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Microsoft, Alphabet, Nvidia, Meta Platforms and Tesla could be the five best AI stocks to watch next month. These stocks are the five largest AI companies listed in the US. Source: Bloomberg Shares Artificial intelligence Nvidia Meta Platforms ChatGPT Tesla, Inc. Charles Archer | Financial Writer, London What's on this page? 1. Microsoft2. Alphabet3. Nvidia4. Meta Platforms5. Tesla Artificial Intelligence (AI) has been the investing theme of 2023. Indeed, almost all of the S&P 500’s gains in 2023 have come from just seven companies — the so-called ‘magnificent seven’ — all of whom are potentially riding the AI wave to some degree. While this may be yet another bubble, Artificial Intelligence is arguably different to similar tech manias. It’s already in use across a wide variety of real-world applications, including in entertainment, social media, art, retail, security, sport analytics, manufacturing, self-driving cars, healthcare, and warehousing alongside dozens of other sectors. Every Netflix recommendation, every supermarket rewards purchase, and every football match is analysed ever more relentlessly in order to provide more and better data. And while consumers have always understood — even peripherally — that AI was taking over more and more of the heavy lifting; the sector’s investment catalyst finally arrived earlier this year. This catalyst is of course ChatGPT, the OpenAI-developed chatbot which garnered over 1 million users in just five days. It took Facebook 10 months, and Netflix three and a half years to hit the same milestone. ChatGPT now boasts over 100 million weekly active users, and investors are now considering whether the innovation could make careers across the spectrum entirely redundant. From an investment perspective, interest rates are relatively high, and quantitative easing appears all but over for the foreseeable future. AI development is exceptionally expensive, and for every ChatGPT breakthrough, there are hundreds of costly failures. Therefore, the best AI stocks to watch could be predominantly the larger blue chips — which also helps to diversify any investment in the event that their AI projects fail. However, it’s also worth noting that some commentators consider the large US stocks are inside an AI bubble that will eventually pop. And remember, past performance is not an indicator of future returns. While the following are the largest AI-focused companies stateside, Apple and several others are excluded because analysts disagree on whether they qualify as AI companies. Best AI stocks to watch Microsoft (NASDAQ: MSFT) Microsoft is the original global computing power, so it makes sense that the US behemoth tops the list of the best AI stocks to watch. The company already had a strong relationship with OpenAI prior to the ChatGPT launch and has invested $13 billion into the company since 2019. This remains a symbiotic relationship — Microsoft is allowing OpenAI access to its cloud centres to increase ChatGPT’s computing power, while native search engine Bing has incorporated the chatbot into its functions in an attempt to steal Google’s overwhelmingly dominant market share. With OpenAI still reportedly planning a $86 billion IPO after the return of CEO Sam Altman, Microsoft could also soon see a direct return on its investment. In Q1 results, revenue rose by 13% to $56.5 billion. CEO Satya Nadella enthused that ‘with copilots, we are making the age of AI real for people and businesses everywhere. We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers.’ Market Capitalisation: $2.77 trillion Alphabet (NASDAQ: GOOGL) Google parent Alphabet may control 84% of the global search market share — but Yahoo was once king of search too. While Alphabet laid off thousands of employees in 2023, it’s launched its own rival chatbot, Bard. Bard runs on Google’s LaMDA programming, which has been in development since 2021. While there have been accusations of rushing Bard out to compete with ChatGPT, the titan should soon smooth out the issues. It’s worth noting that AI is already used across many of Google’s current functions. And it’s got at least two more AI-focused projects; its coding-focused Generative Language API, and DeepMind which it acquired in 2014. In Q3 results, CEO Sundar Pichai noted the ‘product momentum this quarter, with AI-driven innovations across Search, YouTube, Cloud, our Pixel devices and more.’ Revenue increased by 11% year-over-year to $77 billion. Nvidia (NASDAQ: NVDA) Nvidia is well-known as one of the world’s most valuable chipmakers, used in electronics ranging from smartphones, to cars, to high-end computing. Nvidia shares have risen by 235% year-to-date to $480, leaving the company with a sky-high price-to-equity ratio of 63 — and yet recent quarterly earnings saw yet another beat. And Nvidia’s most advanced deep learning chips might mean that the NASDAQ company is still undervalued. They’re already in use at clients such as Alphabet and Facebook owner Meta to power both internal and user facing AI applications. As AI becomes ever more mainstream, demand for these chips is surging, and importantly, there is a high economic barrier to entry — Nvidia has a wide economic moat surrounding its market position as the ‘bricks and mortar’ AI choice. Indeed, its chips are so advanced that they are subject to export controls in some instances from the US. Q3 results saw Nvidia’s revenue rise by a whopping 206% year-over-year and 34% quarter-on-quarter to $18.12 billion — with CEO Jensen Huang nothing that ‘NVIDIA GPUs, CPUs, networking, AI foundry services and NVIDIA AI Enterprise software are all growth engines in full throttle. The era of generative AI is taking off.’ Market Capitalisation: $1.24 trillion Meta Platforms (NASDAQ: META) Meta Platforms, owner of Facebook, WhatsApp and Instagram, has enjoyed an excellent resurgence in 2023 — rising by 176% year-to-date to come close to its all-time high. This ‘family of apps’ saw monthly active users rise by 7% year-over-year to 3.96 billion people during Q3, representing more than 50% of the world’s population. The tech titan has strongly benefitted from CEO Mark Zuckerberg’s ‘year of efficiency,’ with headcount decreasing by 24% over the past year to 66,185 people on 30 September 2023. For context, Meta has been hit by a wave of headwinds; rising rates, falling advertising spending, TikTok competition, and Apple’s 2021 operating system update — alongside huge spending on the Metaverse which has yet to translate into profits. And for balance, the company still faces lawsuits alleging its products are both addictive and harmful to children. Further, virtual reality remains a niche market despite the heavy spending on the sector. In Q3 results, Meta saw revenue rise by an impressive 23% year-over-year to $34.15 billion, while costs and expenses fell by 7% to $20.4 billion. Market Capitalisation: $886 billion Tesla (NASDAQ: TSLA) Tesla is the original EV trailblazer, and despite the legal and media troubles of CEO Elon Musk, its advancements in artificial intelligence could see the auto company rise once again to the giddy highs of late 2021. Indeed, its share price has already recovered by 133% year-to-date as it eyes possible expansions in India and Europe — though the recent catalyst is the long-awaited Cybertruck launch, which could drive significant further growth through 2024. Fully autonomous driving is the long-term goal, with the company planning to launch a robot taxi service soon. It’s also developing Optimus — a humanoid robot which Musk thinks could become more valuable than Tesla’s auto operations in time. However, economic slowdown in China could cause short-term profitability issues in 2024. Market Capitalisation: $801 billion Trade and invest in over 17,000 UK, US and global shares from zero commission with us, the UK’s No.1 trading provider.* Learn more about trading or investing in shares with us, or open an account to get started today. *Based on revenue excluding FX (published financial statements, October 2021). This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Persimmon, easyJet, Halfords, Baltic Classifieds and Currys could be the five best FTSE 250 shares to watch next month. These shares have been selected for recent market news. Source: Bloomberg Indices Shares FTSE 100 EasyJet Tax Dividend Charles Archer | Financial Writer, London What's on this page? 1. Persimmon2. easyJet3. Halfords4. Baltic Classifieds5. Currys Heading into the new year, the UK’s macroeconomic environment is perhaps more encouraging than has been the case for most of 2023. CPI inflation has fallen to 4.6% and appears on a downwards trajectory — and while the base rate remains at a relatively elevated 5.25%, many analysts consider that monetary policy will start to ease in 2024. However, UK GDP fell unexpectedly in October — by 0.3% in the month, after a 0.2% growth in September. Meanwhile last month, The Financial Times reported on Insolvency Service data indicating that company insolvencies are at their highest level since 2009. Analysts remain divided on whether the UK will experience a recession in 2024, or scrape through to a relatively soft landing. Indeed, whether equities, commodities or real estate, there appears to be no shortage of fence sitting — making considering the best FTSE 250 shares to watch next month somewhat of a challenge. For perspective, the index is essentially flat for the year, reflecting this ambiguity. The FTSE 250 started out at 19,134 points, rose sharply to 20,615 points in early February, fell to 16,783 points by late October and is now at 19,221 points. However, where’s there’s uncertainty, there’s also often opportunity. But of course, past performance is not an indicator of future returns. Top FTSE 250 Shares to watch Persimmon (LON: PSN) Persimmon shares sunk dramatically over the course of 2023 to just 960p as recently as late October — and was ejected from the FTSE 100. But the housebuilder has since recovered sharply to 1,343p as investors digest whether the selloff was perhaps an overreaction. For context, mortgage rates now appear to be cooling, with some fixed deals currently falling below 4%. And while new home completions were 37% lower year-over-year in Q3 2023, Halifax is predicting that UK house prices will fall by just 2-4% in 2024. Of course, Persimmon’s market capitalisation remains at less than 50% of its mid-2021 value, reflecting weaker results and a poor outlook. But housing is well-known as a cyclical industry; and long-term investors with an eye on value may take note. Any significant upside in 2024 could well see the housebuilder readmitted to the FTSE 100. easyJet (LON: EZJ) easyJet shares enjoyed a volatile 2023 — and were worth just 360p in mid-October but have recovered to 499p today. The airline recently reported a record H2 2023 financial performance and now maintains a ‘positive outlook’ for FY 2024. For perspective, the FTSE 250 airline saw FY23 headline profit before tax of £455 million — a £633 million year-on-year improvement — while easyJet holidays jumped by 221%, delivering £122 million in profit before tax. Total revenue rose by 42% to £8.17 billion, driven by pricing power, increased capacity, improved load factors and the aforesaid growth of easyJet holidays. On the other hand, costs rose by 30%, but easyJet remains on track to restart dividends, with 4.5p per share worth £34 million to be paid out in early 2024. And it even expects this payout to ‘increase to 20% of headline PAT on FY24's result’ with the ‘potential to increase level of future returns to be assessed over the coming years.’ With substantial fleet expansion promised, the long-term ambition is to deliver more than £1 billion of profit before tax. Halfords (LON: HFD) Halfords shares sunk late last month after issuing tightened guidance to the lower end of previous expectations. The auto and bicycle retailer now expects FY24 underlying pre-tax profits to come in at between £48 million and £53 million, down from £48 million to £58 million. The FTSE 250 company attributed this fall to weaker demand for discretionary expensive purchases, but also noted that needs based and B2B sales displayed strong growth. And despite the ‘challenging macro environment,’ the retailer still saw revenue in the 26 weeks to 29 September rise by 13.9% to £873.5 million. Further, it remains confident in its mid-term target of £90 million to £110 million underlying pre-tax profit — and is going into the typically higher-demand Christmas period. Baltic Classifieds Baltic Classifieds shares have risen by 60% year-to-date as the Lithuanian company — which specialises in classifieds portals — rebounded after a weak 2022 to 232p. In recent half-year results, the group saw operating profit rise by 36% to £19.4 million and increased annual revenue growth guidance to between 18% and 19%. At the time, CEO Justinas Šimkus enthused that ‘we have seen record numbers of advertisers, as well as an improved competitive position and increased yields across our entire portfolio.’ Peel Hunt has upgraded its price target to 245p, arguing that the business model is now proven and further, that there are significant opportunities for growth through 2024. Accordingly, the interim dividend is up by 25%, and the company has also delivered €7 million in share buybacks. Currys (LON: CURY) Currys shares spent some time in 2023 suffering in the doldrums — but enjoyed a good day after releasing a half-year trading update described by CEO Alex Baldock as ‘a really good self-help job.’ The FTSE 250 company is maintaining profit guidance for the year, but has also advised that group sales have fallen by 4% year-over-year to £4.2 billion in the six months to October. However, there are some silver linings; the Nordic business has seen profit margins recover to similar levels experienced two years ago, and the company has also seen some cash inflow as a result of its decision to sell its Greek and Cypriot divisions for £172 million. Encouragingly, while this cash is earmarked for paying down debt and funding the pension scheme, Currys is also exploring ‘the potential to return any surplus capital to shareholders.’ And it’s also worth noting that the current half of the retailer’s trading year may be more profitable as it contains Black Friday alongside the crucial Christmas trading period. Trade and invest in over 17,000 UK, US and global shares from zero commission with us, the UK’s No.1 trading provider.* Learn more about trading or investing in shares with us, or open an account to get started today. *Based on revenue excluding FX (published financial statements, October 2021). This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Rolls-Royce, Marks & Spencer, 3i Group, Centrica and AB Foods could be the five top stocks to watch in 2024. These are the shares which have seen the largest capital growth on the FTSE 100 over the past year. Source: Bloomberg Indices Shares Investment FTSE 100 Dividend Centrica Charles Archer | Financial Writer, London What's on this page? 1. Rolls-Royce2. Marks & Spencer3. 3i Group4. Centrica5. AB Foods UK investors tend to turn to the FTSE 100 for the relative safety provided by the dividend stocks — while the index typically pays out circa 4% per annum, there are many popular choices which have been sustainably paying out more than this over many years. While past performance is not an indicator of future returns, but the common trope is that investors in FTSE 100 dividend shares are eschewing the increased capital gains on offer elsewhere — for example, the S&P 500 — in return for reduced risk. However, several FTSE 100 companies have delivered extraordinary returns in 2023, and while there is an element of subjectivity to ‘top stocks’ to watch in 2024, the following five could be on investor radars. Top stocks to watch Rolls-Royce (LON: RR) Up 205% year-to-date to over 300p, CEO Tufan Erginbilgic has seen Rolls-Royce become the star performer of the FTSE 100, with the executive delivering a magnificent turnaround during his first year at the helm. For balance, he came on board at a fortuitous time; soaring post-pandemic travel demand has increased flying hours and therefore demand for civil aviation work. Meanwhile, the Russia-Ukraine war has seen defence spending rise sharply. And the rising political importance of energy independence is also a helpful tailwind, given the investment into small modular nuclear reactors. But the growth could be set to continue. With a slew of banking giants, including Citi, UBS and Deutsche Bank upgrading their targets in recent days, Fitch Ratings has upgraded Rolls to BB+. This represents a significant step towards regaining its all-important BBB investment grade status, lost during the pandemic. For context, the FTSE 100 stalwart plans to deliver operating profit of as much as £2.8 billion and free cash flow of up to £3.1 billion by 2027. Share price growth over the past year: 205% Marks & Spencer (LON: MKS) Other than being London-listed, possibly the only factor that connects Rolls-Royce and Marks & Spencer is that a new CEO has come in and delivered a solid turnaround strategy. Stuart Machin’s strategy is clearly delivering results, with the retailer returning to the FTSE 100 earlier this year. In H1 2023 results, revenue increased by 11% year-over-year to £6.13 billion, while net income rose by 25% to £208 million. Meanwhile, the profit margin — usually razor-thin in retail — improved from 3% to 3.4%. Much of this growth can be attributed to its strategic pivot. Underperforming shops were closed down, while those with untapped potential were refreshed — and the retailer invested huge sums into its web presence and online platform, targeting younger consumers. Christmas is generally a good time to be in retail, and further growth next year may be incoming. Share price growth over the past year: 115% 3i Group (LON: III) 3i Group is a popular FTSE 100 investment due to its status as a private equity and venture capital specialist. While Scottish Mortgage Investment Trust also offers some exposure toe privately held companies, 3i is one of the few simple ways for the average retail investor to gain access to this segment of the market. In H1 2023 results, and even despite the difficult macroeconomic environment, the company achieved a £1.67 billion total return, representing a 10% return on opening shareholders’ funds. For context, this compares to a 14% return worth £1.77 billion in the same half in the previous year — but the drop appears encouraging given the current environment. A highlight was portfolio company Action, a discount retailer focused on the Benelux region (Belgium, Netherlands, Luxembourg), which is now the fastest growing non-food discount retailer in Europe. Share price growth over the past year: 76% Centrica (LON: CNA) While Centrica has fallen from its peak in September — partially due to analyst commentary — the company has made significant strides in 2023 that could see it in good stead in 2024. The electricity and gas supplier’s interim results saw adjusted operating profit rise to £2.1 billion compared to £1.3 billion in 2022, generating a £6.5 billion statutory operating profit compared to the £1.1 billion loss of a year prior. Its closing adjusted net cash was a strong £3.1 billion, allowing the company to up the dividend by 33% to 1.33p per share extended the share buyback programme to £450 million. Centrica is delivering its green-focused investment strategy with annualised investment building to between £600m and £800m until 2028, with an aim to deliver average portfolio post-tax unlevered returns of between 7% and 10%+. And it expects to maintain Return on Average Capital Employed (ROCE) of at least 20% through this investment horizon. Share price growth over the past year: 62% AB Foods (LON: ABF) AB Foods — owner of a variety of food brands alongside Primark — saw full-year pre-tax profit for its last financial year rise by 25% to £1.34 billion, driven by a 16% increase in revenue to £17 billion, £9 billion of which was derived from Primark. Accordingly, the FTSE 100 company delivered a full-year dividend of 60p per share, up from 43.7p — and still delivered one of the best capital returns on the index this year. It’s worth noting that AB Foods was facing, in the words of CEO George Weston — ‘very significant economic challenges caused in part by major geopolitical events. Looking back on the year, it is clear to me that the group performed extremely well and is as a result now well positioned for the year ahead.’ The company may be an attractive proposition in 2024 given Primark’s market position amid a cost-of-living crisis, alongside its diversification into multiple retail sectors. Share price growth over the past year: 50% Trade and invest in over 17,000 UK, US and global shares from zero commission with us, the UK’s No.1 trading provider.* Learn more about trading or investing in shares with us, or open an account to get started today. *Based on revenue excluding FX (published financial statements, October 2021). This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Gold, Dow Jones, Nvidia, Rolls-Royce and Coinbase may be the top investments to watch in 2024. These investments have been chosen for their success in 2023 amid recent market news. Source: Bloomberg Forex Shares Investment United States Nvidia Cryptocurrency Charles Archer | Financial Writer, London What's on this page? 1. Gold2. Dow Jones3. Nvidia4. Rolls-Royce5. Coinbase Going into 2024, investors may be hoping for less instability and calmer growth. Whether stocks, bonds or commodities, virtually every asset class has seen significant volatility, driven by geopolitical instability alongside uncertainty over both inflation and the monetary policy sufficient to rein it under control. Fortunately, the consensus seems to be forming that inflation will continue to fall, that interest rates have peaked, and that they will also start to slide downwards in 2024. However, if the past few years have taught UK investors anything, it’s that predictions are based on known criteria. And after Brexit, the Johnson landslide, the covid-19 pandemic, the Ukraine War, Silicon Valley Bank, and the Truss mini-budget, it’s fair to say that investors will be on guard for the next ‘black swan.’ But while there may have been volatility, many investments have done very well in 2023, and may continue to do so in 2024. Five are listed below — but always remember that past performance is not an indicator of future returns. Top investments to watch Gold Gold has historically served as the reliable ‘safe haven’ asset and inflationary hedge during times of severe economic stress, and this trend continued reliably in 2023. For perspective, central banks purchased 1,136 tonnes of gold worth $70 billion in 2022, the highest amount since records began in 1950. This marks a notable departure from the trend of selling gold in previous decades, and the buying has continued in 2023. The appeal of gold lies in its characteristic as an asset that is not tied to any specific issuer or government, providing diversification for central banks away from other traditionally safe assets such as the US Dollar or US treasuries — and this is especially pertinent as the US debt ceiling crisis rumbles on. Gold has rocketed above $2,000/oz in 2023 and may continue to climb in 2024. Dow Jones The Dow Jones is well-known as the ‘blue chip’ US index, hosting 30 of the most prominent US stocks including Apple, Walmart and McDonalds. The index hit a record high today, rising above 37,100 points as investors cheered the more dovish tones set out by the Federal Reserve. While inflation scarring may take some time to heal — and with the caveat that even blue chips carry some risk — there’s a reason why Warren Buffett argued in 2021 that ‘I have yet to see a time when it made sense to make a long-term bet against America.’ For context, the Dow has risen by 54% over the past five years, including the pandemic mini-crash and all the increased geopolitical tensions since. Of course, this flight to quality may reverse should risk appetite return. Nvidia Nvidia shares have been on a dizzying rally this year to a $1.2 trillion valuation. The semiconductor champion is clearly one of the most popular stocks of 2023 — though of course, popularity does not mean it is the best investment available. The rally is a result of AI demand, spurred on by the release of the revolutionary ChatGPT. In Q3 results, Nvidia saw record revenue of $18.12 billion, up by 34% quarter-on-quarter, and by a whopping 206% compared to a year ago. A highlight was data centre revenue, which increased by 279% over the past year to $14.51 billion. Founder and CEO Jensen Huang enthuses that ‘NVIDIA GPUs, CPUs, networking, AI foundry services and NVIDIA AI Enterprise software are all growth engines in full throttle. The era of generative AI is taking off.’ Of course, with a price-to-earnings ratio of 63 and the US government imposed export bans on certain chips to China, there are some risk factors to consider. Rolls-Royce Up 205% year-to-date to over 300p, Rolls-Royce shares have been the star performer of the FTSE 100, after CEO Tufan Erginbilgic delivered a stunning turnaround in his first year in charge. For fairness, he came on board at a fortuitous time; soaring post-pandemic travel demand has increased flying hours, the Russia-Ukraine war has seen defence spending rise, and the rising political importance of energy independence — consider the modular nuclear reactors — are all macroeconomic catalysts for the business that were out of his hands. But the growth could be set to continue. With a slew of banking giants upgrading their targets in recent days, Fitch Ratings has upgraded Rolls to BB+, a step towards regaining its all-important BBB investment grade status, lost during the pandemic. For context, the FTSE 100 stalwart plans to deliver operating profit of as much as £2.8 billion and free cash flow of up to £3.1 billion by 2027. Coinbase Coinbase shares have risen by nearly 350% year-to-date after a disastrous 2022 saw much of the company’s value wiped out. For investors looking for exposure to the cryptocurrency asset class, but without taking ownership directly, the exchange could be attractive. Coinbase is the largest crypto exchange in the US and may be viewed as the ‘picks and shovels’ crypto stock. For context, Bitcoin — inarguably the most well-known cryptoasset — has risen by over 150% year-to-date, and BlackRock — the world’s largest asset manager — is revising its spot Bitcoin exchange traded fund to enable major banks such as Goldman Sachs and JP Morgan to participate in the market more easily despite regulatory restrictions preventing them from keeping direct holdings. Naturally, Bitcoin is an unregulated asset that is viewed by many as both volatile and extremely high risk. Trade and invest in over 17,000 UK, US and global shares from zero commission with us, the UK’s No.1 trading provider.* Learn more about trading or investing in shares with us, or open an account to get started today. *Based on revenue excluding FX (published financial statements, October 2021). This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Vodafone, Phoenix Group, British American Tobacco, M and G, and Imperial Brands could be the five best FTSE 100 dividend shares to watch next month. These shares are currently the highest yielding on the index. Source: Bloomberg Indices Shares FTSE 100 Dividend Dividend yield Share Charles Archer | Financial Writer, London What's on this page? 1. Vodafone2. Phoenix Group3. British American Tobacco4. M&G5. Imperial Brands The FTSE 100 has experienced somewhat of a volatile 2023 — falling to a recent low of 7,291 points on 27 October before recovering to 7,686 points today, up 1.75% year-to-date, and that excludes the £78.7 billion in dividends expected to be paid out this year. Of course, this volatility reflects wider macroeconomic concerns; while predictions are ten a penny, analysts are seemingly on the fence over whether the UK will enter recession, see a soft landing, or experience growth in 2024. But yesterday, the US Federal Reserve kept rates steady, maintaining the target range of between 5.25% and 5.5% — and policymakers have now forecast three rate cuts in 2024. While the S&P 500 responded positively, it’s worth noting that rate cuts do not always correspond with increased growth. This matters to the FTSE 100, because the UK’s largest companies derive the majority of their revenue from overseas — and the Bank of England has also voted to maintain the current 5.25% base rate. On the fiscal side, some analysts consider a spring election a distinct possibility — Capital Economics consider the Chancellor may have an extra £11 billion for tax cuts as a result of falling rates, but UK GDP fell by 0.3% in October and significant fiscal movement may not be possible after the recent NI cut. This leaves 2024 perhaps as uncertain as 2023, both for the FTSE 100, and for the currently highest yielding stocks on the index. As an example, housebuilder Persimmon was consistently one of the highest-yielding FTSE 100 stocks for several years and has now been demoted to the FTSE 250 in the face of the weaker housing market. Past performance is not an indicator of future returns. Top FTSE 100 dividend stocks to watch Vodafone (LON: VOD) Vodafone shares have fallen by 58% over the past five years, leaving the FTSE 100 telecoms operator with a double-digit dividend yield alongside a price-to-earnings ratio of just 2. While this may appear to be remarkable value at first glance, it’s worth noting this figure is based on asset sales in its last financial year which included the €8.61 billion generated from the sale of Vantage Towers. In recent half-year results, CEO Margherita Della Valle enthused that ‘during the first half of the year, we have delivered improved revenue growth in nearly all of our markets and have returned to growth in Germany in the second quarter.’ German growth could be particularly encouraging because Vodafone relies on the country for a significant chunk of its revenue — and 2021 legislation saw housing associations banned from bundling TV services with rental contracts, hurting Vodafone’s prospects. However, while the dividend remained unchanged, net debt increased by €2.9 billion to €36.2 billion, raising questions over the dividend’s sustainability. Dividend Yield: 11.9% Phoenix Group (LON: PHNX) This popular FTSE 100 insurance company may be tempting to value investors eyeing its sharp recovery since mid-October. For context, the company paid out 50.8p to investors last year — and the average analyst expectation is that this will increase to 52.6p in 2023. In H1 results, the FTSE 100 business reported cash generation of £898 million, above analyst predictions, allowing the company to boost its interim dividend by 5% to 26p per share. Given that Phoenix Group is now on track to generate £1.3 billion to £1.4 billion of cash generation for the full year, the dividend could now be safe — especially with its solvency II ratio of 180% at the top of the 140-180% management target. However, there are risks. Its bonds are likely falling sharply in value as rates continue to rise, and Phoenix also has a debt pile to manage. JP Morgan analysts have cut their price target from 655p to just 430p, and downgraded Phoenix to underweight, arguing that ‘the stock has too much debt leverage relative to peers, which creates numerous capital and growth risks in the long term.’ Dividend Yield: 10.5% British American Tobacco (LON: BATS) British American Tobacco is one of the world’s largest tobacco companies, boasting a brand portfolio including Lucky Strike, Dunhill, and Pall Mall. It’s also highly defensive given the addictive nature of nicotine. However, the company continues to face regulatory problems; the UK is planning to ban single use vapes and both the government and the opposition have confirmed support for a phased ban of traditional tobacco products. It also faces the wider fall in smoking worldwide, and a large debt pile as rates rise. However, the 29% share price dip year-to-date may be attractive to income investors. The company is investing heavily in alternative products including vapes, though most profits are still derived from traditional products. In half-year results, overall revenue rose by 4.4% driven by these ‘new categories,’ whose revenue rose by 26.6%. However, the company recently wrote off £25 billion in value due to falling outlook for its brands as cigarette sales struggle in the US. Dividend Yield: 10.1% M&G (LON: MNG) M&G is becoming a well-known FTSE 100 dividend share. The company plans to generate operating capital amounting to £2.5 billion by the end of 2024 and has now achieved more than 50% of this three-year target, 18 months in. Moreover, its shareholder Solvency II Coverage ratio remains at the top end of the target range at 199%, with no defaults in the first half of the year. And in half-year results, M&G increased its interim dividend by 5% to 6.5p per share. For context, it saw positive net client inflows of £700 million — remaining positive into a third consecutive year. M&G also saw operating capital generation rise by 17% year-over-year to £505 million, driving adjusted operating profit 31% higher to £390 million. CEO Andrea Rossi enthuses that the results ‘demonstrate the underlying strength of our business model, the resilience of our balance sheet… we have made progress against all three pillars of the strategy that we launched in March.’ Dividend Yield: 9.2% Imperial Brands (LON: IMB) Imperial Brands is the second FTSE 100 tobacco stock — and faces many of the same issues as BATS: regulatory clampdowns and changing consumer habits. However in recent results, BATS saw adjusted operating profit grow in line with its five year plan, including 10 basis points aggregate market share growth in its top-five priority combustible tobacco markets. Further, next generation product net revenue rose by 26% — and increased by a whopping 40% in Europe. Accordingly, the dividend was hiked by 4% alongside a 10% increase in share buybacks, leaving investors with total FY24 returns of £2.4 billion. Dividend Yield: 8.2% Trade and invest in over 17,000 UK, US and global shares from zero commission with us, the UK’s No.1 trading provider.* Learn more about trading or investing in shares with us, or open an account to get started today. *Based on revenue excluding FX (published financial statements, October 2021). This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

