11th May 2022. 7.45am
Morning Report – Wednesday 11th May
FTSE to open at 7,296 (+53 pts)
US stocks took a small pause yesterday after suffering heavy losses earlier this week…
Having closed -3.2% lower on Monday, the S&P 500 swung between gains and losses, but was 0.25% higher by late afternoon.
Overnight in Asia, stocks have rallied from near two-year lows, while the US dollar held steady, ahead of this afternoon’s US inflation data that will offer a guide to how aggressively the Fed will hike rates.
|S&P 500||+0.25%||Bullish for UK stocks|
|Hang Seng||+1.40%||Bullish for UK stocks|
|Gold||+0.33%||Bearish for UK stocks|
|AUD/JPY||+0.35%||Bullish for UK stocks|
|US 10yr Yield||-46pts||Bullish for UK stocks|
Yesterday’s price action saw the FTSE break lower and then rally back to close in positive territory – forming a small bullish reversal candle.
However, the size and significance of yesterday’s candle is dwarfed by the strong sell-off from the preceding three candles.
|Anexo Group Plc (ANX)|
|Mirriad Advert. (MIRI)|
|Angling Direct (ANG)|
|Vertu Motors (VTU)|
|Compass Group (CPG)|
|Brewin Dolphin (BRW)|
|Ten Life (TENG)|
|International Economic Announcements|
|(06:00) Harmonized Index of Consumer Prices (YoY)(Apr) (GER)|
|(08:00) ECB’s President Lagarde speech (EUR)|
|(12:30) Consumer Price Index ex Food & Energy (YoY)(Apr) (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.