22nd Sep 2021. 7.42am
Morning Report – Wednesday 22nd September
FTSE to open at 7,032 (+51 pts)
The S&P 500 failed to hold onto its gains yesterday, and having been up 50 points in early trading the index closed negative on the day.
Overnight in Asia, the Hang Seng was closed for ‘The Day Following Mid-Autumn Festival’, and Japan’s Nikkei 225 drifted 0.67% lower.
Today, traders will be focused on the Fed, who release their quarterly ‘dot plot’ economic projections along with a policy statement and press conference…
The market is expecting the Fed to take a more hawkish monetary policy outlook compared with its last round of forecasts in June, and traders will be wary of a faster pace of tightening.
|S&P 500||-0.08%||Neutral for UK stocks|
|Hang Seng||Closed||Neutral for UK stocks|
|Gold||-0.18%||Bullish for UK stocks|
|AUD/JPY||+0.42%||Bullish for UK stocks|
|US 10yr Yield||-3.48%||Bearish for UK stocks|
We highlighted in yesterday’s Morning Report that the broken support level at 6,992 was likely to create resistance and that appears to be the case.
The futures are making an attempt to break through resistance this morning – almost taking the market up into the descending trendline.
Should prices start to retreat during the opening rotation, it could setup an attractive short entry.
|Pz Cussons (PZC)|
|Ecsc Group (ECSC)|
|Igas Energy (IGAS)|
|Oxford Biomedica (OXB)|
|Pennant International (PEN)|
|Strix Group (KETL)|
|Ten Ent Grp (TEG)|
|The Mission Group (TMG)|
|Trellus Health. (TRLS)|
|International Economic Announcements|
|(12:00) MBA Mortgage Applications (US)|
|(15:00) Existing Home Sales (US)|
|(15:30) Crude Oil Inventories (US)|
|(19:00) FOMC Economic Projections (US)|
|(19:00) Fed Interest Rate Decision (US)|
|(19:00) Fed’s Monetary Policy Statement (US)|
|(19:30) 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.