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9th Jun 2021. 7.47am

Regency View:

Morning Report – Wednesday 9th June

FTSE to open at 7,079 (-16 pts)

For the second consecutive session, US stocks tread water just below all-time highs as bond yields continue to move lower following last Friday’s worse-than-expected non-farm payrolls – soothing the markets inflationary fears.

In Asia, the FT is reporting that a Covid-19 outbreak in southern China is “curbing activity at some of the country’s biggest ports, stoking fears that further disruption in international trade risk pushing up the price of its exports”. And stocks in Hong Kong are trading near two-week lows.

Our Risk Barometer is in neutral territory as we head into European trading.

S&P 500+0.02%Neutral for UK stocks
Hang Seng-0.28%Bearish for UK stocks
Gold-0.04%Neutral for UK stocks
AUD/JPY+0.05%Neutral for UK stocks
US 10yr Yield-2.61%Bullish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s price action saw the FTSE fail to break and close above swing resistance at 7,107. This has been followed by a small move lower on the futures overnight.

The market is now being funneled between the ascending trendline which has been in place since November and those horizontal swing highs.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
Hill & Smith (HILS)
Spirax-Sarco (SPX)
Balfour Beatty (BBY)
National Express (NEX)
Spirent (SPT)
Just Group (JUST)
Savills (SVS)
Secure Income Reit (SIR)
Oakley (OCI)
Interim Results
Brooks (BRK)
Volution Group PLS (FAN)
UK Economic Announcements
(00:01) RICS Housing Market Survey
(07:00) Industrial Production
(07:00) Manufacturing Production
(07:00) Balance of Trade
(07:00) Gross Domestic Product
(07:00) Index of Services
International Economic Announcements
(12:45) ECB Interest Rate (EU)
(13:30) Continuing Claims (US)
(13:30) Initial Jobless Claims (US)
(13:30) Consumer Price Index (US)
Today’s Financial Diary

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Disclaimer:

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