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Morning Markets Report – Friday 12th November 2021

Major UK stocks drew support from an advance in the mining sector

Volatility eased on Thursday with a partial US holiday curbing activity. Inflation concerns were still a major market focus following the stronger than expected US CPI release on Wednesday.

Wall Street equities posted marginal gains amid subdued conditions. Sentiment in Asia held steady with an easing of immediate reservations over the Chinese property sector.

The dollar secured a net advance to fresh 20-month highs on Fed tightening expectations. EUR/USD dipped further to fresh 20-month lows below 1.1450. Sterling remained on the defensive after no inspiration from UK data with GBP/USD at fresh 2021 lows.

Commodity currencies were hurt primarily by a stronger US dollar with significant net losses. Oil prices were subjected to choppy trading with selling on rallies. Precious metals gained further support from inflation fears, although gold was unable to make further headway.

Euro-zone equities posted limited gains on Thursday with unease surrounding inflation offset by expectations of sustained ECB policy support and a fresh advance in the mining sector.

Major UK stocks drew support from an advance in the mining sector with Sterling weakness also a key element boosting sentiment and there was a further net advance to fresh 20-month highs with a 0.6% advance.

Wall Street markets were open, although narrow ranges prevailed given the US holiday. Underlying inflation concerns remained a key focus during the day with the S&P 500 index securing a marginal gain.

Immediate fears surrounding China’s real-estate sector eased on Friday which helped underpin Asian sentiment.

Japan’s Nikkei 225 index advanced 1.1% as the dollar posted net gains while the Australian ASX index gained 0.8%.

China’s Shanghai index edged higher with a 0.2% gain while Hong Kong’s Hang Seng index traded 0.3% higher in late trading.

 

 

Stock to watch today

Anglo American broke out to the upside yesterday from a triangle pattern. The shares have been range bound between 2526 – 3311p in recent months. The overall uptrend remains in good shape, further upside looks likely in the short term. Volumes also picked up yesterday, which provides additional confirmation that buyers are interested at these levels.

 

CCM Opinion: BUY

Buy between 2800 – 2930p

Stop: 2620p

Target: 3310p

The value of shares can fall as well as rise; you may not get back the amount you invested. Past performance is no guarantee of future performance. Capital is invested at risk This document is published by Clear Capital Markets and does not constitute a solicitation or personal recommendation for the purchase or sale of investment. The investments referred to may not be suitable for all investors. Any data or views given should not be construed as investment advice. Every effort is made to ensure the accuracy of the information, but no assurance or warranties are given. Clear Capital Markets Limited is authorised and regulated by the Financial Conduct Authority FRN 706689.

 

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