With 2024 now in the sights of traders and investors, we look ahead to the moments that matter in the new year – from earnings season to elections and from global conflict to IPOs. Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 18 December 2023 12:23 2024 outlook The video talks about what to look out for in 2024 when it comes to trading. It explains that profits for companies have been better than expected this year, and it is predicted that this trend will continue next year, which will help keep stock prices steady. The video also mentions that the Federal Reserve, which is like the boss of the US economy, is planning to lower interest rates a few times in 2024. This, together with the strong US economy, should be good news for companies and their profits. In the UK, there will be a time called the ISA season starting from February where investors will need to consider different types of investments because interest rates will be going up. But even with these rising rates, stock prices are still expected to rise, and it might be a good idea to invest in companies that pay out a portion of their profits as dividends, like the top 100 companies in the FTSE stock market index. The US election Something else to keep an eye on is the US election happening in November 2024. President Donald Trump is running for re-election against Joe Biden, the current president. The video warns that this could cause some changes and instability in the US and global markets. The Ukraine and the Middle East conflicts There have also been conflicts in various parts of the world, including Ukraine and the Middle East. Although these conflicts have not had a big impact on the markets so far, they could cause some problems, especially when it comes to the price of oil. Interest rates have also been a hot topic over the past couple of years. Central banks around the world have been raising rates to control inflation. However, it seems that this trend may be reversing, with the Federal Reserve planning to lower rates in 2024. This is expected to be good news for the global economy and could result in more gains in stock prices. Initial Public Offerings Lastly, the video talks about Initial Public Offerings (IPOs), which are when a company sells its shares to the public for the first time. IPOs have been scarce in recent years, but there are a couple of companies, like Shine and Reddit, that might go public in 2024. This means there could be more opportunities to invest in new companies. Overall, the video gives an overview of important things to watch out for in 2024, like the earnings season, elections, global conflicts, interest rates, and potential IPOs. These factors could have an impact on trading and investing. This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

