ArvinIG

Hi John, I believe that sprints markets are available for Singapore clients https://www.ig.com/sg/sprint-markets. You can reach out to your allocated IG office for further information. All the best - Arvin

Hi there, Could you please advise for which market is it? Thanks - Arvin

Hi Kehinde, To close to your account you will need to close your positions, withdraw your funds. Once the balance is zero. Please send an email to helpdesk.uk@ig.com with your account details and an written request to close your account. All the best - Arvin

The yen is at its lowest level against the US dollar since late 2018. Will Fumio Kishida's election victory combined with continued ultra-loose monetary policy see the currency fall even further? Source: Bloomberg Forex Japanese yen Fumio Kishida Bank Abenomics Monetary policy As one of the four major currency pairs, USD/JPY is closely watched by IG investors. Currently, 70% of client accounts are short on the pair. With inflation in Japan stable, and monetary policy loose, these could be position trades, held for months or even years. At a multi-year low, 1 dollar will buy 114.24 yen right now. And it could fall even further. Trade USD/JPY now Japanese elections Yesterday, Fumio Kishida’s Liberal Democratic Party won an outright electoral majority. The party secured 261 seats, 28 more than the 233 needed to govern without a coalition partner. Japan’s Nikkei 225 and TOPIX indices both rose over 2% today, as investors believe that the new Prime Minister can now push through his economic stimulus plans worth trillions of yen. Kishida is selling his economic policy as the ‘new capitalism,’ while its detractors on social media are likening it to China’s ‘common prosperity.’ One fierce critic, Rakuten’s CEO Hiroshi Mikitani, tweeted ‘Does he even understand how capitalism works?’ He was particularly unhappy with proposals to raise Capital Gains Tax (CGT) amid fears it would halt the rise of retail investors in the country. When Kishida took over as Prime Minister a few weeks ago, Japan’s stock markets fell sharply, forcing him to backtrack on his CGT policy. But with a fresh mandate, the plan could now resurface. Kishida believes a new economic policy is needed to distribute wealth more fairly in Japan. His predecessors, Yoshihide Suga and Shinzo Abe, pursued ‘Abenomics,’ which consisted of aggressive monetary easing, fiscal consolidation and growth. Overall, Abenomics was successful at growing Japan’s previously sluggish economy. The Nikkei 225 went from 10,000 yen in 2012 to 30,000 yen by February 2021. However, Kishida contends that Abenomics has only helped to make the rich richer. There’s some merit to this argument — according to the Organisation for Economic Co-operation and Development, average wages in Japan have stagnated compared to the US and Germany. And 10% of the 2,500 companies on the Tokyo stock exchange now have cash and deposits worth more than their market caps. Will the Japanese yen weaken even further against the US dollar? Trade 100+ FX pairs with the UK's No. 1 forex provider.* Enjoy fast execution and low spreads. We'll never fill your order at a worse price. Create an account with IG to start trading forex today. * By number of primary relationships with FX traders (Investment Trends UK Leveraged Trading Report released June 2020). Source: Bloomberg Monetary policy The Bank of Japan is sticking to an ultra-loose monetary policy. This sets it apart from almost every other central bank. In the US, it’s likely that the Federal Reserve will soon announce ‘tapering’ of its pandemic stimulus as well as interest rate rises next year. Athanasios Vamvakidis, head of G10 forex strategy at Bank of America said that ‘we have a real policy divergence here….the Fed might start hiking next year, while the Bank of Japan is stuck at zero.’ Meanwhile, the bank’s Governor Haruhiko Kuroda said that ‘The positive impact on exports and corporate profits at the overseas subsidiaries of Japanese companies far exceeds the negative impact of rising import costs…under the current economic and price conditions, the yen's weakening to this extent is no doubt a plus.’ And last week, he announced that the Bank would keep short-term interest rates at -0.1% and continue to buy exchange-traded funds with an upper purchase limit of 12 trillion yen. And Kishida’s plans for a new 10 trillion-yen university endowment fund could send the currency sinking even lower. Forex speculators would likely sell the currency as the newly created yen hits the international money markets. Moreover, Japan depends on imported energy, which is becoming ever more expensive. The country will have to spend increasingly more yen to acquire the oil and gas it needs, which will also harm the currency. So the yen could weaken even further in the short term. However, Japan is a low inflation country in a world where inflation is causing headaches everywhere else. Investors could come flooding back to the currency should there be another global financial crash. And it’s also possible that investors are overreacting to the new political situation. Charles Archer | Financial Writer, London 02 November 2021

