Sdcl Energy Ef. (SEIT)|
|Xps Pensions (XPS)|
|Wood Group (J) (WG.)|
|UK Economic Announcements|
|(12:00) BoE Interest Rate Decision|
|International Economic Announcements|
|(07:00) Import Price Index (GER)|
|(09:00) IFO Expectations (GER)|
|(09:00) IFO Business Climate (GER)|
|(09:00) IFO Current Assessment (GER)|
|(13:30) Gross Domestic Product (US)|
|(13:30) Continuing Claims (US)|
|(13:30) Durable Goods Orders (US)|
|(13:30) Initial Jobless Claims (US)|
|(13:30) Personal Consumption Expenditures (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.