2023 has surprised many with fairly hefty gains for some stock indices, admittedly driven by an elite few big stocks. Jeremy Naylor | Analyst, London | Publication date: Monday 18 December 2023 12:57 There’s been a rise in gold to a new record high, driven in part by a relatively dovish Fed, pushing US 10yr yields down to levels not seen since the summer, but there’s also a rise in the recession risk unless central banks act outside their remit and start cutting rates to avoid a GDP contraction. IGTV caught up with IG’s Chris Beauchamp, Axel Rudolph, Nick Cawley and Richard Snow. After a look back at the year in the rear view mirror the discussion turned to what we should expect to be the main areas of interest in 2024. The discussion included an initial rise in stocks followed by a period of consolidation, the chances of a weaker USD continuing to drive gains in gold, the potential for gains in the crypto space, and how to trade the opportunity without any digital currency exposure. (AI Video Transcript) Global stock indices The year 2023 was full of surprises in the trading world. Global stock indices like the Dow and the DAX reached record highs, thanks to big gains from companies like Nvidia, Microsoft and Apple. However, the dollar didn't perform as well and 10-year Treasury yields hit levels we haven't seen since June. People were expecting the Fed to cut interest rates, but the big question was whether or not we could avoid a recession. It was a rollercoaster ride of a year that caught many off guard. The NASDAQ, S&P 500, and the DAX Looking ahead to 2024, we're hopeful for a brighter outlook, but we should proceed with caution. There's a chance things could get volatile due to events like geopolitical conflicts and surges in inflation. In 2023, there were some successful trades in equity markets like the NASDAQ, S&P 500, and the DAX. Orange futures and sugar also performed well, although there were some unexpected ups and downs. The foreign exchange market had a battle between what people expected and what the Fed was saying about interest rates. Going into 2024, it's predicted that the dollar will continue to weaken, which will be a relief for many markets. People are also keeping an eye on the dollar yen pair, as there could be a change in policy from the Bank of Japan that could cause a downward move in the pair. The FTSE 100 The FTSE 100 hasn't been doing so great because major tech stocks are missing. Institutional flow has been weak and uncertainties about the UK economy and politics have scared some investors away. Cryptocurrencies and gold have shown potential for gains, but they've also been quite volatile. It all depends on things like ETF approvals and how the economy is doing. The oil markets The oil market has been worried about a possible recession and slow demand growth, but stability is expected in 2024 with potential supply cuts and changes. The Chinese economy was a letdown in 2023, with reopening efforts failing and concerns about deflation. We're not sure when things will turn around or if the Chinese government will provide stimulus. Chinese markets Chinese markets like the Hang Seng may see more declines and volatility in the coming months. Overall, it's important to be cautious and aware of the potential risks when looking at market performance and predictions for 2024. This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

