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Morning Markets Reports – Tuesday 9th November 2021

Major UK stocks drifted lower on Monday with no further support from currency moves

There were no major economic data releases on Monday. US yields recovered from intra-day lows, but there was still underlying downward pressure with hopes that inflation pressures were peaking.

Wall Street equities edged to another record high. Sentiment was slightly more cautious in Asia with further concerns over the Chinese real-estate sector.

The dollar drifted lower as Fed tightening expectations were scaled back slightly. EUR/USD edged above 1.1600 on Tuesday. There was stronger yen demand as US yields declined with short covering also a key element and 4-week USD/JPY lows. Sterling recovered ground after heavy selling last week with BoE rate-hike speculation back in focus.

Commodity currencies secured tentative net gains as the US dollar retreated. Oil prices were capped by expectations of US action to curb prices, but sentiment held firm.

Subdued bond yields continued to underpin precious metals with net gains. Ether and bitcoin both hit fresh record highs as speculative demand remained strong.

Euro-zone equities were underpinned on Monday by gains in the commodities sector and optimism over earnings, but there was an important element of caution as underlying inflation concerns persisted.

Major UK stocks drifted lower on Monday with no further support from currency moves as Sterling regained some losses seen last week. Global trends were broadly neutral with the FTSE 100 index closing marginally lower.

Wall Street stocks were again underpinned by lower bond yields on Monday with an element of optimism that inflation pressures would subside. Investors were cautious over valuations with the S&P 500 index posting a 0.1% advance to fresh record highs.

Wall Street equities edged lower on Tuesday with sentiment more cautious in Asia.

Japan’s Nikkei 225 index declined 0.75% as the yen strengthened with a 0.2% retreat for the Australian ASX index.

China’s Shanghai index did post a 0.2% gain with a marginal advance for the Hong Kong Hang Seng index in late trading.

 

 

Stock to watch today

Man Group shares are trading in an impressive long term uptrend. In recent sessions the shares broke through key resistance at 220p to post new highs, this should open the way for a continuation higher over the coming weeks and months. The mild pullback from the highs appears to be a consolidation in price, providing the shares remain above 220p, then we believe higher prices are likely.

 

 

CCM Opinion: BUY

Buy between 220 – 234p

Stop: 1p

Target: 407p

 

 

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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