2nd Jun 2021. 7.43am
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.
|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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This research is prepared for general information only and should not be construed as any form of investment advice.