FTSE 100 rallies on softer inflation, DAX 40 and S&P 500 also grind higher still Outlook on FTSE 100, DAX 40 and S&P 500 as UK inflations surprises to the downside. Source: Bloomberg Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 20 December 2023 11:46 FTSE 100 tries to reach its September peak The FTSE 100 is on track for its third straight day of gains and has overcome its 7,702 October high while on its way to its near three-month high at 7,725 as UK inflation comes in much lower than expected in November at 3.9% versus a forecast 4.4% and 4.6% in October. Core inflation dropped to 5.1% versus a forecast 5.6% and a previous reading of 5.7%. Above 7,725 beckons the September peak at 7,747. Potential slips should find support around Friday’s 7,670 high and at Tuesday’s 7,658 high. Source: ProRealTime DAX 40 consolidates below last week’s all-time record high The DAX 40, which led the way to its record high at around the 17,000 mark last week, is taking a back seat and consolidates roughly between 16,700 and 16,800 as German GfK consumer confidence, though better than expected, remains at -25.1 and year-on-year PPI comes in worse than expected at -7.9%. The index now trades below the October-to-December uptrend line at 16,844 which, because of inverse polarity, acts as a resistance line. While it caps, this week’s low at 16,626 might be revisited. A fall through it would eye the July peak at 16,532. Resistance is seen around the 11 December high at 16,827 and at Friday’s 16,889 high ahead of last week’s peak at 17,003. Source: ProRealTime S&P 500 grinds higher still and nears its all-time record high The S&P’s advance is ongoing with Atlanta Federal Reserve (Fed) President Raphael Bostic’s comment over the lack of "urgency" to remove the restrictive stance being ignored by the financial markets which instead focused on Richmond Fed President Tom Barkin’s comments that the US was making good progress on inflation. Now that the November and mid-December 2021 highs at 4,743 to 4,752 have been bettered, the S&P 500 is approaching its all-time record high made in January 2022 at 4,817. Minor support below Monday’s 4,750 high can be spotted at last week’s 4,739 high. Further down lies the 4,694 March 2022 peak at 4,637. While the last few weeks’ lows at 4,544 to 4,537 underpin, the medium-term uptrend stays intact. Source: ProRealTime

