---
title: "SP Angel – Today’s Market View, Friday 6th November 2026"
publisher: "Share Talk"
author: "sharetalk"
published: "2026-11-06T11:23:49+00:00"
modified: "2026-11-06T18:59:40+00:00"
date: 2026-11-06
canonical: "https://www.share-talk.com/sp-angel-todays-market-view-friday-6th-november-2026/"
category: "SP Angel"
categories: ["SP Angel"]
tags: ["base metals", "battery", "china", "company news", "COPPER", "currencies", "Dow Jones Industrials", "ENERGY", "FRANCE", "GERMANY", "Gold", "gold prices", "HK Hang Seng", "Nikkei 225", "Rio Tinto", "Russia", "Shanghai Composite", "silver", "SP Angel", "Ukraine"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/11/sp-angel-header-750x406-1.png?fit=750%2C406&quality=80&ssl=1"
format: "news"
language: "en-GB"
---

# SP Angel – Today’s Market View, Friday 6th November 2026

**Published:** November 6, 2026
**Author:** sharetalk
**Categories:** SP Angel
**Tags:** base metals, battery, china, company news, COPPER, currencies, Dow Jones Industrials, ENERGY, FRANCE, GERMANY, Gold, gold prices, HK Hang Seng, Nikkei 225, Rio Tinto, Russia, Shanghai Composite, silver, SP Angel, Ukraine
**Featured image:** ![spangel](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/11/sp-angel-header-750x406-1.png?fit=750%2C406&quality=80&ssl=1)

---

**Gold falls on margin calls despite strong run ahead of midterm elections**

**Copper slides to a three-month low as the US price premium evaporates**

**MiFID II exempt information – see disclaimer below**

**Atlantic Lithium* (ALL LN) – Scheme Booklet registered, meeting set for 14 December**

**MP Materials (MP US) – Net loss narrows on higher NdPr pricing and volumes with GM magnets sales eyed for 4Q26**

**Savannah Resources* (SAV LN) – BUY, Target 16.5p – RECAPE submitted with decision targeted January 2027**

**Strategic Minerals* (SML LN) – Drilling report from Redmoor**

**Gold (US$4,073/oz) – falls on margin calls despite strong run ahead of midterm elections**

- Gold pulled back this morning but still holds a weekly gain of ~5% despite margin calls to cover losses in equities.

- The rout in technology stocks has pushed Treasury yields to their lowest since early September.

- Investors are looking for the new Democrat Congress to push to end the Iran war.

**Copper – slides to a three-month low as the US price premium evaporates**

- Comex over LME premium falls to zero on lower Tarriff threat, though Trump has an active Section 232 investigation on copper imports

- The Democrat sweep has knocked out both of copper’s supports: the AI buildout and the tariff trade.

- Trump retains the executive authority to modify or expand Tariffs despite the Democrats taking over Congress

- If Washington confirms there will be no tariffs, some of the physical copper now stored in the US could flow onto the LME.

- On the supply side, sulphuric acid has fallen to ~¥1,484/t from a July peak of ¥2,107 (Zhuochuang).

- Acid sales enabled Chinese smelters to survive despite negative Tc/Rcs ‘treatment & refining’ charges for almost two years.

- Tc/Rcs hit a record negative of -US$246.40/t on 30 October (Argus).

- Smelters are extending maintenance shutdowns as acid prices fall reducing available physical copper in the Chinese market.

**Sentiment towards datacentre rollout hits metals as the Democrats gain control of US Senate and House**

- Investors see the dramatic swing towards the Democrats as slowing down the rollout of datacentres across the US.

- The new Democratic Governor in Texas has already called for an immediate moratorium on datacentre projects.

- If other Democrat Senators / Representatives call for more moratoriums on datacentres then Tech stocks may continue to fall.

- Historically, both parties have voted together to support the US economy, but this may well change under the Trump’s combative presidency.

- The Democrats will likely insist on greater regulation on AI and may delay datacentre construction, whereas Trump is against regulation and delays.

- The development of AI looks increasingly like an arms race between the US and China Inc. indicating the US may have to relax guardrails to keep up

**Senate and House midterm results so far:**

- Democrat: 54 and 253

- Republican: 44 and 157

- The new Congress convenes early Jan ’27 leaving the way open for Trump to continue to enact his policies

- Asian equities saw heavy losses:

South Korean Kospi limit down at 4,923 in early trade recovering to just 6% down

- Nikkei 225 fell -6% to 57,435

- US dollar index is higher at 101.87 vs 101.43 yesterday

Nasdaq futures recovered 800pts this morning after the Nasdaq composite dropped 5.5% on Thursday

**Nickel – jumps 3.8% as Indonesia’s forest enforcement raises supply concerns**

- Nickel climbed 3.8% to close at $16,375/t on Thursday, it’s highest since 25 September.

- Indonesia’s forest task force has moved against companies accused of operating illegally in forest areas.

- Local media says these companies contribute a large share of Indonesia’s trade in nickel ores.

- The action lands as Jakarta prepares to set the 2027 ore quota.

**Tin – falls 3.2% on AI spending concerns despite tight and tightening physical market**

- LME tin fell 3.23% ($1,516/t) to $45,479/t yesterday with SHFE falling 2.96% to 343,040 yuan/t.

- Concerns over AI capital spending drove the fall, with prices dipping toward 337,000 yuan/t before recovering.

