31st May 2022. 7.45am
Morning Report – Tuesday 31st May
FTSE to open at 7,610 (+10 pts)
Wall Street was closed for Memorial Day yesterday and the S&P 500 futures tread water after strong gains towards the end of last week.
Overnight in Asia, Chinese stocks have rallied on the lifting of Covid-19 restrictions. While oil prices have jumped after EU leaders reached an agreement late Monday to ban 90% of Russian crude by the end of the year.
|S&P 500||Closed||Bullish for UK stocks|
|Hang Seng||+1.29%||Bullish for UK stocks|
|Gold||+0.01%||Neutral for UK stocks|
|AUD/JPY||+0.31%||Bullish for UK stocks|
|US 10yr Yield||+57pts||Bearish for UK stocks|
Yesterday’s price action saw the FTSE edge higher – forming its second consecutive narrowest daily range in over seven sessions.
The market seems to have found some resistance at the early-May swing highs (7,621), but as yet we’ve not seen any clear rejection of this level.
|International Economic Announcements|
|(07:55) German Unemployment Change (May) (EUR)|
|(13:00) Housing Price Index (MoM)(Mar) (USD)|
|(13:00) Consumer Confidence (May) (USD)|
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This research is prepared for general information only and should not be construed as any form of investment advice.