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Morning Markets Report – Monday 18th October 2021

FTSE 100 index secured a post-pandemic high with a 0.4% gain, the highest reading for 19 months.


US retail sales data was stronger than expected. The data helped boost confidence in the US growth outlook and also helped underpin risk appetite. US Treasuries lost ground with the 10-year yield around 1.60% on Monday.

Wall Street equities posted net gains on earnings optimism. There was a more cautious mood in Asia as Chinese data missed expectations.

The dollar overall recovered from intraday lows on Friday and secured a net advance on Monday. EUR/USD was unable to hold above 1.1600. Sterling was again supported by expectations of Bank of England tightening with EUR/GBP testing 19-month lows near 0.8420.

The Australian dollar retreated from intraday highs amid the dollar recovery. Oil prices posted further gains with WTI at a 7-year high on Monday. The Canadian dollar and Norwegian krone failed to gain fresh traction from higher oil prices.

Gold dipped sharply as US yields moved higher.Bitcoin hit a 6-month high near $63,000 while volatility surged in Asia on Monday.

Euro-zone equities posted further net gains on Friday with underlying optimism following the earnings releases together with hopes that gas prices had peaked. Despite underlying reservations, Wall Street gains also boosted confidence.

The German DAX index gained 0.8% with the same rate of increase for the Eurostoxx 50 index.

Major UK stocks drew support from strength in global bourses with the strength in energy prices also a key supportive factor. Overall, the FTSE 100 index secured a post-pandemic high with a 0.4% gain, the highest reading for 19 months.

Wall Street stocks were underpinned by the retail sales data which boosted optimism over demand conditions. The latest earnings data also helped trigger optimism and the S&P 500 index posted a 0.75% gain, although futures edged lower on Monday.

Asian equities edged lower on Monday with a lack of support from the Chinese data. Japan’s Nikkei 225 index declined 0.2% despite a weak yen while the Australian ASX index posted a 0.25% advance amid strong commodity prices. China’s Shanghai index traded 0.3% lower in late trading with a 0.8% decline for Hong Kong’s Hang Seng index.


Stock to watch today


Argo Blockchain has struggled for direction in recent months having seen a huge rise in pierce prior to that. The price seems to have found support around 108p and on Friday last week there was a positive close above the 10day exponential moving average, which was also accompanied by a sharp rise in volume. The Bitcoin price has risen to above $60,000 but Argo has failed to keep pace with the price. We could see Argo Blockchain play some catch up from here in the short term.



CCM Opinion: BUY

Buy between 113 – 125p

Stop: 99p

Target: 200p



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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