2nd Feb 2022. 7.45am
Morning Report – Wednesday 2nd February
FTSE to open at 7,570 (+34 pts)
Stocks on Wall Street closed higher yesterday despite disappointing economic data which showed US manufacturing activity fell to a 14-month low in January.
While in after-hours trading shares in Google parent, Alphabet soared nearly 9% as an unexpectedly strong surge in search advertising revenue raised hopes that the internet group’s momentum would continue as the pandemic recedes.
Overnight, it’s been a quiet Asian session due to New Year celebrations, but oil has pushed toward last week’s seven-year highs as a draw in US crude stocks confirmed strong demand and a lack of supply.
|S&P 500||+0.69%||Bullish for UK stocks|
|Hang Seng||Chinese New year||Neutral for UK stocks|
|Gold||-0.18%||Neutral for UK stocks|
|AUD/JPY||+0.13%||Neutral for UK stocks|
|US 10yr Yield||-12pts||Neutral for UK stocks|
Yesterday’s price action saw the FTSE push higher and close near last week’s highs.
We may see the market find some resistance at these swing highs as we head into tomorrow’s Bank of England rate decision.
|Severn Trent (SVT)|
|International Economic Announcements|
|10:00 (EUR) Consumer Price Index (YoY)(Jan)|
|13:15 (US) ADP Employment Change (Jan)|
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This research is prepared for general information only and should not be construed as any form of investment advice.