21st Sep 2022. 7.44am
Morning Report – Wednesday 21st September
FTSE to open at 7,172 (-19 pts)
Stocks on Wall Street resumed their recent slide yesterday as the yield on US Treasuries continued to march higher.
Asian stocks have mirrored the losses on Wall Street with Hong Kong’s Hang Seng index, Japan’s Topix and China’s CSI 300 all dropping more than -1%.
The market will be closely watching the US Federal Reserve, which is expected to deliver a third consecutive 0.75 percentage point increase in interest rate later today.
|S&P 500||-1.13%||Bearish for UK stocks|
|Hang Seng||-1.10%||Bearish for UK stocks|
|Gold||+0.54%||Bearish for UK stocks|
|AUD/JPY||-0.18%||Neutral for UK stocks|
|US 10yr Yield||+73pts||Bearish for UK stocks|
Yesterday’s price action saw the FTSE touch the interim resistance level at 7,323 before reversing to close near the bottom of the long-term wedge.
Whilst there are now multiple support levels to support the market, short-term momentum is firmly bearish.
|Galliford Try (GFRD)|
|Supermarket Inc (SUPR)|
|Lbg Media (LBG)|
|Pennant International (PEN)|
|Keywords Studio (KWS)|
|Mhc Plc (MHC)|
|Alphawave Ip (AWE)|
|Pjsc Polyus S (PLZL)|
|Warpaint London (W7L)|
|M&C Saatchi (SAA)|
|City Pub Group. (CPC)|
|Ten Ent Grp (TEG)|
|S4 Cap. (SFOR)|
|UK Economic Announcements|
|(07:00) Public Sector Net Borrowing|
|International Economic Announcements|
|(12:00) MBA Mortgage Applications (US)|
|(15:30) Crude Oil Inventories (US)|
|(15:00) Existing Home Sales (US)|
|(18:00) Fed Interest Rate Decision (US)|
|(18:00) Fed’s Monetary Policy Statement (US)|
|(18:00) FOMC Economic Projections (US)|
|(18:30) FOMC Press Conference (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.