9th Nov 2021. 7.45am
Morning Report – Tuesday 9th November
FTSE to open at 7,291 (-9 pts)
Wall Street equities completed their longest run of closing highs since 1997, and the S&P is now up more than 25% year to date.
The move comes after a strong corporate earnings season and central banks maintaining their easy monetary policies in the face of rising short-term inflation.
Overnight in Asia, it’s been a very quiet session, with the Hang Seng in small positive territory and the Nikkei 225 in small negative territory as we head into European trading.
|S&P 500||+0.09%||Neutral for UK stocks|
|Hang Seng||+0.16%||Neutral for UK stocks|
|Gold||-0.10%||Neutral for UK stocks|
|AUD/JPY||-0.34%||Bearish for UK stocks|
|US 10yr Yield||+1.52%||Bearish for UK stocks|
Yesterday’s price action saw the market coil within Friday’s range – forming an ‘inside day’ pattern.
As always, with a clear inside day pattern, the extremities of the gold box (see chart below) becomes very significant and we’ll be watching closely to see how the market responds to the top and bottom of Friday’s range if and when it’s tested.
|AB Foods (ABF)|
|Renewi Plc (RWI)|
|Warehouse Reit (WHR)|
|Direct Line (DLG)|
|Grafton Group (GFTU)|
|Watches Switz (WOSG)|
|UK Economic Announcements|
|(00:01) BRC Shop Price Index|
|International Economic Announcements|
|(07:00) Current Account (GER)|
|(07:00) Balance of Trade (GER)|
|(10:00) ZEW Survey (GER) – Current Situation|
|(10:00) ZEW Survey (EU) – Economic Sentiment|
|(10:00) ZEW Survey (GER) – Economic Sentiment|
|(13:30) Producer Price Index (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.