4th Aug 2021. 7.43am
Morning Report – Wednesday 4th August
FTSE to open at 7,137 (+31 pts)
Stocks on Wall Street bounced back after Monday’s wobble – closing within touching distance of record highs as strong corporate earnings and better than expected factory orders helped sooth the markets Delta-variant concerns.
The positivity continued into the Asian session with Hong Kong’s Hang Seng Index at one-week highs following a torrid sell-off earlier in the month. And our Risk Barometer has a bullish feel to it as we head into the European open.
|S&P 500||+0.82%||Bullish for UK stocks|
|Hang Seng||+1.11%||Bullish for UK stocks|
|Gold||+0.18%||Bearish for UK stocks|
|AUD/JPY||+0.19%||Bullish for UK stocks|
|US 10yr Yield||-0.59%||Neutral for UK stocks|
The FTSE had a strong session yesterday – powering through 7,100 and closing near Tuesday’s highs.
This strength has continued during the early hours and the futures are set to open above yesterday’s highs – the market now has the key resistance zone at 7,167-7,219 in its sights.
|Legal & General (LGEN)|
|Morgan Sindall Group (MGNS)|
|Taylor Wimpey (TW.)|
|Bank Pekao Sa (BPKD)|
|UK Economic Announcements|
|(09:30) PMI Services|
|International Economic Announcements|
|(08:55) PMI Services (GER)|
|(08:55) PMI Composite (GER)|
|(09:00) PMI Composite (EU)|
|(09:00) PMI Services (EU)|
|(10:00) Retail Sales (EU)|
|(12:00) MBA Mortgage Applications (US)|
|(14:45) PMI Composite (US)|
|(14:45) PMI Services (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.