26th Aug 2021. 7.46am
Morning Report – Thursday 26th August
FTSE to open at 7,108 (-42 pts)
Wall Street made modest gains yesterday as the market remains cautious ahead of the Federal Reserve’s Jackson Hole symposium on Friday.
While Chinese stocks resumed their sell-off overnight despite comments from a Communist Party official that the push for “common prosperity” does not mean “killing the rich”.
Our Risk Barometer is once again in mixed territory with Asian-related markets looking bearish and US-related markets looking bullish.
|S&P 500||+0.22%||Bullish for UK stocks|
|Hang Seng||-1.43%||Bearish for UK stocks|
|Gold||-0.31%||Bullish for UK stocks|
|AUD/JPY||-0.25%||Bearish for UK stocks|
|US 10yr Yield||+3.67%||Bullish for UK stocks|
We mentioned in yesterday’s Morning Report that Monday’s high and Tuesday’s low represented mini-markers to gauge short-term sentiment.
And after rallying into Monday’s highs, the FTSE futures have promptly retreated, erasing all of yesterday’s gains – we are now anticipating a retest of Tuesday’s lows.
|Faron Pharma (FARN)|
|Macfarlane Grp. (MACF)|
|Pjsc Rus (HYDR)|
|International Economic Announcements|
|(07:00) GFK Consumer Confidence (GER)|
|(09:00) M3 Money Supply (EU)|
|(13:30) Continuing Claims (US)|
|(13:30) Initial Jobless Claims (US)|
|(13:30) GDP (Preliminary) (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.