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20th Jul 2022. 7.47am

Regency View:

Morning Report – Wednesday 20th July

FTSE to open at 7,330 (+34 pts)

US and European stocks made their biggest daily gains since late June yesterday as US earnings season continued…

The gains on Wall Street were led by mega-caps tech stocks Amazon, Alphabet and Microsoft. Facebook-owner Meta ended the day up 5.1%.

Asian stocks have followed Wall Street higher – buoyed by the US dollar weakening for a third consecutive session.

While this morning’s UK inflation data rose to a fresh 40-year high of 9.4% as a sharp rise in petrol prices drove the rate towards double digits for the first time since 1982.

S&P 500+2.67%Bearish for UK stocks
Hang Seng+1.45%Bullish for UK stocks
Gold-0.30%Bullish for UK stocks
AUD/JPY+0.17%Neutral for UK stocks
US 10yr Yield+46ptsBearish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s price action saw the FTSE shake off Monday’s bearish pin-bar and surge higher – closing just below the June swing highs.

Yesterday’s decisive rally confirms the breakout from the inside day pattern which formed on Friday and also confirms the breakout from the wedge consolidation pattern which has formed during the last month.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Trading Announcements
Royal Mail (RMG)
UK Economic Announcements
(07:00) Producer Price Index
(07:00) Consumer Price Index
(07:00) Retail Sales
(07:00) Retail Price Index
International Economic Announcements
(07:00) Producer Price Index (GER)
(09:00) Current Account (EU)
(12:00) MBA Mortgage Applications (US)
(15:00) Existing Home Sales (US)
(15:30) Crude Oil Inventories (US)
Today’s Financial Diary

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This research is prepared for general information only and should not be construed as any form of investment advice.