29th Sep 2021. 7.47am
Morning Report – Wednesday 29th September
FTSE to open at 7,032 (+4 pts)
US stocks were pummeled yesterday as fears of ‘stagflation’ loomed large…
The S&P 500 dropped more than 2% with tech stocks hit the hardest as expectations of interest rate increases, higher inflation and slower economic growth put the S&P’s long-term bull run into question.
Overnight in Asia, we’ve seen markets Chinese stocks tread water, and Japanese stocks move lower as we head into the European open.
|S&P 500||-1.13%||Bearish for UK stocks|
|Hang Seng||-1.10%||Bearish for UK stocks|
|Gold||+0.54%||Bearish for UK stocks|
|AUD/JPY||-0.18%||Neutral for UK stocks|
|US 10yr Yield||+73pts||Bearish for UK stocks|
We mentioned in yesterday’s Morning Report that two bearish ‘pin-bar’ candles in three sessions signaled weakness, and we saw the market move lower.
It’s worth noting that the FTSE’s sell-off was nowhere near as severe as the S&P, and prices seem to be tracking the broken descending trendline as the market retraces.
|Thungela Res (TGA)|
|Mti Wireless (MWE)|
|UK Economic Announcements|
|(00:01) RICS Housing Market Survey|
|International Economic Announcements|
|(07:00) Wholesale Price Index (GER)|
Don’t have a Regency account yet?
Start receiving our actionable Market Alerts and Analysis with real-time email and SMS alerts throughout your trading day. Simply click below to create your account for free.Create Account
This research is prepared for general information only and should not be construed as any form of investment advice.