6th Oct 2021. 7.43am
Morning Report – Wednesday 6th October
FTSE to open at 7,027 (-50 pts)
Stocks on Wall Street held their ground yesterday despite growing concerns that the US may be hurtling towards an unprecedented debt default in two weeks’ time if it fails to raise its debt ceiling.
The yield on benchmark 10-year Treasury notes neared a four-month high – strengthening the US dollar and putting pressure on commodities.
Overnight in Asia, stocks failed to hold onto early session gains and both Hong Kong and Japanese benchmarks are in negative territory as we head towards the European open.
|S&P 500||+1.05%||Bullish for UK stocks|
|Hang Seng||-0.47%||Bearish for UK stocks|
|Gold||-0.41%||Bullish for UK stocks|
|AUD/JPY||-0.11%||Neutral for UK stocks|
|US 10yr Yield||+3.31%||Bearish for UK stocks|
The FTSE is continuing to coil and compress as volatility contracts…
Yesterday’s price action was contained within Monday’s range – forming a second consecutive ‘inside day’ – signalling that we may see some expansive directional movement in the coming sessions.
The futures have moved lower overnight, taking the market back towards short-term support at the open.
|Allied Minds (ALM)|
|Sirius R E. (SRE)|
|Interim Management Statement|
|City Of London (CIN)|
|UK Economic Announcements|
|(09:30) PMI Construction|
|International Economic Announcements|
|(07:00) Factory Orders (GER)|
|(10:00) Retail Sales (EU)|
|(12:00) MBA Mortgage Applications (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.