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European Open Brent wants 84. recapture

Asian indices:

  • Australia’s ASX 200 index fell -12 points (-0.16%) and is currently trading at 7,444.90
  • The Japanese Nikkei 225 index is up 93.43 points (0.31%) and is currently standing at 29,518.80. acted
  • Hong Kong’s Hang Seng index fell by -141.88 points (-0.57%) and is currently trading at 24,728.63
  • China’s A50 index is down -7.29 points (-0.05%) and is currently at 15,584.17. acted

UK and Europe:

  • The UK FTSE 100 futures are currently down -1.5 points (-0.02%) with the cash market currently trading at 7,302.46. opened
  • Euro STOXX 50 futures are currently down -4 points (-0.09%), the cash market is currently at 4,359.04. opened
  • Germany’s DAX futures are currently -13 points (-0.08%) in the red, the cash market is currently at 16,041.36. opened

US futures:

  • DJI futures are currently up 203.75 points (0.56%)
  • S&P 500 futures are currently down -65.75 points (-0.4%)
  • Nasdaq 100 futures are currently down -10.75 points (-0.23%)

Indices

Asian stocks were slightly lower overnight as investors remained cautious ahead of US inflation data tomorrow. Of all the major indices we track, only Singapore’s STI and China’s SSEC posted marginal gains of around 0.1%. The KOSPI 200 fell by -0.7% and the Hang Seng fell by 0.6%. The futures markets are also a little lower, indicating a softer opening.

The BOJ released its summary of their opinions today and expects the economy to pick up in the first half of 2022 and have higher expectations for inflationary pressures. While they are not mentioned in the report, they could be of help from fiscal policy if Japan’s prime minister can get the expected stimulus packages over the line this year. The Nikkei traded -0.3% lower despite the news. It found resistance at the R1 monthly pivot last week but remains above the open price after the 29,330 election.

As for FTSE 350 earnings, Scottish Mortgage Investment (SMT) and AVI Global (AGT) report ahead of market opening. Sirius Real Estate (SRET) and Fidelity Special Values ​​(FSV) also report today, but without specifying the time.

FTSE 350: Internal market

Large cap FTSE stocks have outperformed the UK markets for the past 3 months

FTSE 350: 4194.4 (0.33%) November 05, 2021

  • 215 (61.25%) stocks rose and 123 (35.04%) fell
  • 43 stocks rose to new 52-week highs and 3 fell to new lows
  • 64.67% of the stocks closed above their 200-day average
  • 60.68% of the stocks closed above their 50-day average
  • 23.93% of the stocks closed above their 20-day average

Outperformer:

  • + 11.1% -Airtel Africa PLC (AAF.L)
  • + 9.96% -SSP Group PLC (SSPG.L)
  • + 9.42% Carnival PLC (CCL.L)

Underperformer:

  • ·-5.96% -Baltic Classifieds Group PLC (BCG.L)
  • ·-3.94% -4imprint Group PLC (FOUR.L)
  • ·-3.77% -Oxford BioMedica PLC (OXB.L)

Currency:

China’s exports slowed slightly to 27.1% year-over-year, compared with 28.1% in September, but that is above the forecast of 24.5%. However, domestic demand also rose with imports up 20.6% year-on-year from 17.6%. The yuan barely changed overnight as USD / CNH traded just below 6.40 near Friday’s close.

NZD was the strongest currency overnight as traders continue to discount the prospect of a 50bp hike at this month’s monetary policy meeting. Then the yen and Swiss franc were the weakest, although overall volatility remained low.

With no top tier data planned for today and with US CPI lurking in the shadows tomorrow, we might find that volatility remains limited for forex traders.

GBP / USD fell to its lowest level since September 30th on Friday but closed the day with a bullish pinbar just above the September low. The US dollar index is also showing a bearish pinbar on the daily chart, so there may be a chance for a rebound. We’re not entirely sure how unsure we are, however, so the pattern could be really off-putting on short instead of switching to long.

Commodities: Oil price rally for the Open

We noted that WTI managed to bounce back above $ 80 after finding support at high trading levels around 79.15. Brent futures have seen a similar rebound after finding support on their 200-bar eMA. The bullish bar, accelerating away from the average, was in high volume and prices shot higher at the open and crossed a small consolidation range.

Brent bulls will likely attempt to break above $ 84 this week

We suspect that the end of an ABC correction was seen at 80.30, so we may now be in the early stages of a rally. We are maintaining a bullish bias above 82.50 today and would welcome setbacks towards 83.13. The next big resistance is near the 85.30 high and the R1 monthly pivot. A break above the 50 bar eMA is now required to continue this rally.

Next (times in GMT)

No top tier economic data is planned for today

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