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Morning Markets Report – Monday 15th November 2021

Wall Street equities still posted net gains on Friday as negative real interest rates continued to support demand.

US consumer confidence data was weaker than expected with inflation concerns undermining sentiment. The main market focus was, therefore, again on inflation pressures, together with potential central bank and fiscal policy action.

Overall confidence in the growth outlook was slightly weaker, especially with renewed coronavirus reservations.

Wall Street equities still posted net gains on Friday as negative real interest rates continued to support demand. Asian equities were mixed with a solid overall tone.

The dollar held a firm overall tone and posted fresh 15-month highs before fading slightly on Monday.

EUR/USD found some support below the 1.1450 level, but remained on the defensive. Sterling recovered some ground with an element of relief over Brexit developments.

Commodity currencies posted net gains amid demand on valuation grounds. Oil prices posted notable losses in choppy trading given concerns over a release of US strategic reserves and fears over stumbling demand.

Precious metals drew underlying support from longer-term inflation concerns, but retreated from Friday highs. Bitcoin recovered from sharp weekend losses to post net gains.

Euro-zone equities overall were able to make headway on Friday with optimism that the ECB would maintain supportive monetary policies.  Overall earnings data were also supportive which underpinned equities.

The German DAX index gained 0.1% with the Eurostoxx 50 index posting a fresh record high with a 0.3% advance.

Major UK stocks were unable sustain an initial advance on Friday with pressure for a correction after the index hit a fresh 20-month high. There were also some high-profile corporate setbacks and the FTSE 100 index declined 0.50%.

Wall Street stocks posted further gains on Friday despite weaker than expected data with markets still taking an optimistic view over the earnings outlook. There were sharp gain in the tech sector and the S&P 500 index posted a 0.65% gain to a fresh record high.

Asian bourses were mixed with Chinese data underpinning sentiment, but failing to support the Chinese market directly. There was a 0.55% advance for Japan’s Nikkei 225 index while the Australian ASX index gained 0.35%.

China’s Shanghai index declined 0.2% with Hong Kong’s Hang Seng index 0.2% lower in late trading.

 

 

Stock to watch today

 

Deliveroo shares have been consolidating around 263p for a number of weeks now having reached highs of 396.8p back in August. In recent sessions the volume has begun to increase and this is being supported with a rise in price. The move above resistance at 285p is encouraging and suggests that further upside will be seen in the short term.

 

CCM Opinion: BUY

Buy between 283 – 300p

Stop: 258p

Target: 395p

 

 

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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