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25th Mar 2021. 7.45am

Regency View:

Morning Report – Thursday 24th March

FTSE to open at 6,698 (-14 pts)

Chinese tech stocks have dropped sharply overnight on growing concerns of possible delistings from US exchanges and reported plans by the Chinese government to take control of companies’ user data.

Hong Kong listed shares in Asian e-commerce site Alibaba were down more than 4% and shares in search engine Baidu dropped almost 9%.

Our Risk Barometer is painting a relatively neutral picture ahead of European trading with traders focused on this afternoon’s U.S. GDP and initial jobless claims numbers.

S&P 500-0.55%Bearish for UK stocks
Hang Seng+0.12%Neutral for UK stocks
Gold-0.05%Neutral for UK stocks
AUD/JPY+0.46%Bullish for UK stocks
US 10yr Yield+0.45%Neutral for UK stocks
Regency Risk Barometer Snapshot

Whilst the FTSE did recover some of Tuesday’s losses during yesterday’s session, the futures failed to close back above the 6,705 broken support level.

6,705 once again becomes central to our trade planning for today’s session…

Should prices move swiftly back above 6,705 during the opening rotations, this would set the market up for a retest of the March highs. However, should the market continue to stall below 6,705 a retest of the ascending trendline (gold line) is the most likely scenario.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
Allied Minds (ALM)
Biome Tech (BIOM)
Ebiquity (EBQ)
Faron Pharma (FARN)
Funding Circle (FCH)
International Public Partnerships (INPP)
Lamprell (LAM)
Learning Technologies Group (LTG)
Regional Reit (RGL)
Robinson (RBN)
S4 Cap. (SFOR)
Safestyle Uk (SFE)
Secure Trust (STB)
Surgical Innovations (SUN)
Tandem Group (TND)
Venture Life (VLG)
Interim Results
Genedrive (GDR)
Annual Report
Faron Pharma (FARN)
International Economic Announcements
(07:00) GFK Consumer Confidence (GER)
(09:00) M3 Money Supply (EU)
(12:30) Gross Domestic Product (US)
(12:30) Personal Consumption Expenditures (US)
(12:30) Continuing Claims (US)
(12:30) Initial Jobless Claims (US)
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.