Hi @Sartois, FMNB and CPSS are now on the platform. I will request Ipsidy Inc now. Thanks - Arvin

Hi @MACCA1442, if it's a new card, It is likely that the issue is linked to the 3D Secure check. When you try to deposit a pop-ip window should come up for your bank to verify and approve the transaction. Could you please check that your details are up to date as mismatching details (such as address) could cause the failure. Feel free to reach out to helpdesk.au@ig.com or use our live chat feature on the IG website for further assistance. All the best - Arvin

Hi @HiEverybody, Unfortunately, it is not possible to create a statement for a demo account. You can access the account history. I hope that it helps. All the best - Arvin

Hi @Pinkie, You can try download the Ipad app from the App store. And use the web browser on your computer. If you need further assistance, reach out to helpdesk.uk@ig.com. All the best - Arvin

Hi @BTD, We can offer Swedish exchange on leverage account. You can request stocks to be added on this thread : All the best - Arvin

Hi all, Thank you for raising this issue. Our IT team is aware and working on a solution at the moment. It should be resolved shortly. Thank you for your patience - Arvin

Hi @Patins, Unfortunately IG does not communicate with the ATO like a Superannuation fund would for example. A TFN is required as for AUS account as only Australian sole tax resident can open an account. All the best - Arvin

HI @Kudat, When engaging in leveraged margin trading, your equity is the total value of your open positions minus the total amount of debt used to open those positions. More details here. All the best - Arvin

Hi @Sartois, Farmers National Banc Corp was requested. Capstar Financial Holdings Inc is already on the platform. Consumer Portfolio Holdings Inc was requested. All the best - Arvin

Hi @Furlls, Marpai Inc has been added. All the best - Arvin

Hi Wulara, We are looking to add more cryptocurrencies on our platform. It is a work in progress and there are many stakeholders in play before we can be allowed to offer a product. Thank you - Arvin

Hi Andy, I have reach out to the relevant department. They are looking at including CGT statements for next year. But there is nothing guaranteed at this point. I believe we would get updates later in 2022. All the best - Arvin

Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 1st November 2021. These are projected dividends and likely to change. IG cannot be held responsible for any changes made. Dividends highlighted in red include a special dividend, therefore some or all of the amount will not be adjusted. Amount in brackets is the expected adjustment after special dividends excluded (where shown on major indices). Dividend adjustments due to be posted on a bank holiday will usually be posted on the previous working day. If you have any queries or questions on this please let us know in the comments section below. For further information regarding dividend adjustments, and how they affect your positions, please take a look at the video. NB: All dividend adjustments are forecasts and therefore speculative. A dividend adjustment is a cash neutral adjustment on your account. Special Dividends: Index Bloomberg Code Effective Date Summary Dividend Amount RTY MC US 11/05/2021 Special Div 2.5 RTY RILY US 11/08/2021 Special Div 3 RTY WINA US 11/09/2021 Special Div 7.5 RTY AMSF US 11/09/2021 Special Div 4 SPX ROL US 11/09/2021 Special Div 0.08 How do dividend adjustments work? 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.

Hi @Arthur79, It is likely that there was a consolidation on one of your stock. The book cost will be changed to zero if there has been a corporate action on your shareholding. You will need to edit your book cost by following the steps on the link below : https://www.ig.com/uk/help-and-support/investments/share-dealing-and-isas/how-do-i-edit-my-book-cost All the best - Arvin

Hi @Furlls, Your request has been submitted. All the best - Arvin

Hi All, After confirmation from the relevant department. For Scrip dividends IG will pay cash dividends. IG does not take Scrip elections as it does not have the facility to record this election for Tax purposes. All the best - Arvin

