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Morning Markets Report – Friday 26th November 2021

Volatility increased sharply on Friday over renewed coronavirus risks amid concerns over a new variant.

Trading activity was curbed by the US Thanksgiving holiday on Thursday.

Volatility increased sharply on Friday as markets fretted over renewed coronavirus risks amid concerns over a new variant.

US bond yields moved sharply lower on risk aversion. US equity futures dipped sharply given concerns over potential earnings trends.

Asian markets also posted sharp losses with European markets set to slide at the open.

The dollar retreated slightly on a trade-weighted basis with volatile moves on crosses. EUR/USD traded above 1.1200 with a closing of carry trades funded through the Euro providing net support. GBP/USD dipped to fresh 2021 lows at 1.3300 with the slide in risk appetite undermining UK support.

Commodity currencies were mixed on Thursday, but dipped sharply on Friday with AUD/USD at 3-month lows. Oil prices also came under pressure as fear dominated markets. Precious metals secured net gain with gold out-performing on Friday amid weaker risk appetite and dip in US yields.

Crypto assets pared gains on Friday amid the impact of wider risk conditions.

Euro-zone equities attempted to recover ground during Thursday with some support from gains in the commodities sector. Overall ranges were narrow and sentiment remained fragile given concerns over the increase in coronavirus cases.

Major UK stocks were underpinned by the positive CBI manufacturing and retail reports this week, although there were still important reservations over the impact of rising costs and potential squeeze on margins.

Wall Street markets were closed for the Thanksgiving Holiday.

US futures declined sharply on Friday as coronavirus fears suddenly increased amid unease over a new variant and there was also a slide in Asian bourses.

There was a 2.5% retreat in Japan’s Nikkei 225 index as the dollar dipped sharply while the Australian ASX index declined 1.7% as commodity prices dipped sharply.

China’s Shanghai index was resilient, but declined 0.55% with Hong Kong’s Hang Seng index 2.6% lower in late trading.

 

Stock to watch today

Intercontinental Hotels Group pushed higher yesterday, breaking out of a wedge pattern in the process. Overall the shares have been range bound between 4814 – 5568p, the shares have consolidated around the midpoint of the range and now look set to move towards the upper end of the range in the short term.

 

CCM Opinion: BUY

Buy between 4920 – 5060p

Stop: 4750p

Target: 5565p

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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