6th Oct 2022. 7.43am
Morning Report – Thursday 6th October
FTSE to open at 7,088 (+35 pts)
US stocks tread water yesterday as Treasury yields started to rally again.
Asian markets are mixed, with Hong Kong’s Hang Seng posting small losses and Japan’s Nikkei 225 up 0.70%.
In Europe, this morning’s German industrial orders shrunk more than expected, falling 2.4% between July and August, adding evidence that the country has already entered a recession.
|S&P 500||-0.20%||Neutral for UK stocks|
|Hang Seng||-0.39%||Bearish for UK stocks|
|Gold||+0.38%||Bearish for UK stocks|
|AUD/JPY||+0.41%||Bullish for UK stocks|
|US 10yr Yield||+126pts||Bearish for UK stocks|
Yesterday’s price action saw the FTSE daily rolling futures form a small ‘inside hammer candle’.
This is a classic consolidation pattern and signals upside continuation, which we are already starting to see from this morning’s pre-open price action.
|Rs Group (RS1)|
|Interim Management Statement|
|City Of London (CIN)|
|UK Economic Announcements|
|(09:30) PMI Construction|
|International Economic Announcements|
|(07:00) Factory Orders (GER)|
|(10:00) Retail Sales (EU)|
|(13:30) Continuing Claims (US)|
|(13:30) Initial Jobless Claims (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.