24th May 2022. 7.47am
Morning Report – Tuesday 24th May
FTSE to open at 7,440 (-73 pts)
US stocks rallied yesterday as the dollar continued to retreat from highs after the European Central Bank said it was likely to lift its deposit rate out of negative territory by September.
While Asian stocks fell overnight as traders worried inflation and rising rates would hamper the global economy’s performance.
With the Fed Chairman and ECB President making speeches this afternoon, expect another volatile day for EUR/USD.
|S&P 500||+1.86%||Bullish for UK stocks|
|Hang Seng||-2.14%||Bearish for UK stocks|
|Gold||-0.09%||Neutral for UK stocks|
|AUD/JPY||+0.54%||Bullish for UK stocks|
|US 10yr Yield||+38pts||Bearish for UK stocks|
Yesterday’s price action saw the FTSE push into the top of the emerging wedge pattern that we identified yesterday…
We’ve seen this morning’s pre-open price action on the FTSE futures move lower from the top of the wedge, but given the strength of yesterday’s price action we would expect a re-test of yesterday’s highs during today’s session.
|Aveva Group (AVV)|
|Bytes Tech (BYIT)|
|Lords Grp Tr (LORD)|
|Likewise Grp (LIKE)|
|Topps Tiles (TPT)|
|UK Economic Announcements|
|(8:30) S&P Global/CIPS Services PMI (May) PREL|
|International Economic Announcements|
|(7:30) S&P Global/BME Manufacturing PMI (May) (EUR)|
|(7:30) S&P Global/BME Services PMI (May) PREL (EUR)|
|(13:45) S&P Global Manufacturing PMI (May) PREL|
|(13:45) S&P Global Services PMI (May) PREL (US)|
|(16:20) Fed’s Chair Powell speech (US)|
|(18:00) ECB’s President Lagarde speech (EUR)|
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This research is prepared for general information only and should not be construed as any form of investment advice.