22nd Jun 2022. 7.46am
Morning Report – Wednesday 22nd June
FTSE to open at 7,063 (-89 pts)
Oil prices dived more than $4 a barrel overnight ahead of President Joe Biden’s speech this evening…
The President is expected to call for temporarily suspending the 18.4-cents a gallon federal tax on gasoline. And seven oil companies are set to meet Biden on Thursday, as he puts pressure to drive down fuel prices.
This morning’s UK inflation data saw consumer prices hit another 40-year high in May, reaching 9.1%, its highest level since 1982.
The rise was in line with economists’ expectations that suggest UK inflation will move into double digits by the autumn.
|S&P 500||+2.45%||Bullish for UK stocks|
|Hang Seng||-1.56%||Bearish for UK stocks|
|Gold||-0.37%||Bullish for UK stocks|
|AUD/JPY||-0.96%||Bearish for UK stocks|
|US 10yr Yield||-11pts||Neutral for UK stocks|
As indicated in yesterday’s Morning Report, the broken support level at 7,157 has become resistance…
Yesterday’s price action temporarily broken above 7,157 only to close back below it, and this morning’s pre-open price action has seen the market break below yesterday’s lows – potentially marking a new inflection point at yesterday’s high.
|Berkeley Group (BKG)|
|UK Economic Announcements|
|(06:00) Consumer Price Index (YoY)(May)|
|International Economic Announcements|
|(13:30) Fed’s Chair Powell testifies|
|(18:00) President Biden speech|
Don’t have a Regency account yet?
Start receiving our actionable Market Alerts and Analysis with real-time email and SMS alerts throughout your trading day. Simply click below to create your account for free.Create Account
This research is prepared for general information only and should not be construed as any form of investment advice.