9th Sep 2021. 7.47am
Morning Report – Thursday 9th September
FTSE to open at 7,040 (-55 pts)
Stocks sold-off on both sides of the Atlantic yesterday as investors grew cautious ahead of today’s ECB rate decision and policy statement…
Analysts expect the ECB to announce a tapering in monthly bond purchases from €80bn to around €60bn – cue ‘taper tantrum’ from the stock market!
Overnight, Asian stocks have mirrored yesterday’s bearish European sentiment, with the Hang Seng and Nikkei in negative territory.
|S&P 500||-0.13%||Neutral for UK stocks|
|Hang Seng||-1.82%||Bearish for UK stocks|
|Gold||+0.03%||Neutral for UK stocks|
|AUD/JPY||-0.07%||Neutral for UK stocks|
|US 10yr Yield||-2.46%||Bearish for UK stocks|
The FTSE has broken decisively below short-term support at 7,092 and below the ascending trendline – indicating that short-term momentum is firmly bearish.
We are now anticipating a retest of the August swing lows which come in just below the psychologically significant 7,000 handle.
|Burford Capital (BUR)|
|Cairn Homes (CRN)|
|Chaarat Gold (CGH)|
|Destiny Pharma. (DEST)|
|Funding Circle (FCH)|
|International Public Partnerships (INPP)|
|Jadestone Energy (JSE)|
|Spire Healthcare (SPI)|
|UK Economic Announcements|
|(00:01) RICS Housing Market Survey|
|International Economic Announcements|
|(07:00) Current Account (GER)|
|(07:00) Balance of Trade (GER)|
|(10:00) Gross Domestic Product (EU)|
|(12:45) ECB Interest Rate (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.