Brent crude oil price rise nears resistance while sugar bounces off nine-month low and corn slips Outlook on Brent crude oil, corn and sugar futures ahead of the festive season. Source: Bloomberg Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Wednesday 20 December 2023 11:34 Brent crude oil on track for sixth consecutive day of gains Brent crude oil futures have risen for five straight days as Red Sea shipping concerns unnerve traders and are heading towards the October-to-December downtrend line at 80.62. Further up meanders the 200-day simple moving average (SMA) at 81.64 which may also act as resistance. Support below the 79.18 early November low is seen around the 14 December high at 77.44. Source:ProRealTime Corn price slips towards three-year low Front month corn futures are slipping back towards their November three-year low at 471 as Brazil pulls ahead of the US as the biggest supplier of the commodity to China. A fall through 471 would engage the June 2019 high at 466.7 and mean that the major support zone which has held since August, has finally given way. Minor resistance above the 13 December low at 480 can be seen along the 55-day simple moving average (SMA) at 488.69. Source:ProRealTime Sugar #11 recovers from nine-month low Front month sugar futures prices plummeted from their 12-year high by over 25% over the past few weeks as supply concerns ease, dropping to 20.56, a nine-month low, before trying to regain some lost ground. Short-covering is taking the futures back to Friday’s low at 21.38. While Friday’s high at 22.14 isn’t overcome, though, the steep downtrend remains intact with the psychological 20.00 mark remaining in sight. Source:ProRealTime

The US dollar extends its retracement as treasury yields push lower; meanwhile the greenback retains a bearish profile in the near term, meaning more losses could be around the corner. Source: Bloomberg Forex United States dollar Market trend Technical analysis USD/JPY EUR/USD Diego Colman | Market Analyst, New York | Publication date: Wednesday 20 December 2023 07:59 The US dollar, as measured by the DXY index, was a touch softer on Tuesday, down about 0.35% to 102.13, undermined by the pullback in treasury yields, which has continued this week following the Federal Reserve's pivot last Wednesday. For context, the Fed took a more optimistic view of the inflation outlook at the conclusion of its December monetary policy meeting, admitting that discussions of cutting rates have begun, and signaling that it will deliver 75 basis points of easing in the coming year, a big shift from its previous stance. With traders increasingly confident that the US central bank will prioritize economic growth over price stability and will slash borrowing costs numerous times in 2024, bond yields are likely to head lower in the near term, creating a hostile environment for the greenback. Positive sentiment and market exuberance triggered by the FOMC’s dovish posture will also act as a headwind for the greenback, boosting riskier and high-beta currencies for the time being. Against this backdrop, we could see new lows for the DXY index before the end of 2023. EUR/USD technical analysis EUR/USD extended its advance and rose for the second straight day on Tuesday, pushing closer toward cluster resistance stretching from 1.1000 to 1.1015. Breaching this barrier may prove challenging for bulls, but a breakout could pave the way for a rally towards the 1.1100 handle. Conversely, if bullish momentum fades and prices turn lower, the 200-day SMA near 1.0830 will be the first line of defense against a bearish assault. The pair is likely to establish a base in this region before staging a comeback, but if a breakdown occurs, a drop toward trendline support at 1.0770 could ensue. EUR/USD daily chart Source: TradingView USD/JPY technical analysis USD/JPY bucked the broader trend and rallied strongly, soaring more than 1% at one point after the Bank of Japan maintained its ultra-accommodative stance, indicating that it will be difficult to exit negative rates and that uncertainty about the outlook is extremely high. Despite this solid advance, the pair failed to push past resistance at 144.75, with sellers staunchly defending this barrier, as seen in the daily chart below. Looking ahead, it is crucial to monitor price behavior around the 144.75 level, bearing in mind that a breakout could open the door for a move towards 146.00, followed by 147.30. Conversely, a firm rejection from 144.75 may trigger a retracement towards the 200-day simple moving average. On continued weakness, a retest of the December swing lows should not be dismissed. USD/JPY daily chart Source: TradingView GBP/USD technical analysis GBP/USD accelerated higher on Tuesday, breaching a key Fibonacci level at 1.2720 and pushing towards trendline resistance at 1.2780. This technical barrier must hold at all costs, failure to do so could propel prices above the 1.2800 handle. Should strength persist, the bulls may set their sights on the psychological 1.3000 threshold. On the other hand, if sellers regain the upper hand and spark a bearish reversal, dynamic support is located at 1.2590, which corresponds to a short-term rising trendline extended off the November lows. This trendline should provide stability on a pullback, but in the event of a breakdown, a decline toward the 200-day simple moving average would emerge as the baseline scenario. GBP/USD daily chart Source: TradingView This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

USD/JPY technical analysis USD/JPY bucked the broader trend and rallied strongly, soaring more than 1% at one point after the Bank of Japan maintained its ultra-accommodative stance, indicating that it will be difficult to exit negative rates and that uncertainty about the outlook is extremely high. Despite this solid advance, the pair failed to push past resistance at 144.75, with sellers staunchly defending this barrier, as seen in the daily chart below. Looking ahead, it is crucial to monitor price behavior around the 144.75 level, bearing in mind that a breakout could open the door for a move towards 146.00, followed by 147.30. Conversely, a firm rejection from 144.75 may trigger a retracement towards the 200-day simple moving average. On continued weakness, a retest of the December swing lows should not be dismissed. USD/JPY daily chart Source: TradingView Diego Colman | Market Analyst, New York | Publication date: Wednesday 20 December 2023 07:59

