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4th Aug 2022. 7.47am

Regency View:

Morning Report – Thursday 4th August

FTSE to open at 7,437 (-9 pts)

US tech stocks hit their highest level in three months yesterday, lead by PayPal which surged more than 9% due to better than expected quarterly earnings.

The bullish sentiment on Wall Street has carried through into Asian trading despite China launching military exercises near Taiwan in rebuke over Nancy Pelosi’s visit to the country.

All eyes will be on the Bank of England today which is expected to hike interest rates by 50 basis points to 1.75% – the biggest rate rise in 27 years.

S&P 500+1.56%Bullish for UK stocks
Hang Seng+1.64%Bullish for UK stocks
Gold+0.29%Bearish for UK stocks
AUD/JPY+0.54%Bullish for UK stocks
US 10yr Yield-49ptsBullish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s price action saw the market rally from the broken resistance turned support area at 7,361 that we’ve highlighted in previous reports.

A retest of Monday’s highs now looks likely with short-term momentum suggesting that the market will break higher.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
Revolution Bg (REVB)
Interim Results
Evraz (EVR)
Mondi (MNDI)
Morgan Sindall Group (MGNS)
Glencore (GLEN)
ConvaTec (CTEC)
Mears (MER)
Coca-cola Euro. (CCEP)
Spirent (SPT)
Hikma Pharmaceuticals (HIK)
Gym Grp (GYM)
Trading Announcements
Next (NXT)
Sndrsn Dsn (SDG)
UK Economic Announcements
(09:30) PMI Construction
(12:00) BoE Interest Rate Decision
International Economic Announcements
(07:00) Factory Orders (GER)
(10:00) Retail Sales (EU)
(13:30) Continuing Claims (US)
(13:30) Initial Jobless Claims (US)
(13:30) Balance of Trade (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.