WHAT IS COP26 AND WHY DOES IT MATTER FOR MARKETS? Against the backdrop of rising energy prices leading to economic fallout for economies in Asia, Europe, and North America, COP26, a two-week event, is set to begin on October 31 in Glasgow, Scotland. The United Nations’ Conference of Parties (COP) was first held in 1995, and COP26 gets its name for this year’s meeting being the 26th iteration of such an event. History of global temperature change and causes of recent warming (Chart 1) Source: Climate Change 2021: The Physical Science Basis - Summary for Policymakers (IPCC) COP26, later this month and in early-November, will be an attempt to get countries on the path to fulfilling the goals laid out in the 2015 Paris Climate Agreement. The Paris accord outlined the goal of keeping the planet from warming by 2 degrees Celsius by the year 2100, and if possible, to stop warming at 1.5 degrees Celsius (relative to pre-industrial era readings). Per a report released this summer from the UN’s Intergovernmental Panel on Climate Change (IPCC), the planet has roughly ten years left to make significant cuts to emissions before the 1.5-degree Celsius threshold is reached, with the planet already having warmed by 1-1.2 degrees Celsius relative to the end of the 19th century. Assessed contributions to observed warming in 2010–2019 relative to 1850–1900 (Chart 2) Source: Climate Change 2021: The Physical Science Basis - Summary for Policymakers (IPCC) A sense of urgency underscores COP26, but the October/November summit – whose aim is effectively to curb use of fossil fuels like coal and oil – is arriving at the worst possible time thanks to a budding energy supply crisis gripping most of the globe’s major economies. WHY ARE ENERGY SUPPLY CONCERNS PROLIFERATING? To meet their obligations laid out in the Paris Climate Agreement, many of the world’s major economies – China, the UK, the US, among others – have attempted to scale back their use of coal and oil as primary energy sources. But with the coronavirus pandemic’s impact still being felt, supply chains have been in disarray. Just days ahead of COP26, China announced that they would begin to restart coal production in order to meet the country’s energy needs. Companies unable to secure raw materials in a timely manner as well as labor markets not recovering as quickly as anticipated have created job shortages in key areas like truck drivers, leaving energy supplies unable to be transported (Europe, the UK). Closures at ports have compounded the problem (the US). Trade tensions remain tense in some areas (Australia, China). Seasonally, with winter coming in the Northern Hemisphere, fears are that demand will continue to outstrip available energy supplies (fossil fuels or renewables) that could create a more significant economic issue over the coming months. HOW COULD COP26 EXACERBATE ENERGY SUPPLY ISSUES? It is no secret that the world’s major economies are doing a poor job at achieving the goals laid out in the 2015 Paris Climate Agreement. Recent attempts to do so – by cutting coal consumption, for example – have created a scarcity of available electricity, which has disrupted global manufacturing chains based out of Asia (China), contributing to the rise in inflation felt in North America and Europe. The goals outlined at COP26 over the coming weeks may be noble, but without available alternative energy sources – an abundance of renewables such as hydro, solar, and wind, as well as the typically controversial nuclear option – efforts to slow down and even reverse the planet’s warming may very-well provoke deeper problems for the world’s major economies in 4Q’21 and into 2022. WHAT ASSETS COULD BE IMPACTED BY COP26 EFFORTS? From a trader’s perspective, the goals outlined at COP26 could prove to have a long-term impact on various markets, especially commodities and currencies. A reduction in oil production, for example, without available alternative energy sources, could provoke significantly higher energy prices in the short-term as demand remains robust. Currencies whose economies are significant exporters of fossil fuels like the Australian Dollar, Canadian Dollar, and Norwegian Krone, could see increased speculation around potential for gains before the longer-term narrative of transitioning away from fossil fuels weighs on price action. Opportunity may continue to grow for those market participants that appear to be providing a solution to the problem, such as electrical vehicle companies like Tesla LONG-TERM TECHNICAL OUTLOOK FOR COP26-SENSITIVE ASSETS Oil and energy sit at the crossroads of geopolitics, largely because there are choices that can be made that can improve or diminish the supply/demand equilibrium of many of these markets. And while the various decisions around those choices may seem clear to you or I, messiness is a feature of democracy, not a bug, and this can often lead to an imbalance in policy from administration to administration. Messiness can set off a whole host of changes in the geopolitical picture. This is very evident in oil production, which still succumbs to the supply constraints of major producers such as OPEC-plus, Russia, Canada and more recently, the United States. As oil prices ran high in 2007 and 2008, the drive for US energy independence was high, and this led to significant investment in shale extraction which was previously thought of as impossible and/or far too costly. Shale extraction added significant supply to US oil potential but it also came with uncertain environmental consequences. The concern around those environmental consequences has had profound impact, with support driven towards companies like Tesla that are working on a future with less reliance on fossil fuels. CRUDE OIL But in crude oil, the move that showed this year has the power to continue and with oil prices hitting a fresh seven-year-high, and while overbought on a shorter-term basis, there is little standing in the way of a run up to the 90-handle. The 100 level is a major psychological level and this is the point where the politics of oil might find its way back into the headlines as a major inflection point: Whether or not that’ll induce price action remains another matter entirely. Crude Oil Monthly Price Chart (Chart 3) Chart prepared by James Stanley; Crude Oil on Tradingview NATURAL GAS Natural gas faces some of the same problems as oil: extraction is dirty and brings unknown environmental consequences, adding significant red tape for new projects and this, of course, constrains supplies. It is necessary, however, for residential and commercial heating and the world relies heavily on this resource during the frigid winter months. In Europe, there’s particular concern for this winter. Much of the continent’s natural gas supply comes from Russia or Norway, which makes them vulnerable to price changes and, of course, supply disruptions. The consequences of an adverse scenario are high, illustrated by the warning last month that UK supermarkets may face shortages of fresh food after a US fertilizer manufacturer suspended production due to rising gas prices. This cut off as much as 60% of Britain’s supply of carbon dioxide, which has a wide range of uses in the food chain. One look at the Natural Gas chart shows that there could be more room for this trend to run, as prices have simply pushed up for a test of the eight-year high, plotted at 6.493. October, thus far, has been a pullback; but support has showed up at a key spot, the 23.6% Fibonacci retracement of the 2005-2020 major move, which is confluent with the prior seven-year-high, plotted around the 4.824 area. Natural Gas Monthly Price Chart (Chart 4) Chart prepared by James Stanley; Natural Gas on Tradingview USD/CAD Given the heavy deposits of natural resources in Canada, the Canadian Dollar will often trade with a similar drive as crude oil, and at times that correlation can be profound with oil and CAD moving in tune with each other. If we are looking at crude oil making a run at the 90-handle, then there could be significant breakdown potential in USD/CAD, which had shown ahead of the 2021 open, and continued into June until support started to come into play around the 1.2000 handle. Along the way, the US Dollar caught a bid and extended that retracement into a fifth month until sellers came back with aggression. The next big spot of support is around that same 1.2000 handle, after which a break would amount to fresh six-year-lows in the pair. There could be even greater bearish potential beyond that price, with the area around 1.1500 presenting some interest for longer-term support. USD/CAD Monthly Price Chart (Chart 5) Chart prepared by James Stanley; USDCAD on Tradingview USD/NOK USD/NOK carries a similar outlay as USD/CAD, with a currency from an oil-rich nation could see significant strength should energy prices continue to rise. In USD/NOK, the technical outlook has been a bit more prone to recent trends, and at this point a bullish trendline continues to hold the low. This trendline is what came into play to cauterize support from April-June, with a morning star formation basing off that trendline projection. The bullish response that formation capped out at the 9.0000 handle, and price action has reverted for a trendline test. A breach of that three-year-low established in April, plotted around 8.1500, can open the door for a run down towards the Fibonacci level and prior support swing around 7.6887, and if that cannot hold, there is an air pocket all the way down to the 7.3123 level. USD/NOK Monthly Price Chart (Chart 6) Chart prepared by James Stanley; USDNOK on Tradingview TESLA: THE ULTIMATE PUMP Perhaps no corporation illustrates the world’s tolerance of crude oil like Tesla. The electric car manufacturer has no short of naysayers owed to exorbitant valuations and, let us call them unusual business practices. At this point, Tesla’s market cap is more than that of the nine largest auto manufacturers in the world – all nine. And Tesla currently makes up less than 1% of all auto sales so this is a glaring divergence that is caused many great fund managers to open short on Tesla only to get burned because the price just continually moved higher. At the core of this push is the green movement, with government subsidies continuing to support Tesla’s business model by incentivizing consumers to buy their product. In many ways, Tesla has profoundly changed the industry, but competition was not ready to wait around and watch their share go up in fumes. Instead, we have seen these established auto manufacturers incorporate more of a green model, and in many cases these manufacturers already have established sales and distribution systems. Tesla was a very volatile stock before Covid, but it became an entirely new animal after the pandemic, with TSLA jumping by more than 1,100% from the March 2020 low up to the January 2021 high. Rightfully, after such a run, the stock then put in a pullback, retracing until support began to form around the 38.2% retracement of that major move. Tesla Daily Price Chart (Chart 7) Chart prepared by James Stanley; TSLA on Tradingview But, as oil prices started to break through those key resistance areas around 65 and then 70, Tesla caught a significant bid that continues to hold, with the stock now re-approaching the 900-level which currently marks the all-time-high for TSLA. From an investment standpoint, getting long here could be challenging, particularly on a long-term basis given those extreme valuations. But, on a short-term basis and as indicated by the below chart, TSLA continues to bring the volatility. For traders focusing on volatility, a continued push towards green initiatives can keep TSLA on the move over the coming weeks and months. James Stanley and Christopher Vecchio, CFA, Senior Strategists 29 October 2021 DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. DISCLOSURES

