19th May 2021. 7.48am
Morning Report – Wednesday 19th May
FTSE to open at 6,988 (-46 pts)
US stocks retreated yesterday as inflation fears dampened bullish sentiment and gold edging higher.
While Hong Kong’s Hang Seng index is closed for National Day, Japans Nikkei 225 lost 1.1%, and China’s mainland CSI300 index slipped 0.6%.
|S&P 500||-0.85%||Bearish for UK stocks|
|Hang Seng||Closed||Neutral for UK stocks|
|Gold||+0.15%||Neutral for UK stocks|
|AUD/JPY||+0.04%||Neutral for UK stocks|
|US 10yr Yield||-0.81%||Neutral for UK stocks|
Yesterday’s price action saw the FTSE sell-off from open to close, trending lower throughout the session and into US trading hours.
This bearish ‘trend day’ has left the market in limbo, mid-range between key support and resistance. Given the persistence of yesterday’s selling, short-term momentum is favouring the bears today.
|Great Portland (GPOR)|
|Jz Capital (JZCP)|
|Lxi Reit (LXI)|
|Ninety One Plc (N91)|
|Premier Foods (PFD)|
|Mitchells & Butlers (MAB)|
|Mhp Reg S (MHPC)|
|Regional Reit (RGL)|
|UK Economic Announcements|
|(07:00) Producer Price Index|
|(07:00) Retail Price Index|
|(07:00) Consumer Price Index|
|International Economic Announcements|
|(10:00) Consumer Price Index (EU)|
|(12:00) MBA Mortgage Applications (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.