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Tuesday,23 November 2021 at 17:05

UK and European stocks pulled back as market players monitored a Covid-19 surge, the prospect of U.S. rate hikes and the latest purchasing manager’s index (PMI) data for the euro zone. 


U.S. stocks were mostly lower with technology stocks under further pressure, as investors further mulled the market implications of Federal Reserve Jerome Powell’s renomination to lead the central bank. 

Oil prices fell on talk that the United States, Japan and India will release crude reserves to tame prices despite the threat of faltering demand as Covid-19 cases flare up in Europe. 

Gold prices slipped to a near three-week low as the renomination of U.S. Federal Reserve Chair Jerome Powell fuelled bets of faster interest rate hikes, bolstering the dollar and Treasury yields. 

In corporate news, caterer Compass Group rallied after saying it was reinstating its dividend and that full-year pre-tax profits had more than doubled. 

On the downside, safety equipment manufacturer Halma and online supermarket Ocado were amongst the biggest losers.

Markets
At the close
FTSE 100 7,266 +0.15%
FTSE 250 23,221 (-0.89%)
DAX 15,937 (-1.11%)
At 16.55
Dow Jones 35,680 +0.17%
S&P 500 4,673 (-0.21%)
NASDAQ 15,700 (-0.98%)
Fixed Income
UK 10-YR YIELD 1.000
Exchange Rates
GBP/USD 1.338
GBP/EUR 1.183
Commodities
Gold $1,782 (-1.22%)
Brent $81.74 +2.79%
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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