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24th Feb 2021. 7.47am

Regency View:

Morning Report – Wednesday 24th February

FTSE to open at 6,587 (-39 pts)

Asian stocks continued to pullback from highs and couldn’t maintain the bullish reversal witnessed in late US trading…

The S&P underwent a sharp v-shaped recovery during yesterday’s session following dovish comments from Fed chair Jay Powell.

Mr Powell hinted at no early Fed tightening of monetary policy or drawdown of asset purchases even with a brighter economic outlook.

Our risk barometer is mixed with the sell-off in Asian stocks set to have the greatest influence of early European trading.

S&P 500+0.13%Neutral for UK stocks
Hang Seng-3.03%Bearish for UK stocks
Gold+0.14%Neutral for UK stocks
AUD/JPY+0.35%Bullish for UK stocks
US 10yr Yield-0.63%Neutral for UK stocks
Regency Risk Barometer Snapshot

The FTSE failed to hold above Monday’s highs during yesterday’s session. And with the weakness in Asian stocks overnight, the FTSE futures are back at the support level the market has been toying with for the last four sessions.

Tuesday’s range now becomes an important marker for determining short-term directional bias for the FTSE.

Given yesterday’s bullish reversal on Wall Street, we wouldn’t be too surprised to see the FTSE bounce from yesterday’s low and once again hold above 6,570 support.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
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This research is prepared for general information only and should not be construed as any form of investment advice.