23rd Nov 2021. 7.46am
Morning Report – Tuesday 23rd November
FTSE to open at 7,211 (-44 pts)
Stocks on Wall Street put in a bearish reversal yesterday as Joe Biden’s decision to nominate Jay Powell to serve a second term as chair of the Federal Reserve received a mixed reaction from the market…
After initially pushing to new highs in early trading, US stocks gave up all their gains to close negative on the day – indicating that traders are skeptical Jay Powell has what it takes to navigate rising inflation and a waning economic recovery.
Overnight in Asia, stocks have followed Wall Street lower with the Nikkei 225 and Hang Seng in negative territory.
|S&P 500||-0.37%||Bearish for UK stocks|
|Hang Seng||-1.19%||Bearish for UK stocks|
|Gold||+0.19%||Neutral for UK stocks|
|AUD/JPY||-0.15%||Neutral for UK stocks|
|US 10yr Yield||+4.22%||Bearish for UK stocks|
Yesterday’s price action saw the FTSE hold firm at the key support level we’ve identified in prior Morning Reports.
However, the FTSE futures have moved lower overnight and the market is set to retest yesterday’s lows at this morning’s open.
|Compass Group (CPG)|
|Avon Rubber (AVON)|
|Ao World (AO.)|
|Severn Trent (SVT)|
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This research is prepared for general information only and should not be construed as any form of investment advice.