11th May 2021. 7.45am
Morning Report – Tuesday 11th May
FTSE to open at 7,038 (-86 pts)
A strong sell-off during the later half of US trading saw the S&P fall back towards last week’s lows yesterday, and the bearish sentiment has continued into Asia trading.
It’s being widely reported that the sell-off is being driven by inflationary fears, heightened by the upcoming release of Wednesday’s US consumer price index report.
|S&P 500||-1.04%||Bearish for UK stocks|
|Hang Seng||-1.77%||Bearish for UK stocks|
|Gold||-0.01%||Neutral for UK stocks|
|AUD/JPY||+0.16%||Neutral for UK stocks|
|US 10yr Yield||+0.01%||Neutral for UK stocks|
The FTSE failed to continue its breakout move in some style yesterday, closing back below Friday’s lows and forming a bearish engulfing.
Overnight, we’ve seen the futures continue to sell-off, taking prices back to the broken swing highs – an area that may potentially provide some support.
|Air Partner (AIR)|
|Angling Direct (ANG)|
|Arrow Global (ARW)|
|WM Morrison (MRW)|
|UK Economic Announcements|
|(00:01) Retail Sales|
|International Economic Announcements|
|(10:00) ZEW Survey (GER) – Current Situation|
|(10:00) ZEW Survey (EU) – Economic Sentiment|
|(10:00) ZEW Survey (GER) – Economic Sentiment|
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This research is prepared for general information only and should not be construed as any form of investment advice.