12th Oct 2021. 7.45am
Morning Report – Tuesday 12th October
FTSE to open at 7,072 (-74 pts)
The S&P 500 failed to hold onto its early gains and closed on lows for the session – forming a lower swing high in the process.
Weakness on Wall Street followed through into Asian trading, and the Hang Seng and Nikkei 225 have moved lower overnight.
This morning’s UK Average Earnings Excluding Bonus data came in just ahead of market expectations, showing a 6% increase (3Mo/Yr)(Aug) versus 5.9% expected. And the UK ILO Unemployment Rate (3M)(Aug) was in-line with expectations at 4.5%.
|S&P 500||-0.69%||Bearish for UK stocks|
|Hang Seng||-1.61%||Bearish for UK stocks|
|Gold||+0.41%||Bearish for UK stocks|
|AUD/JPY||-0.08%||Neutral for UK stocks|
|US 10yr Yield||+1.66%||Bearish for UK stocks|
Yesterday’s price action saw the FTSE press up into the October swing highs. However, this resistance level was swiftly rejected and the futures have retreated back towards yesterday’s lows overnight.
A break below yesterday’s lows during the opening rotation could trigger a larger sell-off.
|Dx Plc (DX.)|
|Maestrano Group (MNO)|
|Xp Power (XPP)|
|Thorpe (F.w) (TFW)|
|UK Economic Announcements|
|(00:01) Retail Sales|
|(07:00) Unemployment Rate|
|(07:00) Claimant Count Rate|
|International Economic Announcements|
|(10:00) ZEW Survey (GER) – Economic Sentiment|
|(10:00) ZEW Survey (EU) – Economic Sentiment|
|(10:00) ZEW Survey (GER) – Current Situation|
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This research is prepared for general information only and should not be construed as any form of investment advice.