30th Jun 2022. 7.45am
Regency View:
Morning Report – Thursday 30th June
FTSE to open at 7,190 (-122 pts)
The S&P 500 printed its narrowest daily range in nearly a month as weak summer volumes stiffed volatility.
Overnight in Asia, the Hang Seng has weakened despite data showing China’s pandemic-induced economic slowdown looked to be bottoming out.
This morning’s final UK GDP numbers for Q1 came in in-line with expectations (0.8% QoQ and 8.7% YoY), while house price data from nationwide indicated that the UK housing market was cooling faster than expected.
| S&P 500 | -0.07% | Neutral for UK stocks |
| Hang Seng | -0.97% | Bearish for UK stocks |
| Gold | -0.10% | Neutral for UK stocks |
| AUD/JPY | -0.09% | Neutral for UK stocks |
| US 10yr Yield | -86pts | Bullish for UK stocks |
Yesterday’s price action on the FTSE daily rolling futures was fully contained within Tuesday’s range – forming an ‘inside day’ pattern (see gold box on chart below).
This morning’s pre-open price action has seen the market break decisively below the inside day pattern and this is a bearish sign.
FTSE 100 Daily Rolling Futures – Key Levels
| UK Economic Announcements |
| (06:00) Gross Domestic Product (QoQ)(Q1) |
| International Economic Announcements |
| (06:00) German Retail Sales (YoY)(May) |
| (07:55) German Unemployment Change (Jun) |
| (09:00) European Unemployment Rate (May) |
| (12:30) US Initial Jobless Claims (Jun 24) |
| (12:30) US Personal Income (MoM)(May) |
| (13:45) US Chicago Purchasing Managers’ Index (Jun) |
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Disclaimer:
This research is prepared for general information only and should not be construed as any form of investment advice.