2nd Jun 2021. 7.43am
Regency View:
Morning Report – Wednesday 2nd June
FTSE to open at 7,079 (-1 pt)
US stocks remained muted yesterday despite strong gains from European equities and better-than-expected manufacturing data for May.
Overnight in Asia, stocks retreated from three-month highs as the commodities rally continued to ramp up inflationary pressures.
There is a mildly bearish tone to our Risk Barometer this morning, and we’re likely to see a cautious start to European trading.
| S&P 500 | -0.05% | Bearish for UK stocks |
| Hang Seng | -0.68% | Bearish for UK stocks |
| Gold | -0.11% | Neutral for UK stocks |
| AUD/JPY | +0.08% | Neutral for UK stocks |
| US 10yr Yield | +1.82% | Bearish for UK stocks |
The FTSE finally put in an expansive directional session yesterday – it came in the form of a strong push into swing resistance at 7,107.
This decisive burst of momentum should in theory lead to a retest of the May highs. However, yesterday’s muted reaction on Wall Street has created a bit of a headwind for the market – dampening the FTSE’s bullish momentum.
FTSE 100 Daily Rolling Futures – Key Levels
| Final Results |
| Bloomsbury (BMY) |
| Schroder Real (SREI) |
| Wizz Air (WIZZ) |
| UK Economic Announcements |
| (00:00) M4 Money Supply |
| (00:01) BRC Shop Price Index |
| (09:30) Mortgage Approvals |
| (09:30) Consumer Credit |
| International Economic Announcements |
| (10:00) Producer Price Index (EU) |
| (12:00) MBA Mortgage Applications (US) |
| (15:00) ISM Manufacturing (US) |
| (15:00) ISM Prices Paid (US) |
| (15:30) Crude Oil Inventories (US) |
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Disclaimer:
This research is prepared for general information only and should not be construed as any form of investment advice.