3rd Mar 2021. 7.49am
Morning Report – Wednesday 3rd March
FTSE to open at 6,670 (+56 pts)
We’re set for a bullish start to European trading as Asian stocks finally rejoin the party…
The Hang Seng is up over 2% today but remains 5% below it’s mid-Feb all-time highs.
US stocks had a quieter day yesterday, retracing 0.81%, but the S&P futures are bouncing back this morning.
Chancellor Rishi Sunak will outline his plans to kick-start the UK economy in today’s Budget. Stocks to watch include Housebuilders Taylor Wimpey (TW.) and Persimmon (PSN) – looking for an extension of the holiday on stamp duty, and UK-focused banks Lloyds (LLOY) and Natwest (NWG).
|S&P 500||-0.81%||Bearish for UK stocks|
|Hang Seng||+2.64%||Bullish for UK stocks|
|Gold||-0.20%||Neutral for UK stocks|
|AUD/JPY||+0.35%||Bullish for UK stocks|
|US 10yr Yield||+1.35%||Bullish for UK stocks|
The FTSE is set to open just above yesterday’s highs and above the descending line created by the lower swing highs printed in February.
We’ll be watching closely today to see if the market can hold and close above yesterday’s highs – as failure to do so would keep the current bearish pattern of lower swing highs and lower swing lows in place.
|Allergy Thera. (AGY)|
|Polymetal International (POLY)|
|Vivo Energy (VVO)|
|UK Economic Announcements|
|(00:01) BRC Shop Price Index|
|(09:30) PMI Services|
|International Economic Announcements|
|(08:55) PMI Services (GER)|
|(08:55) PMI Composite (GER)|
|(09:00) PMI Services (EU)|
|(09:00) PMI Composite (EU)|
|(10:00) Producer Price Index (EU)|
|(12:00) MBA Mortgage Applications (US)|
|(14:45) PMI Services (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.