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24th May 2022. 7.47am

Regency View:

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+38ptsBearish for UK stocks
Regency Risk Barometer Snapshot

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.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
Homeserve (HSV)
Aveva Group (AVV)
Cranswick (CWK)
Bytes Tech (BYIT)
Lords Grp Tr (LORD)
Likewise Grp (LIKE)
Interim Results
Greencore (GNC)
Topps Tiles (TPT)
Shaftesbury (SHB)
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)
Today’s Financial Diary

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This research is prepared for general information only and should not be construed as any form of investment advice.