17th Aug 2022. 7.46am
Morning Report – Wednesday 17th August
FTSE to open at 7,553 (+17 pts)
Stocks on Wall Street edged higher on Tuesday despite disappointing data on the strength of the US property market.
While overnight in Asia, stocks have had a stronger session with Hong Kong’s Hang Seng gaining +0.77% and Japan’s Nikkei 225 jumping more than 1%.
This morning’s UK inflation data came in higher than expected with the Consumer Price Index hitting 10.1% (year-on-year) in July, it’s highest level in 40 years.
|S&P 500||+0.19%||Neutral for UK stocks|
|Hang Seng||+0.77%||Bullish for UK stocks|
|Gold||+0.12%||Neutral for UK stocks|
|AUD/JPY||-0.14%||Neutral for UK stocks|
|US 10yr Yield||+15pts||Neutral for UK stocks|
The FTSE continues to climb towards the cluster of key highs at 7,621…
Yesterday’s price action saw the index break and close above the inside bullish pin-bar pattern (gold box on chart below), signalling trend continuation.
|Libertine Hold (LIB)|
|Balfour Beatty (BBY)|
|Kenmare Resources (KMR)|
|UK Economic Announcements|
|(07:00) Consumer Price Index|
|(07:00) Producer Price Index|
|(07:00) Retail Price Index|
|International Economic Announcements|
|(07:00) Consumer Price Index (GER)|
|(10:00) GDP (Preliminary) (EU)|
|(13:30) Retail Sales (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.