20th Apr 2022. 7.48am
Morning Report – Wednesday 20th April
FTSE to open at 7,623 (+22 pts)
Stocks on Wall Street rallied yesterday despite an 80 point surge in 10yr Treasury yields in anticipation of aggressive Fed tightening.
Overnight in Asia, stocks have been mixed with the Hang Seng in negative territory as Covid-19 lockdowns throughout mainland China continue to weigh on growth. While Japanese stocks hit a nine-day high – tracking the gains on Wall Street.
We have a raft of US corporate earnings hitting our screens today with the likes of Kinder Morgan (KMI), Procter & Gamble (PG) and Alcoa Corp (AA) reporting numbers.
|S&P 500||+1.61%||Bullish for UK stocks|
|Hang Seng||-0.62%||Bearish for UK stocks|
|Gold||-0.52%||Bullish for UK stocks|
|AUD/JPY||+0.42%||Bullish for UK stocks|
|US 10yr Yield||+80pts||Bearish for UK stocks|
We mentioned in yesterday’s Morning Report that the FTSE was in mid-range ‘coin toss’ territory for day traders, and this was underlined by yesterday’s price action which saw the market whipsaw sideways.
On a more bullish note, the market did close well off its intra-day lows – indicating the underlying strength in the market and it wouldn’t be too surprising to see the FTSE break above yesterday’s highs during today’s session.
|Carrs Group (CARR)|
|Centamin PLC (CEY)|
|Rio Tinto (RIO)|
|International Economic Announcements|
|(07:00) Producer Price Index (GER)|
|(10:00) Industrial Production (EU)|
|(10:00) Balance of Trade (EU)|
|(12:00) MBA Mortgage Applications (US)|
|(15:00) Existing Home Sales (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.