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11th November 2021 Morning Report

Thursday 11th November 2021

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US stock markets were trading in negative territory, as surging consumer prices, fuelled fears of a longer-than-expected wave of high inflation, which dampened investor risk appetite. The consumer price index rose 0.9% on the prior month. Analysts were expecting a 0.6% jump in October. The year-on-year rise was 6.2%, the largest jump in 31 years. Fears are that the persistent supply chain constraints would result in inflation taking longer to abate and that inflation is going to be long lasting, with structural inflation has become more significant. Concern is rising that,  if the high inflation numbers persist, the Fed will have to accelerate the pace of tapering. The CBOE Volatility index a gauge of investor anxiety, touched its highest level in nearly one month.  The yield on the 10-year note rose  to 1.48%. 

The Dow Jones Industrial Average fell 0.74%, to 36,049.88 the S&P 500 declined 1.0%, to 4,638.56 and the Nasdaq Composite dropped 1.90%, to 15,585.46. Declining stocks outnumbered advancing ones on both the and the Nasdaq by a 1.89-to-1 and 2.18-to-1 ratio respectively.  

Other key overseas markets were mostly lower, with Germany’s DAX 30 and France’s CAC 40 falling 0.11% and 0.21%, respectively, while Britain’s FTSE 100 rose 0.44%. Hong Kong’s Hang Seng closed 0.74% higher, while China’s Shanghai Composite fell 0.42% and Japan’s Nikkei 225 declined 0.61%. 

West Texas Intermediate crude oil slid six cents to $84.09 a barrel and gold jumped $25.20 to $1,856 an ounce. 

Morning Report 11 November 2021

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