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3rd Aug 2021. 7.47am

Regency View:

Morning Report – Tuesday 3rd August

FTSE to open at 7,079 (-3 pts)

Yesterday’s U.S. manufacturing PMI came in below expectations – causing concerns that the economic recovery is fading…

The reaction on the stock market was relatively tepid given the market is caught in the ‘bad data prolongs stimulus’ mindset. Whereas the reaction on the bond market was far more decisive, with bond yields tumbling (prices rallying) back towards six-month lows.

In Asia, Chinese stocks slipped as the spread of the Delta variant from the Chinese coast to its inland cities has prompted authorities to increase restrictions.

S&P 500-0.18%Bearish for UK stocks
Hang Seng-0.34%Bearish for UK stocks
Gold-0.22%Bullish for UK stocks
AUD/JPY+0.38%Bullish for UK stocks
US 10yr Yield-5.03%Bearish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s price action saw the FTSE fail to hold onto its early-session gains, closing well below Thursday’s highs – which have now become a short-term area of resistance just below 7,100.

The futures indicate that we’re set for another retest of 7,100 today, and if we see another failure at this price point it may give the bears enough conviction to mount another sell-off.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
Filtronic (FTC)
Joules Grp (JOUL)
Nwf (NWF)
Interim Results
Aferian (AFRN)
BP (BP.)
Coats (COA)
Direct Line (DLG)
Greggs (GRG)
Keller (KLR)
Rotork (ROR)
Standard Chartered (STAN)
Travis Perkins (TPK)
Ultra Electronics (ULE)
Q2 Results
Gran Tierra (GTE)
Trading Announcements
Barr (A.G.) (BAG)
Lamprell (LAM)
International Economic Announcements
(10:00) Producer Price Index (EU)
(15:00) Factory Orders (US)
(20:30) Auto Sales (US)
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.