Afternoon Market Update – 23/11/2016 – by Jaz Singh

German PMI data came in mixed this morning, with the manufacturing and composite metrics coming in worse than expected. The DAX has extended its losses off the back of this news, looking to target the 10600 level. The FTSE has also been selling off as estate agent stocks were hit by news that tenancy fees will be banned by the UK government. Elsewhere in the equity space it seems that US stocks shall also begin on the back foot when looking at futures prices. This comes after the Dow Jones and S&P500 reached record highs during yesterday’s trade. Sterling has been choppy during morning trade as market participants look towards the Autumn Statement, but more importantly data from the OBR, this afternoon. The greenback is little changed today as the focus now goes to the Fed’s hiking path for 2017. With a December hike now pretty much certain Trump’s fiscal policy will be the driving force behind further hikes next year. Crude has also stabilized today after being well bid this week. Delegates from OPEC said yesterday that any output deal shall be deferred until the cartel’s meeting at the end of the month.