20th Oct 2021. 7.46am
Morning Report – Wednesday 20th October
FTSE to open at 7,214 (-4 pts)
The S&P 500 continued its recent bull run yesterday despite US bond yields hitting their highest level since May…
Consumer goods giant Proctor & Gamble maintained its full-year earnings forecast yesterday despite significant inflationary pressures – giving traders confidence that companies are getting to grips with higher inflation.
Asia markets have had a mildly bullish session with the Hang Seng and Nikkei 225 in positive territory as we head into the start of European trading.
|S&P 500||+0.74%||Bullish for UK stocks|
|Hang Seng||+0.56%||Bullish for UK stocks|
|Gold||+0.34%||Bearish for UK stocks|
|AUD/JPY||+0.37%||Bullish for UK stocks|
|US 10yr Yield||+2.21%||Bearish for UK stocks|
The FTSE continues to respect resistance at 7,235 – closing just below it yesterday as the market tread water within Monday’s range to form an ‘inside day’ pattern.
Monday’s range now becomes pivotal in determining our directional bias…
A break below Monday’s range would signal a failure at resistance and could trigger a deeper sell-off, whereas a break and hold above Monday’s range should spark a new trend leg higher.
|Advanced Medical Solutions Group (AMS)|
|UK Economic Announcements|
|(07:00) Retail Price Index|
|(07:00) Producer Price Index|
|(07:00) Consumer Price Index|
|International Economic Announcements|
|(07:00) Producer Price Index (GER)|
|(07:00) GFK Consumer Confidence (GER)|
|(09:00) Current Account (EU)|
|(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.