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3rd Nov 2021. 7.44am

Regency View:

Morning Report – Wednesday 3rd November

FTSE to open at 7,250 (-25 pts)

Wall Street edged to another record close yesterday – posting it’s fourth consecutive day of gains.

All eyes will be on the US Federal Reserve this evening as it is widely expected to begin tapering its $120bn monthly asset purchases…

The taper is priced-in, but what is less certain is how much the Fed will shift their focus towards surging inflation and the possibility of it lasting longer than anticipated. A more hawkish tone would no doubt see US stocks pullback from their record highs.

S&P 500+0.37%Bullish for UK stocks
Hang Seng-0.52%Bearish for UK stocks
Gold-0.38%Bullish for UK stocks
AUD/JPY+0.18%Neutral for UK stocks
US 10yr Yield-0.81%Bullish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s price action saw the FTSE give back much of Monday’s gains – leaving the market just above broken resistance and the steepest ascending trendline (see chart below).

The FTSE needs to hold above the broken resistance zone in order to rule out the possibility of a bearish ‘fakeout’ scenario.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
Nanoco (NANO)
Interim Results
Braemar Shipping (BMS)
Esken Ltd (ESKN)
Trainline (TRN)
Q3 Results
Amryt Pharma (AMYT)
Trading Announcements
Aib Group (AIBG)
Coca-Cola HBC (CCH)
Ibstock (IBST)
Next (NXT)
Smurfit Kappa (SKG)
UK Economic Announcements
(07:00) Nationwide House Price Index
International Economic Announcements
(09:00) Unemployment Rate (EU)
(11:00) MBA Mortgage Applications (US)
(14:00) Factory Orders (US)
(14:30) Crude Oil Inventories (US)
(14:45) PMI Composite (US)
(14:45) PMI Services (US)
(18:00) Fed Interest Rate Decision
(18:00) Fed’s Monetary Policy Statement
(18:30) FOMC Press Conference
Today’s Financial Diary

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This research is prepared for general information only and should not be construed as any form of investment advice.