30th Jun 2022. 7.45am
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.
|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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This research is prepared for general information only and should not be construed as any form of investment advice.