1st Jun 2021. 7.48am
Morning Report – Tuesday 1st June
FTSE to open at 7,024 (+2 pts)
With trading closed on both sides of the Atlantic yesterday, volatility is likely to increase as the day progresses.
Asian stocks are higher as factory activity continued to expand in May thanks to an ongoing recovery in global demand.
The market’s central focus this week will be Friday’s Non-Farm Payrolls number, and traders will be watching to see if the unexpectedly weak April numbers was just a blip or a sign of things to come. We’ll cover this in greater detail later in the week…
|S&P 500||0.00% (Memorial Day)||Neutral for UK stocks|
|Hang Seng||+0.83%||Bullish for UK stocks|
|Gold||+0.43%||Bearish for UK stocks|
|AUD/JPY||+0.04%||Neutral for UK stocks|
|US 10yr Yield||0.00% (Memorial Day)||Neutral for UK stocks|
The FTSE’s technical structure is now best viewed as a series of tightening horizontal support and resistance lines, rather than the wedge pattern we highlighted last month…
Short-term horizontal support at 6,955 coincides with the long-term ascending trendline, and should the market break below this level today, a move down towards 6,895 looks the most likely scenario.
|Gooch & Housego (GHH)|
|Tekmar Group P. (TGP)|
|UK Economic Announcements|
|(09:30) PMI Manufacturing|
|International Economic Announcements|
|(08:55) PMI Manufacturing (GER)|
|(08:55) Unemployment Rate (GER)|
|(09:00) PMI Manufacturing (EU)|
|(10:00) Unemployment Rate (EU)|
|(14:45) PMI Manufacturing (US)|
|(15:00) Construction Spending (US)|
|(20:30) Auto Sales (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.