17th Nov 2021. 7.45am
Morning Report – Wednesday 17th November
FTSE to open at 7,309 (-18 pts)
Upbeat US retail sales saw stocks on Wall Street rally yesterday and also caused a strong surge in the US dollar.
The dollar strength has weighed on Asian stocks overnight with both the Nikkei 225 and Hang Seng in negative territory.
This morning’s UK inflation data jumped more than expected – hitting its highest level in almost a decade, increasing pressure on the Bank of England to raise interest rates…
The annual rate of the UK consumer price index increased 4.2% in October, up from 3.1% in September and the fastest pace since November 2011.
|S&P 500||+0.39%||Bearish for UK stocks|
|Hang Seng||-0.50%||Bullish for UK stocks|
|Gold||+0.32%||Bearish for UK stocks|
|AUD/JPY||+0.07%||Neutral for UK stocks|
|US 10yr Yield||+1.57%||Bullish for UK stocks|
The FTSE failed to hold onto its gains yesterday and the pullback deepened, taking the market through the steepest ascending trendline.
Before we turn too bearish, it’s important to note that there are multiple layer of trend support in place, most notably the broken summer highs at 7,220 – 7,235.
|Sage Group (SGE)|
|Cmc Mkts (CMCX)|
|Speedy Hire (SDY)|
|Tatton Asset M. (TAM)|
|Bank Of Georgia Group (BGEO)|
|UK Economic Announcements|
|(07:00) Producer Price Index|
|(07:00) Retail Price Index|
|(07:00) Consumer Price Index|
|International Economic Announcements|
|(12:00) MBA Mortgage Applications (US)|
|(13:30) Building Permits (US)|
|(13:30) Housing Starts (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.