8th Sep 2022. 7.45am
Regency View:
Morning Report – Thursday 8th September
FTSE to open at 7,270 (+32 pts)
US stocks pushed higher on Wednesday, despite hawkish signals from Federal Reserve policy makers.
Thomas Barkin, president of the Fed’s Richmond branch, told the Financial Times that the central bank must lift interest rates “until such a time as we really are convinced that we put inflation to bed”.
Overnight in Asia, stocks have been mixed with Hong Kong’s Hang Seng moving lower. While the Nikkei 225 jumped more than 2% as Japan’s economy grew at a faster rate than forecast as an easing of Covid restrictions boosted spending.
All eyes will be on the ECB’s interest rate decision and monetary policy statement at lunchtime today.
| S&P 500 | +1.83% | Bullish for UK stocks |
| Hang Seng | -0.76% | Bearish for UK stocks |
| Gold | -0.05% | Neutral for UK stocks |
| AUD/JPY | -0.30% | Bearish for UK stocks |
| US 10yr Yield | -86pts | Bullish for UK stocks |
Having formed a small bearish pin-bar candle on Tuesday, yesterday’s price action formed a small bullish pin-bar candle.
This choppy indecision indicates that the market is now in ‘consolidation mode’ at the bottom of its long-term wedge pattern.
FTSE 100 Daily Rolling Futures – Key Levels
| Final Results |
| Genus (GNS) |
| Sylvania Pl (SLP) |
| Duke Royalty (DUKE) |
| Interim Results |
| Melrose (MRO) |
| Vistry Grp (VTY) |
| Cairn Homes (CRN) |
| Mpac Group Plc (MPAC) |
| Oakley (OCI) |
| Spire Healthcare (SPI) |
| Arecor Therape (AREC) |
| International Public Partnerships (INPP) |
| Sourcebio Int (SBI) |
| Destiny Pharma. (DEST) |
| M Winkworth (WINK) |
| Shield Thera (STX) |
| Trading Announcements |
| Safestore (SAFE) |
| UK Economic Announcements |
| (00:01) RICS Housing Market Survey |
| International Economic Announcements |
| (07:00) Balance of Trade (GER) |
| (07:00) Current Account (GER) |
| (13:15) ECB Interest Rate (EU) |
| (13:30) Continuing Claims (US) |
| (13:30) Initial Jobless Claims (US) |
| (15:30) Crude Oil Inventories (US) |
| (20:00) Consumer Credit (US) |
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Disclaimer:
This research is prepared for general information only and should not be construed as any form of investment advice.