AMAZON, APPLE, EARNINGS, NASDAQ – TALKING POINTS Amazon stock falls after-hours on earnings miss, disappointing guidance Apple misses on revenue, stock price sinks after the New York closing bell AMAZON THIRD-QUARTER EARNINGS Amazon’s stock price dropped in after-hours trading following a disappointing third-quarter earnings release. The e-commerce company reported earnings per share of $6.12 versus an expected $8.92. Revenue also came in under expectations at $110.81 billion. That was Slightly less than the $111.6 billion Wall Street expected. Traders sold the stock on the disappointing numbers, as well as less than rosy fourth-quarter guidance. Amazon stock traded as low as 4% shortly following the earnings data. The downbeat Q4 guidance is a result of higher forecasted labor costs, supply chain issues, and higher shipping costs. The headwinds are a result of Covid-induced issues as global supply struggles to keep up with demand. One bright spot is a 39% year-over-year increase in Amazon Web services revenue. That follows a 37% y/y gain in the prior quarter. AMAZON 5-MINUTE CHART Chart created with TradingView APPLE FOURTH-QUARTER EARNINGS Apple reported its fourth-quarter figures shortly after Amazon, but the iPhone company also reported lackluster numbers. Q4 earnings per share crossed the wires at $1.24, which was in line with Wall Street expectations. However, revenue missed the expected $84.69 billion mark at $83.36 billion. The stock traded down by nearly 5% in after-hours trading. However, sales from the new iPhone 13 started just days before Apple’s quarter-end cutoff. Investors will be keen to hear any commentary during the company’s conference call, where executives are likely to be pressed over supply chain issues. Apple hasn’t offered guidance since the pandemic started, which leaves analysts to come up with their own predictions. APPLE 5-MINUTE CHART Chart created with TradingView Thomas Westwater, Analyst for DailyFX.com 29 October 2021 DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. DISCLOSURES

