8th Jun 2022. 7.44am
Morning Report – Wednesday 8th June
FTSE to open at 7,624 (+25 pts)
Wall Street rallied in afternoon trading yesterday lead by gains in Apple and other tech stocks, while Target Corp’s disappointing margin forecast weighed on retail shares.
The bullish sentiment on Wall Street has followed through into Asian trading with the Hang Seng breaking to a two-month high.
However, the World Bank has slashed its global growth forecast by nearly a third to 2.9% for 2022, warning that the Ukraine war has compounded the damage from the pandemic, and many countries now faced recession.
|S&P 500||+0.95%||Bearish for UK stocks|
|Hang Seng||+2.12%||Bullish for UK stocks|
|Gold||-0.17%||Neutral for UK stocks|
|AUD/JPY||+0.08%||Neutral for UK stocks|
|US 10yr Yield||-70pts||Bullish for UK stocks|
Yesterday’s price action saw the FTSE consolidate within Monday’s range – forming an ‘inside day’ pattern (blue box on chart below).
We’ll be monitoring closely how prices respond to the range of the inside day as a break above or below could trigger a directional move.
|Wizz Air (WIZZ)|
|Paragon Group (PAG)|
|International Economic Announcements|
|(09:00) European Gross Domestic Product (YoY)(Q1) (EUR)|
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This research is prepared for general information only and should not be construed as any form of investment advice.