3rd Aug 2022. 7.46am
Morning Report – Wednesday 3rd August
FTSE to open at 7,407 (-2 pts)
US stocks moved lower yesterday and Treasury yields moved higher as several Fed officials signaled the US central bank was committed to its aggressive fight against inflation.
Overnight in Asia, stocks recovered some of yesterday’s losses as fears over the fallout from Nancy Pelosi’s visit to Taiwan appeared to subside slightly.
Looking ahead today, we have a cluster of PMI’s from the UK, Europe and US which should give some indication of the severity of the global slowdown.
|S&P 500||-0.67%||Bearish for UK stocks|
|Hang Seng||+0.39%||Bullish for UK stocks|
|Gold||+0.40%||Bearish for UK stocks|
|AUD/JPY||+0.26%||Bullish for UK stocks|
|US 10yr Yield||+176pts||Bearish for UK stocks|
We mentioned in yesterday’s Morning Report that the broken resistance area at 7,361 should provide some support and we’ve started to see some evidence of that…
Yesterday’s range was the smallest in over seven sessions, indicating that volatility is starting to contract as prices find support.
|Van Elle (VANL)|
|Taylor Wimpey (TW.)|
|Lsl Prop (LSL)|
|Endeavour Min (EDV)|
|Ip Group (IPO)|
|Just Eat Takeaw (JET)|
|Hill & Smith (HILS)|
|European Assets Trust (EAT)|
|UK Economic Announcements|
|(09:30) PMI Services|
|(09:30) PMI Composite|
|International Economic Announcements|
|(08:55) PMI Composite (GER)|
|(08:55) PMI Services (GER)|
|(09:00) PMI Services (EU)|
|(09:00) PMI Composite (EU)|
|(10:00) Producer Price Index (EU)|
|(10:00) Retail Sales (EU)|
|(12:00) MBA Mortgage Applications (US)|
|(14:45) PMI Composite (US)|
|(14:45) PMI Services (US)|
|(15:00) Factory Orders (US)|
|(15:00) ISM Prices Paid (US)|
|(15:00) ISM Services (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.