20th Jul 2022. 7.47am
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||+46pts||Bearish for UK stocks|
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.
|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)|
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This research is prepared for general information only and should not be construed as any form of investment advice.