4th Oct 2022. 7.44am
Morning Report – Tuesday 4th October
FTSE to open at 6,958 (+49 pts)
US stocks posted strong gains yesterday as the yield on treasuries dropped back from highs…
The S&P 500 closed up 2.6%, while the technology-heavy Nasdaq Composite added 2.3%. Both indices recorded their biggest daily increases since August.
In commodities, Brent crude jumped 4.4% to $88.86 a barrel, helped by news that the international producers’ alliance Opec+ was planning a substantial cut in output.
Overnight in Asia, the Hang Seng is closed for the Double Ninth festival while Japanese stocks mirrored the gains on Wall Street.
|S&P 500||+2.59%||Bullish for UK stocks|
|Hang Seng||Closed||Neutral for UK stocks|
|Gold||+0.24%||Neutral for UK stocks|
|AUD/JPY||+0.11%||Neutral for UK stocks|
|US 10yr Yield||-165pts||Bullish for UK stocks|
Yesterday’s price action saw the FTSE daily rolling futures form a bullish reversal candle as buyers stepped in at support.
This morning’s pre-open price action has already broken above yesterday’s highs and this is a bullish sign.
|Inspiration Hlt (IHC)|
|International Economic Announcements|
|(10:00) Producer Price Index (EU)|
|(15:00) Factory Orders (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.