10th May 2022. 7.46am
Morning Report – Tuesday 10th May
FTSE to open at 7,279 (+62 pts)
Yesterday marked the steepest one-day fall on Wall Street since 2020 with the S&P 500 breaking below key support.
Concerns over the impact of ‘stagflation’ – slowing economic growth combined with rampant inflation, were behind yesterday’s rout in US and European equities.
The bearish sentiment has continued into the Asia session, with Hong Kong’s Hang Seng falling -2% as the re-market opens following yesterday’s public holiday.
|S&P 500||-3.20%||Bearish for UK stocks|
|Hang Seng||-2.00%||Bearish for UK stocks|
|Gold||+0.49%||Bearish for UK stocks|
|AUD/JPY||+0.41%||Bullish for UK stocks|
|US 10yr Yield||-112pts||Bullish for UK stocks|
Yesterday’s bearish price action on the FTSE saw the market slice through swing support.
The sell-off has left the FTSE in something of a no mans land with minimal support prior to the March lows.
|International Economic Announcements|
|(09:00) ZEW Survey – Economic Sentiment (May)|
|(15:30) President Biden speech (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.