26th Oct 2021. 7.45am
Morning Report – Tuesday 26th October
FTSE to open at 7,238 (+15 pts)
The S&P completed it’s month-long fight-back yesterday as the market broke and closed above the September highs – marking a new record for the US benchmark.
While President Joe Biden remains hopeful for an agreement on his major spending plans before he attends a climate summit in Scotland.
In Asia, the Hang Seng gave up early gains as fresh worries about China’s property sector weighed on investors’ sentiments…
Another developer, Modern land, defaulted on a payment – adding to worries about the contagion effects of the debt crisis at China Evergrande Group.
|S&P 500||+0.47%||Bullish for UK stocks|
|Hang Seng||-0.72%||Bearish for UK stocks|
|Gold||-0.12%||Neutral for UK stocks|
|AUD/JPY||+0.49%||Bullish for UK stocks|
|US 10yr Yield||-1.02%||Bullish for UK stocks|
The FTSE failed to follow the S&P in breaking through resistance, and the market remains coiled within the mini-range which formed following last week’s inside day pattern.
Given the length of time the market has been consolidating, we are likely to see some directional follow-through should the market muster a breakout.
|Reckitt Ben. Gp (RKT)|
|Rws Hldgs (RWS)|
|International Economic Announcements|
|(14:00) House Price Index (US)|
|(15:00) Consumer Confidence (US)|
|(15:00) New Homes 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.