Uber Technologies results expected to show a smaller loss and move closer towards profitability. Source: Bloomberg Shares Uber Earnings before interest, taxes, depreciation and amortization Market trend Price Profit When are the Uber results? Uber Technologies, the company that connects consumers with of ride services, merchants and food delivery services as well as public transportation networks is set to report thitd quarter (Q3) 2021 earnings on 4 November 2021. What ‘the Street’ expects from Uber Q3 2021 results? In Uber’s preceding quarterly results (Q2 2021) the group has guided that it expects to reach adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) profitability by Q4 2021, and is expecting the current reporting quarter to reflect an EBITDA loss of less than $100 million. The current reporting quarter (Q3 2021) will have investors looking at the groups progress towards achieving profitability. Consensus estimates show ‘The Street’ to be more optimistic than Uber in terms of expecting an EBITDA loss of less than $50 million (Uber’s guidance less than $100 million EBITDA loss). A consensus of estimates from Refinitiv data for the upcoming Q3 2021 Uber results arrive at the following: Revenue for the quarter of $4.421 million (+42.1%) EBITDA loss of $47.86 million (+92.34%) Earnings per share (EPS) for the quarter of -$0.34 (+45.94%) How to trade Uber results In terms of an institutional view, as of 20 October 2021, a Refinitiv poll of 48 analysts have an average rating of ‘buy’ for Uber, with a long-term price target (mean) of $67.15. Source: Refinitiv In terms of a retail trading view, as of 27 October 2021, IG Client Sentiment data shows 93% of IG clients with open positions expect the price to rise in the short term, while 7% expect the price to fall in the near term. Source: IG Source: IG charts The share price of Uber currently trades within a short term range between levels 44.20 (support) and 48.45 (resistance). The longer term trend bias remains sideways as well. Bullish trade scenario Traders looking for long entry might prefer to see either a bullish price reversal closer to support (44.40) or an upside breakout of the 48.45 level (confirmed with a close above). In the event of an upside breakout, 52.00 becomes the initial upside target from the move. Bearish trade scenario Traders looking for short entry might prefer to see either a bearish price reversal closer to resistance (48.45) or a downside breakout of the 44.20 level (confirmed with a close below). In the event of a downside breakout, 39.80 becomes the initial downside target from the move. Summary Q3 2021 results are scheduled for release on 4 November 2021 Market participants will be looking for earnings to reflect an improving loss making scenario and a move closer towards profitability in the Q4 2021 Revenue for the quarter of $4.421 million is expected by ‘The Street’ A loss per share for the quarter of $0.34 is expected by ‘The Street’ The average long term broker rating for Uber is ‘buy’ The majority of IG clients with open positions on Uber expect the price to rise in the near term The share price remains rangebound in the short and long term Shaun Murison | Senior Market Analyst, Johannesburg 29 October 2021

