28th Sep 2022. 7.46am
Morning Report – Wednesday 28th September
FTSE to open at 6,931 (-54 pts)
Stocks on Wall Street posted small losses yesterday as the S&P 500 tested key support at 3,640.
Overnight in Asia, China’s renminbi exchange rate fell to a record low on Wednesday, putting further pressure on the PBC intervene and prop up the country’s currency. And stocks in Hong Kong are trading more than -2.5% lower.
The pound has slipped back below 1.07 against the US dollar overnight, but prices remain more than 300 points above Monday’s lows.
|S&P 500||-0.21%||Bearish for UK stocks|
|Hang Seng||-2.59%||Bearish for UK stocks|
|Gold||-0.51%||Bullish for UK stocks|
|AUD/JPY||-0.73%||Bearish for UK stocks|
|US 10yr Yield||+15pts||Neutral for UK stocks|
Yesterday’s price action saw the FTSE daily rolling futures press down into the June swing lows at 6,967, but close back above them.
This morning’s pre-open price action has already breached yesterday’s lows and taken the FTSE down into the major long-term support level created by the March spike lows.
|Blan Tech Grp (BLTG)|
|Everyman Media (EMAN)|
|Octopus Renew. (ORIT)|
|UK Economic Announcements|
|(00:01) BRC Shop Price Index|
|International Economic Announcements|
|(07:00) GFK Consumer Confidence (GER)|
|(12:00) MBA Mortgage Applications (US)|
|(13:30) Gross Domestic Product (US)|
|(13:30) Wholesales Inventories (US)|
|(13:30) Balance of Trade (US)|
|(15:00) Pending Homes Sales (US)|
|(15:30) Crude Oil Inventories (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.