12th Oct 2022. 7.47am
Morning Report – Wednesday 12th October
FTSE to open at 6,916 (+31 pts)
Stocks on Wall Street pressed down into their early-October swing lows on Tuesday as the markets reopened following the Columbus Day holiday.
Overnight in Asia, the Hang Seng has weakened as Chinese authorities renewed their call for the country to maintain its strict zero-Covid policy.
This morning’s UK GDP data came in below expectations with UK economy shrinking 0.3% in August – signalling that the cost of living crisis is starting to take hold.
And the FT is reporting that the Bank of England has signalled privately to bankers that it could extend its emergency bond-buying programme past this Friday’s deadline.
PLEASE NOTE: This Friday will be our last Morning Report bulletin. Moving forward, we will be focusing on our trader education service, Regency Academy. You can sign up to our FREE course, Seven Secrets of Price Action Trading by CLICKING HERE.
|S&P 500||-0.69%||Bearish for UK stocks|
|Hang Seng||-0.42%||Bearish for UK stocks|
|Gold||+0.47%||Bearish for UK stocks|
|AUD/JPY||+0.38%||Bullish for UK stocks|
|US 10yr Yield||-9pts||Neutral for UK stocks|
The FTSE daily rolling futures had a weak session yesterday – pressing down into the long-term support zone and closing near intra-day lows.
We will be watching for signs of selling exhaustion (long-tailed bullish candles) at the support zone.
|Kin and Carta (KCT)|
|Novolip Regs (NLMK)|
|UK Economic Announcements|
|(07:00) Manufacturing Production|
|(07:00) Index of Services|
|(07:00) Balance of Trade|
|(07:00) Industrial Production|
|(07:00) Gross Domestic Product|
|International Economic Announcements|
|(10:00) Industrial Production (EU)|
|(10:30) Current Account (GER)|
|(12:00) MBA Mortgage Applications (US)|
|(13:30) Producer Price Index (US)|
|(15:30) Crude Oil 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.