29th Jun 2022. 7.47am
Regency View:
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.
FTSE 100 Daily Rolling Futures – Key Levels
| Final Results |
| 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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Disclaimer:
This research is prepared for general information only and should not be construed as any form of investment advice.