Abysmal start to the trading week – especially for bitcoin; key economic data to watching include upcoming US CPI figures, where a lower than expected reading could offer some reprieve in the very short term.
A rather sobering outlook from the Bank of England to say the least. While there was initially a hawkish twist with a 6-3 vote split. The three dissenters voting for a 50bps increase. The accompanying statement was extremely dovish, not only the MPC see double digit inflation by the end of the year, they also see growth contracting from the turn of the year. In other words, stagflation.
2/3 of the revenue generated among FTSE 100 companies are from overseas, thus repatriated profits are worth more when the Pound falls . That being said, not even the sell-off in Sterling has been enough to shield the FTSE from the current market turmoil. Going forward, while inflation data will remain high on the agenda, with the BoE worried about the cost of living squeeze. UK assets will become more sensitive to growth data going forward, including PMIs, retail sales and labour market data.
Last week’s vicious rejection from the 7600 handle keeps risks firmly tilted to the downside. A close above 7620 would be needed to alter that outlook. But for now, the bias remains selling rallies across equity markets.
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