31st Aug 2022. 7.47am
Morning Report – Wednesday 31st August
FTSE to open at 7,373 (+12 pts)
Stocks on Wall Street lost ground yesterday with the S&P 500 falling for the third straight session and erasing almost all of the index’s gains for the month of August.
Overnight in Asia, activity in China’s manufacturing sector contracted for second straight month in August. The contraction was blamed largely on power shortages triggered by a historic drought in the region.
Despite the weak Chinese economic data, Asian stocks have had a quiet session with the Hang Seng flat on the day and the Nikkei 225 less than half a percent higher.
|S&P 500||-1.10%||Bearish for UK stocks|
|Hang Seng||+0.05%||Neutral for UK stocks|
|Gold||-0.13%||Neutral for UK stocks|
|AUD/JPY||+0.37%||Bullish for UK stocks|
|US 10yr Yield||-3pts||Neutral for UK stocks|
Yesterday’s price action saw the FTSE burst higher during the cash market’s opening rotation only to then trend lower during the remainder of the session – erasing the morning’s gains and close the day below support.
This bearish intra-day reversal market the FTSE’s largest daily range in over a month.
|Eco Animal (EAH)|
|Flowtech Fluid. (FLO)|
|Bk. Cyprus Hldg (BOCH)|
|UK Economic Announcements|
|(00:01) BRC Shop Price Index|
|(07:00) Nationwide House Price Index|
|(09:30) M4 Money Supply|
|(09:30) Mortgage Approvals|
|(09:30) Consumer Credit|
|International Economic Announcements|
|(07:00) Import Price Index (GER)|
|(08:55) Unemployment Rate (GER)|
|(12:00) MBA Mortgage Applications (US)|
|(14:45) Chicago PMI (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.