Hi @BTD, Please send your requested statement to helpdesk.uk@ig.com with your account details. If possible the team will come back to your with the required document. All the best - Arvin

The ECB have remained steadfast in their view that inflation is ‘transitory’, but will the bank remain an outlier with their patient approach to elevated inflation? Source: Bloomberg Forex European Central Bank Eurozone Euro Central bank EUR/GBP ECB meeting: the basics The forthcoming European Central Bank (ECB) meeting will take place on Thursday 28 October 2021. The initial monetary policy decision will be announced at 12.45pm BST, with the press conference getting underway at 1.30 pm. Will the ECB continue to tow a dovish line despite rising inflation? The past six months has seen inflation soar throughout the globe, with central banks showing varying degrees of anxiety over that seemingly incessant rise in the prices. In Europe, we are seeing a notable divergence in outlook, with the Bank of England preparing to raise rates, while the ECB has reiterated their belief that this period of above-target inflation is transitory. Nonetheless, EUR/GBP has certainly been under pressure as traders consider the widening gap that could develop between UK and eurozone rates. The chart below highlights how eurozone and UK inflation has been relatively similar for the most part, with US prices providing the outlier at an impressive 5.4%. Source: Refinitiv Datastream Interestingly, this is isn’t expected to go anywhere according to eurozone households, with one-year inflation expectations at the highest level in almost a decade. Source: Refinitiv Datastream Crucially, core inflation does still remain below the 2% target (1.9%), providing some support for Lagarde to reiterate the official line that pricing pressures are should not necessarily bring about a tightening phase right now. Instead, it is clear that much of the growth in pricing revolves around energy costs, which are largely out of the control of the ECB. Source: Refinitiv Datastream From an economic perspective, we have seen a significant rise in pressures for the manufacturing sector. Rising input prices, delivery delays, and hiring issues have brought expectations that we could see the sector under pressure in the months ahead. From a full purchasing managers index (PMI) perspective, we can see those problems in the manufacturing sector dragging the composite reading lower. This image also highlights how growth is likely to take a hit if we continue to see weakness in the figures for the coming months. Source: IHS Markit, Eurostat What to expect from the ECB December sees new inflation and growth forecasts, meaning that there is a good chance we will see the ECB hold off on a decision to extend the Pandemic Emergency Purchase Programme(PEPP) until they get greater clarity on that front. There is an argument that the central bank could trim back their asset purchase programme in response to above-target inflation. However, the fact is that the pressure on manufacturing coupled with the negative effects of rising fuel prices could quell the desire to pull back too soon. With that in mind, traders should keep a keen eye out for discussions over whether to extend the PEPP beyond March 2022, and how to trim down the asset purchases as the economy shows signs of improvements. While many central banks are looking to tighten monetary policy, there is a good chance that the ECB implements a third asset purchase programme to ensure they remain accommodative. EUR/GBP expected to remain under pressure EUR/GBP has been on the back foot over the course of the past month, with expectations of a BoE rate risk coming in start contrast to predictions that such a move could come in late-2023 for the ECB. A hawkish tilt from the ECB could help alleviate that downward pressure. However, a decision to maintain the dovish stance with a confidence behind the ‘transitory’ inflation message could drive another move lower for the pair. The four-hour chart highlights how the pair is on the rise towards the meeting. A break-up through the £0.8476 swing low signals the potential for a wider upward retracement for the pair. Until that level is broken, the short-term move higher looks like another potential retracement set within a downtrend. Source: ProRealTime Joshua Mahony | Senior Market Analyst, London 28 October 2021