5th November 2021 Morning Report

Friday 5th November 2021

Global market strategist at JP Morgan Asset Management, Hugh Gimber summed up the mood in the market perfectly, with the following comment “what we’ve heard from the Fed yesterday is that next year central banks are going to be easing off the accelerator, but they won’t be hitting the brakes.” U.S. stocks were mixed Thursday, with the DJIA down 0.31%, while the S&P 500 and the NASDAQ were up 0.21% and 0.63% respectively. With the Fed news out of the way, US equities investors have turned their attention back to corporate profits, with a strong earnings season thus far.

Other overseas markets were broadly higher. European shares closed at record highs yesterday, after the U.S. Federal Reserve indicated it was in no hurry to hike interest rates. The Bank of England also left its rates unchanged. France’s CAC 40 rose 0.35% and Germany’s DAX 30 increased 0.51%, while Britain’s FTSE 100 ticked up 0.43%. Asian stocks put in relatively good performances, with Japan’s Nikkei up 0.93%, while Hong Kong’s Hang Seng index and China’s Shanghai Composite rose 0.8% and 0.81%, respectively.

West Texas Intermediate crude was down 2.47% this morning at $78.86 a barrel and gold was 1.66% up, at $1,793.10 an ounce.

Morning Report 5 November 2021

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