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Gold rallies but stalls below $2,050/Oz; safe-haven interest could rise with ongoing Red Sea tensions. U.S. data, especially PCE, will impact the dollar and shape gold's week. Source: Bloomberg Forex Shares Commodities Gold United States Federal Reserve IG Analyst | Publication date: Wednesday 20 December 2023 07:26 Gold prices found its legs in the US session rising back above resistance at the $2040/oz level. A slightly stronger US dollar kept gold bulls at bay in the European session, but ongoing comments from Fed policymakers around rate cuts continue to weigh on the Greenback. Safe haven appeal and us dollar weakness Geopolitical tensions have become a key driver this week following developments in the Middle East. The Red Sea has become breeding ground of uncertainty, and this seems as if it is only going to intensify. This leaves gold in the driver’s seat with more gains in store if no solution is found to the ongoing strife and tension in the Middle East. The renewed US dollar weakness has also assisted gold hold the high ground and continue its advance. Federal Reserve policymakers have this week struck a dovish tone with most speaking about the amount of rate cuts needed in 2024; with very little push back besides the odd comment about monitoring data moving forward. The only push back in terms of comments came from policymaker Barkin saying that he thinks inflation is more stubborn than the average Fed official. US treasury yields also continued their struggles today with both the 2Y and 10Y yield also benefitting gold. US2Y and 10Y daily chart US data ahead US data lies ahead with a key print being the US PCE data, which is due on Friday. This may have a significant impact on US rate expectations before the year is out, while we also have the final Q3 GDP number. There is other "high impact" US data due with CB consumer confidence and the final Michigan Consumer Sentiment number, which should not have a material impact but rather short-term moves that could be erased toward the end of the trading session. Economic calendar Source: DailyFX Gold technical analysis Form a technical perspective, gold is interesting following the recent selloff which stopped last week as gold printed an indecisive candle close. This should have given us a sign that we may get further upside this week which has come to fruition but further upside in my opinion appears limited. As things stand, a daily candle close above the $2040 mark this could facilitate a run toward resistance at the $2050 mark and beyond with the fundamental picture supporting this narrative. However, I have a feeling that a retracement may come into play soon with a host of resistance area between the $2050 and $2078 handles which may prove to be a hurdle to far. Key levels to keep an eye on: Resistance levels: 2047.00 2058.00 2078.00 Support levels: 2030.00 2012.00 2000.00 Gold daily chart Source: TradingView This information has been prepared by DailyFX, the partner site of IG offering leading forex news and analysis. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

US stocks recorded fresh all-time highs yesterday, thanks to more gains for the Dow and Nasdaq 100, following on from dovish comments from the Richmond Fed president who said that the US was making good progress on inflation. The People's Bank of China left rates unchanged, though more easing is expected in the new year. The Nikkei 225 extended its gains and the yen lost more ground against the dollar, as the after-effects of the Bank of Japan meeting continued to make themselves felt. To cap all this, UK inflation came in below forecasts, rising only 3.9% over the year, and falling 0.1% on a monthly basis. Markets continue to price in expectations of Fed rate cuts in 2024, with March viewed as a high-probability event for an easing of US interest rates.

Fundamental and technical outlook on the S&P 500 Source: Bloomberg Indices Shares Commodities Recession S&P 500 Yield curve Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 19 December 2023 14:56 Taking stock of 2023 Despite warnings of a recession in the US by the International Monetary Fund (IMF), the US Federal Reserve (Fed) and several major investment banks at the beginning of the year, the US economy and the country’s stock market(s) have done tremendously well. US inflation halved from 6.4% in January to 3.2% in October, even if core inflation proved to be stickier at 4.0%, while seasonally-adjusted unemployment rose slightly from 3.4% to 3.9% and gross domestic product (GDP) came in at a respectable 2.1% year-on-year. At the same time the S&P 500 has so far risen by close to 25% year-to-date, a positive performance which none of the major investment banks had forecast. 2024 outlook The S&P 500 is expected to continue its recent advance and might still do well at the beginning of the first quarter (Q1) of next year but then a possible slow down in the US economy may lead to a significant reversal in the trend. Since earlier in the year the tables have turned with the Fed no longer expecting a recession due to the robustness of the US economy. The danger, as is often the case when data keeps on coming in better-than-expected and earnings - such as those seen in the Q3 - are pointing to a better outlook for US companies than many had feared, is that investors become complacent. A potential sign of this complacency is the Chicago Board Option Exchange’s (CBOE) Volatility Index (VIX) which dipped to its lowest level since January 2020 amid seven straight weeks of gains in US equity indices. In that time the Dow Jones Industrial Average and S&P 500 rallied by around 15%, the Nasdaq 100 by just under and the Russell 2000 (small cap index) by over 20%. The VIX can remain at extremely low levels for several weeks, though, before equity markets top out. The remarkable recovery in risk appetite, driven by a falling dollar, declining US Treasury yields to between five and seven month lows and Fed rate cut expectations being brought forward to March of next year, is likely to have legs, at least into the first few weeks of 2024. This scenario remains the most probable even if a short-term sell-off at the beginning of next year were to be seen. Bullish factors are that over 55% of S&P 500 stocks now trade above their 200-day simple moving averages (SMA), the National Association of Active Investment Managers (NAAIM) Sentiment Index has been trading above 75 this past month and seasonality usually leads to end-of year gains. Stocks trading above their 200-day SMA are considered to be long-term bullish. Now that over half the S&P 500’s stocks are trading above their 200-day SMAs the bull market looks to be more solid than it was in the first half of this year. When the NAAIM Sentiment Index crosses 75 for the first time in 21 weeks, the three- and six-month forward returns have all been bullish, some in double digits, between mid-2006 and now. The only exception has been the three-month period following such as signal in February 2012 but even then a positive 3.32% performance was seen after six-months. NAAIM Sentiment Index Chart and data table Source: NAAIM Exposure Index / Nautilus Investment Research Then there is the ‘Santa Claus Rally’: according to StockTradersAlmanac.com, since 1950, the S&P 500 is up 79.45% of the time from the Tuesday before Thanksgiving to the 2nd trading day of the year with an average gain of 2.57%. There is an important caveat to the “Santa Claus Rally” though, coined by its 1972 inventor Yale Hirsch’s phrase: “If Santa Claus should fail to call, bears may come to Broad and Wall.” Risks for 2024 The same risks the Fed and others feared at the beginning of the year are still bubbling under the surface. These are: rapidly rising short-end interest rates a spike in inflation inversions of the yield curve and oil price shocks Even if these occurrences haven’t as yet led to a recession in the US in 2023, they may well do so in 2024. A Deutsche Bank team led by Jim Reid, head of global economics and thematic research, in November highlighted these four key macroeconomic triggers that have caused recessions in the past and analysed 34 US recessions dating back to 1854, looking for patterns in economic history. For each trigger, the Deutsche Bank team calculated a historical “hit ratio”—or the percentage of times when these events occurred that led to a recession. Even though they found that no single macroeconomic trigger can accurately predict a recession, all four together – as is the case at present - greatly increase the odds of a US recession rearing its head. The rapid rise in interest rates since the Q1 of 2022 from 0% to 0.25% to the current Fed funds at 5.25% to 5.50% - by more than 5% - is bound to weigh on economic growth by raising the cost of borrowing for businesses and consumers but may take time to work its way through the economy. According to Deutsche Bank’s study, since 1854, when US short-term interest rates have risen by 2.5 percentage points over a 24-month period, there has been a recession within three years around 69% of the time. Also since 1854, a three percentage point rise in inflation over a 24-month period has caused a recession within three years 77% of the time. The fact that US inflation soared to a four-decade high to 9.1% in June of 2022, even if it has since retreated to a much milder 3.2%, points to a probable recession since historically the US economy hasn’t managed inflationary spikes very well. An inverted yield curve - when short-term bonds end up yielding more than long-term bonds - has caused a US recession in 74%, but since the 1953 recession, in nearly 80% of cases, the Deutsche Bank study shows. US Treasuries have been inverted since July 2022 but may normalise in 2024. Historically when the yield curve un-inverts, as investors take more risk when loaning out their money on longer-term time frames and thus want to be compensated for this by a higher yield, a recession tends to follow. US 10-year minus 2-year yield curve slope and US recessions chart LSEG Datastream / Axel Rudolph Last but not least an oil price shock has led to a US recession 45% of the time, according to the Deutsche Bank research team. West Texas Intermediate (WTI) crude oil prices have risen by nearly 40% from June to September, to close to $95 per barrel, leading many economists to fear inflation could prove to be more sticky than the Fed might have imagined. This fear might be mitigated by the sharp over 20% drop in the oil price from its late-September peak to current levels. The Deutsche Bank study aside, there is another factor that might need considering and it is that since the 1950s nearly each time the first US rate cut was made after a hiking cycle, a US recession followed in the coming year(s). Since the first Fed fund rate cut is currently expected to be seen in March of next year, a recession might be on the table for the latter half of 2024. S&P 500 technical analysis forecast Since the strong November gains occurred after the S&P 500 broke out of a ‘bull flag’ technical chart pattern at 4,356, it is to be expected that during the first half of 2024 the index is not only likely to exceed its January 2022 all-time record high at 4,818.62 but may also reach the psychological 5,000 zone before a possible significant correction or bear market unfolds. The reason is that the near 800-point ‘flagpole’ in that ‘bull flag’ pattern - the March-to-July advance – is projected from the pattern breakout point at 4,356, giving technical analysts a potential upside target of 4,536 plus 800 = 5,336. S&P 500 Weekly Candlestick Chart Source: TradingView This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

