24th Nov 2021. 7.46am
Morning Report – Wednesday 24th November
FTSE to open at 7,269 (+2 pts)
The S&P managed to erase early losses to close in positive territory yesterday, following news that the US will make a co-ordinated attempt to drive down oil prices…
Joe Biden announced that the US would released 50m barrels of oil from reserves in a move co-ordinated with China, India, Japan, South Korea and the UK.
Overnight, Asian stocks are mixed with Hong Kong’s Hang Seng index in mildly positive territory while Japan’s Nikkei 225 is down more than 1.5% on the day.
|S&P 500||+0.17%||Neutral for UK stocks|
|Hang Seng||+0.38%||Bullish for UK stocks|
|Gold||+0.18%||Neutral for UK stocks|
|AUD/JPY||-0.32%||Bearish for UK stocks|
|US 10yr Yield||+2.42%||Bearish for UK stocks|
Yesterday’s price action saw the FTSE reverse and rally at the major support created by the broken summer highs.
Resistance turning to support is a bullish sign, and whilst the futures have pulled back overnight, we would expect to see some upside follow-through during today’s session.
|Brewin Dolphin (BRW)|
|Virgin Money Uk (VMUK)|
|United Utilities (UU.)|
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This research is prepared for general information only and should not be construed as any form of investment advice.