4th May 2022. 7.47am
Morning Report – Wednesday 4th May
FTSE to open at 7,560 (-1 pt)
US stocks consolidated Monday’s turnaround with the S&P 500 holding above key support.
While overnight, Brent and WTI crude prices have ticked higher after industry data showed drawdowns in US crude and fuel stockpiles, raising supply concerns.
Asian stocks have weakened on the back of strong oil prices and also in anticipation of this evening’s key Fed rate decision and monetary policy statement.
|S&P 500||+0.48%||Bullish for UK stocks|
|Hang Seng||-1.02%||Bearish for UK stocks|
|Gold||-0.13%||Neutral for UK stocks|
|AUD/JPY||+0.35%||Bullish for UK stocks|
|US 10yr Yield||-17pts||Neutral for UK stocks|
The FTSE broke and close back above the broken support / new resistance area at 7,536 that we’ve been highlighting for the last two weeks.
A short-term structure of lower swing highs and higher swing lows appears to be ‘funneling’ the market within an emerging ‘wedge’ pattern.
|Direct Line (DLG)|
|International Economic Announcements|
|(9:00) Retail Sales (EUR)|
|(12:15) ADP Employment Change (US)|
|(14:00) ISM Services PMI (US)|
|(18:00) Fed Interest Rate Decision (US)|
|(18:00) Fed’s Monetary Policy Statement (US)|
|(18:30) FOMC Press Conference (US)|
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This research is prepared for general information only and should not be construed as any form of investment advice.