While the Hang Seng came under further pressure thanks to property and tech stocks, the Nikkei 225 was given fresh life by the Bank of Japan's decision to stick to ultra-loose monetary policy. The bank made no major changes, which resulted in a weakening of the yen after its recent strong run against the US dollar. The last big event of 2023 is now behind markets, but for now there is little sign of any real slowdown in the rally in risk assets. News that more shipping companies would avoid the Red Sea boosted oil prices, and could lead to problems in global supply chains, but the announcement of a US-led taskforce in the region to deal with attacks has limited the impact of the news.

Conformist buy-breakout strategies outperformed on the technical front but require ongoing follow-through to consistently outperform. Source: Bloomberg Federal Reserve Personal consumption expenditures price index Inflation Futures contract Commitments of Traders Real versus nominal value Monte Safieddine | Market Analyst, Dubai | Publication date: Monday 18 December 2023 08:02 Hawkish Fed member speak fails to halt post-FOMC rally Late last week, several significant indicators emerged from the US, with preliminary Purchasing Managers’ Index (PMIs) for this month from S&P Global revealing a deterioration in manufacturing to 48.2, remaining in contraction, and Empire’s reading dropping from 9.1 to -14.5. However, the more crucial services sector improved to 51.3, staying in expansionary territory. Key US stock indices were in for notable weekly gains and a record high for the Dow (and close for the Nasdaq), with much of it occurring after the Federal Open Market Committee (FOMC) dovish tilt. In the bond market, treasuries week-on-week (w/w) in for big declines, and in real terms averaging about 20bp (basis points) lower for the 5Y-30Y, with market pricing (CME’s FedWatch) on the first rate cut in March despite Federal Reserve's William’s comments regarding not “really talking about rate cuts right now” and Bostic on cutting “sometime in the third quarter”, and net far more optimistic on the total amount of cuts to expect next year when compared to the Fed’s latest dot plot. Week ahead: PCE, housing data, and more As for the week ahead, we’ll have to go in reverse for those wanting more impacting data out of the US Personal Consumption Expenditures (PCE) price index for the month of November, releasing on Friday, and is expected to show year-on-year (y/y) growth of 2.8% falling from 3% prior, with its core (which excludes food and energy) a notch lower to 3.4%. The revised figures out of University of Michigan (UoM) will also be released that day, and this is definitely one of those times where market participants will be hoping the plummet in its preliminary readings for consumer inflation expectations (from 4.5% to 3.1%) can stick. Final Gross Domestic Product (GDP) for the third quarter will be released on Thursday, though none are worried after what have been stellar advance and preliminary figures (this quarter’s growth expected to be much less but still decent enough with the Atlanta Fed’s GDPNow estimate at 2.6%). CB’s consumer confidence will be on Wednesday, and while it has managed to beat estimates a couple times in a row, it’s been a story of four consecutive drops and quite a distance from pre-pandemic levels. There will be plenty out of the housing sector, NAHB tonight expected to show an ongoing sub-50 reading (signifying a negative outlook), both building permits and housing starts for the month of November tomorrow after enjoying upside surprises prior, though the same couldn't be said for existing and new home sales last time around with fresh readings available from both this week as well. Dow technical analysis, overview, strategies, and levels We got a move past its previous weekly first and second resistance levels, giving conformist buy-breakout strategies and an easy win and lacking a trigger for contrarian buy-after-reversals on the move past the first resistance. On the daily time frame late last week, we got a close above Thursday's first resistance level and a move that briefly got past its second resistance, there too conformist buy-breakouts winning out, but more clearly when combined with Friday's intraday highs, contrarian sell-after-reversals at times looking to capitalize on pullbacks, but eventually getting stopped out. In all, the technical overview remains ‘bull average’ with much of the action within a narrow bull channel, though easily taken for a ‘stalling bull’ given the trending ADX (Average Directional Movement Index). Source: IG IG client* and CoT** sentiment for the Dow CoT speculators have shifted from the middle to majority short territory, though due to a larger drop in shorts (by 3,428 lots) than longs (by 285). As for retail traders, they have fallen out of extreme sell territory, but only just, and this is despite the price gains suggesting older shorts are getting severely tested, while some traders shift to momentum from previous range-trading strategies. Source: IG Dow chart with retail and institutional sentiment Source: IG *The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of the start of this week for the outer circle. Inner circle is from the start of last week. **CoT sentiment taken from the CFTC’s Commitment of Traders report, outer circle is latest report released on Friday with the positions as of last Tuesday, inner circle from the report prior. This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved

Despite challenges, the AUD/USD rebounded from a dovish RBA decision, propelled by the Fed's stance on 2024 rate cuts. Source: Bloomberg Forex AUD/USD United States dollar Australian dollar Inflation Federal Reserve Tony Sycamore | Market Analyst, Australia | Publication date: Monday 18 December 2023 07:15 This time last week, the AUD/USD was in the doldrums due to a dovish RBA on-hold decision, a sub-par Australian Q3 GDP report, and a strong US jobs report which conspired to see it fall from a nineteen-week high. The gloom lifted later in the week as the Fed rode to the rescue, validating expectations of rate cuts in 2024, sending the US dollar into a tailspin, and encouraging a new round of risk-seeking flows that supported the AUD/USD. The rebound leaves the AUD/USD just 100 pips below where it finished in 2022 at .6816, suddenly within touching distance of finishing 2023 in the green. However, before it can cross that bridge, it must first withstand the minutes from the RBA’s board meeting in December. RBA meeting minutes (Tuesday, December 19th at 11.30 am AEDT) The minutes from the Reserve Banks meeting in November are scheduled to be released Tuesday, December 19th at 11.30 am. At its meeting in November, the RBA kept its official cash rate on hold at 4.35%, supported by a string of cooler-than-expected data across house prices, retail sales, and inflation. The RBA retained a tightening bias, using the same watered-down wording in the November statement: "Whether further tightening of monetary policy is required to ensure that inflation returns to target in a reasonable timeframe will depend upon the data and the evolving assessment of risks." The board meeting minutes will be closely scrutinised around what options the board considered at the meeting, the factors that would prompt the RBA to act on its tightening bias in 2024, including stubborn inflation and a tight labour market, and search for any clues that might suggest the RBA feels its tightening cycle is close to completion. RBA cash rate chart Source: RBA AUD/USD Technical analysis Following last Thursday's dovish FOMC meeting, the AUD/USD springboarded from ahead of support at .6535/25, above the 200-day moving average at .6577 and downtrend resistance at .6650 from the February .7157 high. While the AUD/USD holds above the three support points noted above, the AUD/USD could extend its rally towards the next layer of resistance at .6800/30, coming from highs between April and May of this year. Above here, resistance at .6900c comes from highs in June and July. AUD/USD daily chart Source: TradingView Source TradingView. The figures stated are as of 18 December 2023. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation. This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Markets are beginning to wind down for the year, though tomorrow's Bank of Japan meeting provides one last real hurdle for traders to navigate. Asian stocks were generally lower, with the Hang Seng leading the fallers. South Korean stocks were slightly pressured by news that North Korea had fired two ballistic missiles, including a long-range missile. The German IFO index is the only major piece of data on the calendar for the day. A weaker open is expected in Europe, but US futures are currently pointing to a positive start.

