17th May 2022. 7.47am
Morning Report – Tuesday 17th May
FTSE to open at 7,482 (+17 pts)
Stocks on Wall Street dropped back in choppy trading yesterday as weak economic data from China put further pressure on the global economic outlook.
However, Chinese stocks have bounced back overnight on rising optimism that Beijing will start to ease its regulatory crackdown on big tech.
While this morning’s UK unemployment data has come in ahead slightly ahead of expectations – the ILO Unemployment Rate increased 3.7% versus 3.8% expected and Average Hourly Earnings (ex bonus) came in at 4.2% – in-line with expectations.
|S&P 500||-0.39%||Bearish for UK stocks|
|Hang Seng||+2.94%||Bullish for UK stocks|
|Gold||+0.20%||Neutral for UK stocks|
|AUD/JPY||+0.74%||Bullish for UK stocks|
|US 10yr Yield||-54pts||Bullish for UK stocks|
Yesterday’s price action saw the FTSE build on Friday’s gains – setting the market up for a retest of the 7,536 – 7,560 resistance area created by the early-April broken support turned resistance level and the descending line created from the recent series of lower swing highs.
|Land Securities (LAND)|
|Renew Holdings (RNWH)|
|TI Fluid Systems (TIFS)|
|UK Economic Announcements|
|(06:00) Claimant Count Change(Apr)|
|(06:00) ILO Unemployment Rate (3M)(Mar)|
|International Economic Announcements|
|(09:00) Gross Domestic Product (EUR)|
|(12:30) Retail Sales (US)|
|(17:00) ECB’s President Lagarde speech (EUR)|
|(18:00) Fed’s Chair Powell 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.