8th Mar 2022. 7.45am
Morning Report – Tuesday 8th March
FTSE to open at 6,880 (-79 pts)
Stocks on Wall Street closed nearly -3% lower after a US push to ban Russian crude faced German resistance.
The uncertainty around energy sanctions saw Brent crude surge to $139 per barrel before falling back to close at $123.21 – a 4.3% increase on the day.
Asian stocks have mirrored yesterday’s drop on Wall Street with Japan’s Nikkei 225 sinking 1.43% and hitting a 16-month low below the 25,000.
|S&P 500||-2.95%||Bearish for UK stocks|
|Hang Seng||-1.31%||Bullish for UK stocks|
|Gold||+0.84%||Bearish for UK stocks|
|AUD/JPY||-0.15%||Neutral for UK stocks|
|US 10yr Yield||79pts||Bullish for UK stocks|
Yesterday’s price action saw the FTSE push down into a major area of support created by the swing lows which formed in May, July and September (see chart below).
The market did show signs of responding to this key support area – with the futures closing off their intra-day lows.
|Capital & Regional (CAL)|
|M&g Plc (MNG)|
|Cairn Energy (CNE)|
|H&t Group Plc (HAT)|
|Midwich Grp (MIDW)|
|Robert Walters (RWA)|
|Wood Group (J) (WG.)|
|Engage Xr (EXR)|
|Direct Line (DLG)|
|Johnson Service (JSG)|
|UK Economic Announcements|
|(07:00) Halifax House Price Index|
|International Economic Announcements|
|(07:00) Current Account (GER)|
|(07:00) Industrial Production (GER)|
|(07:00) Balance of Trade (GER)|
|(07:00) Factory Orders (GER)|
|(10:00) Gross Domestic Product (EU)|
|(15:00) Wholesales Inventories (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.