Dow, Nasdaq 100 and CAC40 all make strong gains The dovish tone of last night’s Fed meeting has lit a fire under indices, driving the Dow above 37,000 to a new record high and pushing the Nasdaq 100 and CAC40 higher too. Source: Bloomberg Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 14 December 2023 12:50 Dow surges through 37,000 The index shot to a record high last night, closing above 37,000 for the first time in its history. The dovish tone of the FOMC press conference provided fuel for the rally, capping a remarkable period for the index since late October. Momentum is a powerful force in markets, as we have seen since late October, and so while the price looks overextended in the short-term, we could see further gains as positive seasonality kicks in. A pullback might begin with a reversal below the previous highs at 36,954, and could then head back towards the summer highs around 35,690, but at present bearish momentum has yet to show its hand. Source: ProRealTime Nasdaq 100 targeting previous peak For once the Nasdaq 100 is not the one leading the charge to new highs, but it has still enjoyed an impressive bounce over the past two months. It is now targeting the record highs at 16,769, with a move above this taking it into uncharted territory. As with the Dow, the index looks overstretched in the short-term, but there is little sign of a move lower at present. Some initial weakness might target 16,000, or down to the 50-day SMA (currently 15,423). Source: ProRealTime CAC40 hits new record This index is pushing to new highs too, having cleared trendline resistance last week. The buyers have seized control over the past week, with any intraday weakness being seized upon as a buying opportunity. In the event of a pullback, the 7587 and then 7525 July highs would be the initial areas to watch for support. Source: ProRealTime

A record high on the Dow Industrials, a pull-back in the dollar, and US 10-year treasury yields down at levels not seen since July this year are all from a dovish Fed. Jeremy Naylor | Analyst, London | Publication date: Thursday 14 December 2023 11:52 The commentary from Fed chairman Jerome Powell underscored the possible outlook for 2024 with rates expected by some to now start falling in the first half of the year. (Video Transcription) The Federal reserve So it's all markets now fully expecting the Fed to cut interest rate next year. The green light certainly appears to have been switched on by the Fed. And 2024 certainly seems like the time when we could well see a reversal in some of these trends we've seen in some of the big central banks. It was certainly the case in the US yesterday where the Fed signaled it could start cutting interest rates next year if inflation continues to fall. It told the markets that the strong growth it wanted appears to be moderating. The labor markets coming back into balance, seeing inflation making real progress, according to Jay Powell telling reporters yesterday, these are the things we've been wanting to see. He said declaring victory would be premature. But of course, the question is when would it become appropriate to begin dialing back in to some of the record high interest rates that we've seen in the Fed. It's between five and a quarter and five and a half percent in a forecast released by the Federal Reserve on Wednesday showed most policymakers expect lower key interest rates in 2024 after raising it to a 22 year high. So the Fed kept that target rate unchanged at between five and a quarter and 5.5%. Now, Powell's comments rippled right the way throughout the markets. I want to begin first with taking a look at what's been happening of the dollar, because the dollar has risen to sort of pull back the dollar basket. Big declines yesterday, generating record highs on the Dow and gains across all of Wall Street yesterday. This is the effect on the currency markets pulling back below the 200 day moving average and indeed into the spike lower today. Trading at one point intraday in today's session at the low not seen since 11th of August this year. In amongst some of the other big market moves. Just a quick update on where we are in terms of some of the big moves including Japanese yen stronger against that US dollar the dollar pulling back to levels there at one point in today's intraday trade not seen since the 28th of July. The US dollar Now this pullback in the USD has meant that we've got money going into a lot of the dollar denominated commodities. Look at copper up about the 200 day moving average a big spike up in the session in today's trade. It's not just copper, it's also other areas. The market zinc up over 1% as well. Aluminum, another one where we've seen gains in today's session as a result of that pullback in the dollar. And what this pullback in the dollar is also doing, it's hoping, traders are hoping that this will indicate that the potentially has the possibility of seeing some extra demand coming through in the market as well. Also, watch out as well in the London markets for some of the big mining companies. This is BHP gaining on the session in today's trading. The Australian markets The Australian markets up by a margin of almost 1%. It wasn't just that as well, it was things like Rio Tinto, another one where we've seen gains today. At one point Rio Tinto had closed this gap here that we heard back on the 5th of August 2021 to levels they're not seen since the beginning of August that year. So you can see that we've got a lot of money going into some of these base metals and it doesn't stop there either because we look at what's happening with some of the precious metals, big gains as well yesterday, the silver and we're building on that in today's session after the highs that we've seen that big pullbacks in recent because of concerns about the fact it was overdone but none of it. We've seen money continuing to go back into these markets. Spot gold, another one up above the 2000 level by some margin, 2030 as the markets bounce off this, 76.4% retracement. Crude oil And also what you what's happening with the price of oil, again, going back to what we've had in terms of some of the moves on expectations that we've got potentially extra demand coming through at one point yesterday that we saw a new six month low for the price of crude oil. This also coincided as well with the EIA crude oil inventory yesterday, talking about the fact that they've got this market, which is seeing some of the extra supplies being eaten up in the market. But oil on those not too far away from the recent lows, but nonetheless, oil benefiting from this swing lower in the US dollar on the back of that Fed interest rate decision. This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Gold, silver rally on falling US dollar while US natural gas hits six-month low Outlook on gold, silver and US natural gas amid a weakening US dollar. Source: Bloomberg Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Thursday 14 December 2023 12:27 Gold shoots back up to $2,039 on dovish Fed Spot gold rallied from this week’s low at $1,974 per troy ounce to $2,039 where the breached October-to-December uptrend line, now because of inverse polarity a resistance line, acts as short-term resistance, together with the 7 December high at $2,040. If overcome, the $2,050 zone would be next in line, ahead of the 2020, 2022 and May 2023 highs at $2,070 to $2,082. The December 5 low at $2,010, together with the late October high and the 21 November high at $2,009 to $2,007 should offer support. Source: ProRealTime Silver swiftly reverses its descent Spot silver’s decline from its current December peak at $25.77 per troy ounce, a near seven-month high, has been followed by a rapid drop to Wednesday’s $22.51 low. From there another swift rally is currently taking place on the back of a dovish Fed and falling US dollar. Now that the 22 September and 20 October highs at $23.70 to $23.77 have been overcome, the August peak at $25.01 is back in sight. Support below $23.77 to $23.70 is seen along the 200-day simple moving average (SMA) at $23.55. Source: ProRealTime US natural gas futures prices try to hold above six-month low US natural gas futures descent from their ten-month high at 3.665 in late October has taken these to a six-month low at 2.211 on Wednesday before recovering slightly amid a weakening US dollar. Good resistance can be spotted between the downtrend channel resistance line and this week’s price gap at 2.438 to 2.508. Were this week’s low at 2.211 to give way, the April-to-June lows at 2.158 to 2.063 would be in focus. Source: ProRealTime

Gold prices eyeing for a move back to retest key resistance After failing to sustain a breakout above the US$2,074 level back on 4 December 2023, the yellow metal has found new signs of life overnight, with the green light on the rate-cuts narrative from the Fed. The overnight upmove has pared all of this week’s losses, with prices seemingly setting its sight for another retest of the US$2,074 level of resistance, which marked a crucial overhead resistance on multiple previous occasions (May 2023, March 2022 and August 2020). For now, the broader upward trend remains intact, with prices trading after its Ichimoku cloud zone on the daily chart after an upward break in October 2023, alongside various MAs. A successful move above the US$2,074 level may pave the way towards the all-time high at the US$2,146 level next. On the downside, the daily Ichimoku cloud zone will serve as an area of support for buyers to defend. Source: IG charts Yeap Jun Rong | Market Strategist, Singapore | Publication date: Thursday 14 December 2023 03:51

Hi @Kodiak, @Carl-Gustav and @CJ-TradingFloor