17th Aug 2021. 7.46am
Morning Report – Tuesday 17th August
FTSE to open at 7,118 (-36pts)
The theme of tightening Chinese regulation continued overnight with Beijing banning unfair competition among internet companies…
China’s antitrust watchdog said it would tighten antitrust and data restrictions on platforms – sparking a sell-off in Chinese tech shares and Hong Kong’s Hang Send Index is more than 2% lower on the day.
Looking ahead, we have U.S retails sales hitting our screens this afternoon, and the market is expecting a -0.2% month-on-month contraction as consumers held off on purchases amid Covid delta worries.
|S&P 500||+0.26%||Bullish for UK stocks|
|Hang Seng||-2.06%||Bearish for UK stocks|
|Gold||+0.29%||Bearish for UK stocks|
|AUD/JPY||-0.40%||Bearish for UK stocks|
|US 10yr Yield||-0.34%||Bearish for UK stocks|
The FTSE’s retreat from resistance has continued and the futures have fallen away this morning to retest yesterday’s lows.
A swift break below yesterday’s low during the opening rotation could trigger a deeper sell-off as the short-term support at 7093 is relatively tenuous.
|BHP Group (BHP)|
|Van Elle (VANL)|
|Genuit Grp Plc (GEN)|
|Electrica Regs (ELSA)|
|UK Economic Announcements|
|(07:00) Claimant Count Rate|
|(07:00) Unemployment Rate|
|International Economic Announcements|
|(10:00) GDP (Preliminary) (EU)|
|(13:30) Retail Sales (US)|
|(14:15) Capacity Utilisation (US)|
|(14:15) Industrial Production (US)|
|(15:00) Business Inventories (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.