29th Jun 2022. 7.47am
Morning Report – Wednesday 29th June
FTSE to open at 7,258 (-65 pts)
US stocks were in retreat yesterday with tech stocks leading the losses as a report from the Conference Board showed consumer confidence continued to slump.
Overnight in Asia we’ve seen a continuation of the yesterday’s sell-off on Wall Street with stocks in Hong Kong and Japan declining.
Looking ahead, we have a busy day of economic data with European consumer confidence numbers this morning followed by US GDP at lunchtime.
|S&P 500||-2.01%||Bearish for UK stocks|
|Hang Seng||-2.23%||Bearish for UK stocks|
|Gold||-0.20%||Neutral for UK stocks|
|AUD/JPY||-0.49%||Bearish for UK stocks|
|US 10yr Yield||-29pts||Neutral for UK stocks|
Yesterday’s price action saw the FTSE make early gains only to retreat during the last hour of cash market trading – forming a bearish pin-bar candle.
Whilst this pin-bar candle is not rejecting a key resistance level and therefore not hugely significant, it does signal that the recent bullish momentum we’ve seen in starting to wane.
|Moonpig Gr (MOON)|
|Mulberry Group (MUL)|
|Latham Timber (LTHM)|
|International Economic Announcements|
|(09:00) European Business Climate (Jun)|
|(09:00) European Consumer Confidence(Jun)|
|(12:00) German Harmonized Index of Consumer Prices (YoY)(Jun) PREL|
|(12:30) US Gross Domestic Product Annualized(Q1)|
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This research is prepared for general information only and should not be construed as any form of investment advice.