9th Mar 2022. 7.45am
Morning Report – Wednesday 9th March
FTSE to open at 7,092 (+128 pts)
US President Joe Biden announced yesterday that he has banned imports of Russian oil and gas into the US.
The move was matched by the UK, who promised to phase-out Russian oil-imports, and the EU unveiled a plan to cut Russian gas imports by two-thirds within a year.
The energy sanctions were largely price-in earlier in the week, but Brent crude still pushed higher on the news.
Overnight in Asian, stocks struggled for footing as traders assessed the threat of ‘stagflation’ caused by the Russian invasion.
|S&P 500||-0.72%||Bearish for UK stocks|
|Hang Seng||-1.24%||Bearish for UK stocks|
|Gold||-0.49%||Bullish for UK stocks|
|AUD/JPY||+0.43%||Bullish for UK stocks|
|US 10yr Yield||+70pts||Bearish for UK stocks|
Yesterday’s price action saw the FTSE bounce from the key support level we identified earlier in the week.
During early hours trading, the futures have pushed back towards yesterday’s highs – an area which may provide some short-term resistance as we head towards the opening bell.
|Legal & General (LGEN)|
|Alfa Fin (ALFA)|
|Somero Enter Di (SOM)|
|Network Intl (NETW)|
|Foresight Solar (FSFL)|
|888 Holdings (888)|
|Thinksmart Ltd (TSL)|
|UK Economic Announcements|
|(00:01) Retail Sales|
|International Economic Announcements|
|(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.