1st Jun 2022. 7.56am
Morning Report – Wednesday 1st June
FTSE to open at 7,616 (+9 pts)
Stocks on Wall Street drifted lower yesterday, but managed to end a volatile month in positive territory…
The S&P 500 ended the month of May with a marginal 0.01% gain after being whipsawed for much of the last four weeks on concerns over inflation and the path of monetary policy.
Overnight in Asia, Chinese-related stocks have edged lower after strong gains earlier in the week, while Japanese stocks have broken to five-week highs.
|S&P 500||-0.63%||Bearish for UK stocks|
|Hang Seng||-0.79%||Bearish for UK stocks|
|Gold||-0.16%||Neutral for UK stocks|
|AUD/JPY||+0.45%||Bullish for UK stocks|
|US 10yr Yield||+43pts||Bearish for UK stocks|
Yesterday’s price action saw the FTSE break above resistance only to retreat and close lower on the day – forming a small bearish pin-bar candle.
Should the market break below yesterday’s low, we could see an acceleration of selling pressure as we head into the long weekend.
|International Economic Announcements|
|(06:00) German Retail Sales (YoY)(Apr) (EUR)|
|(11:00) ECB’s President Lagarde speech (EUR)|
|(14:00) ISM Manufacturing PMI (May) (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.