28th Apr 2021. 7.44am
Regency View:
Morning Report – Wednesday 28th April
FTSE to open at 6,953 (+8 pts)
Markets of all asset classes are treading water as traders hold their breath ahead of this evenings Fed policy statement and press conference.
While the Fed is not expected to deviate from its current accommodative stance, President Joe Biden will also address Congress, where he may make additional comments about infrastructure and stimulus spending. It’s Biden that’s likely to move the market.
| S&P 500 | -0.02% | Neutral for UK stocks |
| Hang Seng | +0.17% | Neutral for UK stocks |
| Gold | -0.50% | Neutral for UK stocks |
| AUD/JPY | -0.02% | Neutral for UK stocks |
| US 10yr Yield | +0.98% | Neutral for UK stocks |
The FTSE failed to hold above the New Year highs during yesterday’s session and instead tread water within a tight trading range.
In fact, it was the smallest range in over seven sessions – indicating that the market has become very compressed ahead of this evening’s Fed policy statement and Biden address.
We can use the high and low of yesterday’s tight range as a barometer for short-term directional bias.
FTSE 100 Daily Rolling Futures – Key Levels
| Final Results |
| Brave Bison Grp (BBSN) |
| French Cnctn. (FCCN) |
| Gresham House (GRID) |
| Heiq (HEIQ) |
| Lsl Prop (LSL) |
| Pennant International (PEN) |
| Sainsbury (J) (SBRY) |
| Tissue Regenix Group (TRX) |
| Warpaint London (W7L) |
| Interim Results |
| Ab Dynamics (ABDP) |
| Home Reit (HOME) |
| Q1 Results |
| Glaxosmithkline (GSK) |
| Trading Announcements |
| 1Spatial Holdings (SPA) |
| 888 Holdings (888) |
| Persimmon (PSN) |
| Interim Management Statement |
| Lloyds (LLOY) |
| UK Economic Announcements |
| (00:01) BRC Shop Price Index |
| International Economic Announcements |
| (07:00) GFK Consumer Confidence (GER) |
| (12:00) MBA Mortgage Applications (US) |
| (15:30) Crude Oil Inventories (US) |
| (19:00) Fed Rate Decision |
| (19:00) Fed Policy Statement |
| (19:30) FOMC Press Conference |
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Disclaimer:
This research is prepared for general information only and should not be construed as any form of investment advice.