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10th Nov 2021. 7.45am

Regency View:

Morning Report – Wednesday 10th November

FTSE to open at 7,275 (+1 pt)

Wall Street’s winning run came to an end yesterday as traders grew cautious ahead of today’s US inflation data.

The inflation figures are forecast to show that US consumer prices rose 5.8% in October from the same month last year, representing the highest rate of increases since 1990.

Overnight in Asia, China’s factory gate inflation hit a 26-year high in October due to a sharp rice in coal prices. Stocks are in positive territory despite the increased stagflation concerns.

S&P 500-1.13%Bearish for UK stocks
Hang Seng-1.10%Bearish for UK stocks
Gold+0.54%Bearish for UK stocks
AUD/JPY-0.18%Neutral for UK stocks
US 10yr Yield+73ptsBearish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s price action saw the FTSE break below the steepest ascending trendline, but as we highlighted yesterday, the inside day pattern is of most significance and the market remains within Friday’s range (gold box on chart below).

Below Friday’s range, we also have the broken resistance area (blue dotted lines) and the second ascending trendline, so there is plenty of support on the price chart.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Interim Results
Aveva Group (AVV)
Marks & Spencer (MKS)
Picton Prop (PCTN)
Renold (RNO)
Zoo Digital (ZOO)
Q3 Results
Maxcyte (MXCT)
International Economic Announcements
(07:00) Consumer Price Index (GER)
(12:00) MBA Mortgage Applications (US)
(13:30) Consumer Price Index (US)
(13:30) Initial Jobless Claims (US)
(13:30) Continuing Claims (US)
(15:00) Wholesales Inventories (US)
(15:30) Crude Oil Inventories (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.