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Monday,22 November 2021 at 17:04

UK and European stocks pared losses to close mixed, as investors reacted to a fourth coronavirus wave in the continent.

U.S. stocks gained at the start of a holiday-shortened week, as traders considered the highly anticipated renomination of Federal Reserve Chair Jerome Powell to the top role at the central bank.

Oil prices rose but remained under pressure from rising COVID-19 cases in Europe and a potential release of Japanese and Indian oil reserves, raising concerns about both oversupply and weak demand.

Gold retreated as the dollar jumped after Federal Reserve Chair Jerome Powell was nominated for a second term, driving expectations that the central bank may stay the course on tapering economic support.

In corporate news, Vodafone and BT Group rallied after private equity firm KKR made a $12bn takeover approach to Telecom Italia.

Royal Mail was also on the front foot on expectations that they will benefit from this week’s Black Friday and Cyber Monday promotions, as well as the lead-up to Christmas. 

Markets
At the close
FTSE 100 7,255 +0.44%
FTSE 250 23,429 (-0.27%)
DAX 16,115 (-0.27%)
At 16.55
Dow Jones 35,908 +0.86%
S&P 500 4,730 +0.68%
NASDAQ 16,045 (-0.07%)
Fixed Income
UK 10-YR YIELD 0.933
Exchange Rates
GBP/USD 1.340
GBP/EUR 1.190
Commodities
Gold $1,817 (-1.56%)
Brent $79.24 +1.07%
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.
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