- LME inventory fell a further 55t to 3,885t, SHFE warrants fell 173t to 1,574t and Chinese social stocks of 6,342t all sit near multi-year lows.

- LME spot prices remain in backwardation, with cash at a $117.29/t premium to three-month.

- Chinese refined output fell 46.5% in October to 8,615t, with tin smelters operating at a record low rate of just 26.92% due to a shortage of concentrates.

- Production resumptions in Myanmar’s Wa State remain at 40-50%, with Indonesia’s September ingot exports down 17.36%.

**Brazil – The government names rare earths, copper and lithium top priority critical minerals wit iron ore ranked lower**

- Brazil approved its first list of 27 critical and strategic minerals at the inaugural CIMCE (National Council for Industrialization of Critical and Strategic Minerals) council meeting.

- High-priority minerals get preferential access to financing.

- High-priority minerals also face tighter scrutiny of ownership transfers and offtake deals.

- The bill was reportedly partly driven as a response to the USA Rare Earhts’ acquisition of Serra Verde, Brazil’s only rare earth producer.

- Brazil holds the second-largest rare earth reserves after China but accounts for less than 1% of global supply, and has the world’s largest niobium reserves.

|   |   |   |   |   |
| --- | --- | --- | --- | --- |
| **Dow Jones Industrials** |  | **-3.44%** | **at** | **51,523** |
| **Nikkei 225** |  | **-5.96%** | **at** | **57,435** |
| **HK Hang Seng** |  | **-1.27%** | **at** | **24,482** |
| **Shanghai Composite** |  | **-1.10%** | **at** | **3,649** |
| **US 10 Year Yield (bp change)** |  | **-0.4** | **at** | **4.83** |

**Currencies**

**US$1.1185/eur vs 1.1241/eur previous. Yen 158.06/$ vs 158.23/$. SAr 16.499/$ vs 16.356/$. $1.340/gbp vs $1.348/gbp. 0.688/aud vs 0.702/aud.  CNY 6.670/$ vs 6.670/$.**

**Dollar Index 101.87 vs 101.43 previous.**

**Economics**

**AI sell off wipes US$3tn off S&P with Nasdaq reporting the worst single day since March 2020.**

- S&P and Nasdaq closed 4.4% and 5.5% down on Thursday.

- Volatility index futures (VIX) humped to over 25, up from ~18 the previous day, the highest since the onset of the US/Iran war in March.

- The move was triggered by concerns over newly elected Democratic majority to stall the roll out of data centres.

- About 40% of pending US capacity is located in states whose new governors pledge to pause construction.

- The move was exacerbated by the unwinding of leveraged bets on the sector.

- US rates pulled back (-5bp 10y) on demand for safe haven assets.

- Bitcoin dropped 5.5% to ~$76,000.

**Brent claimed back some of its post midterm results’ losses trading at ~$98/bbl as Iran stressed any potential deal would require concessions from the US**

- Tehran passed the US its nuclear proposal via Qatar that is to be discussed only after Washington meets seven points demand list.

- Iran has demanded the lifting of US sanctions, the release of frozen Iranian assets and war ​reparations, among other ​conditions.

**US – NFPs out later today with estimates for hiring to have accelerated from October lows**

- November NPFS estimated at 70k (Oct: 29k).

- Earnings mom/yoy at 0.3/2.9 (Oct: 0.1/3.0).

- Unemployment rate 4.2% (Oct: 4.2%).

**Canada – Exploration tax credits extended to 2032, antimony added**

- Canada will extend its 15% and 30% mineral exploration tax credits to March 2032.

- Both were due to expire next March, and the extension is worth ~C$956m over five years.

- Antimony joins the 30% credit for agreements signed after 5 November.

**Paraguay – President Santiago Peña resigns following sudden collapse of Ueno online bank**

- The collapse has left nearly half the population unable to withdraw their savings.

- At least one effigy of the president was burned on the streets of the capital Asunción

- The Paraguay central bank has announced repayments for savers of Ueno starting at 10m guaraníes (~US$1,700).

- Paraguay’s deposit guarantee fund covers up to 75 monthly minimum wages or 228.3m guaraníes (~US$38,900) per saver at each institution.

|   |   |   |   |   |
| --- | --- | --- | --- | --- |
| **PMIs** | **Services** |  | **Composite** |  |
|  | **October** | Sept | **October** | Sept |
| ** ** | ** ** |  | ** ** |  |
| **JPM Global** | **    53.2** | 54.5 |        **53.2** | 54.3 |
| **US – ISM** | **54.5** | 54.9 | **–** |  |
| **US–S&P** | **56.1** | 58.8 | **55.9** | 58.4 |
| ** ** | ** ** |  | ** ** |  |
| **China Official** | **49.7** | 50.2 | **49.7** | 50.7 |
| **China – Red Dog** | **50.8** | 51.6 | **52.0** | 52.4 |
| **Japan** | **51.7** | 51.3 | **52.1** | 52.3 |
| ** ** | ** ** |  | ** ** |  |
| **EU** | **51.4** | 53.0 | **51.7** | 53.0 |
| **Germany** | **52.5** | 52.9 | **53.4** | 53.8 |
| **France** | **46.2** | 51.2 | **46.6** | 51.1 |
| **Italy** | **52.0** | 51.7 | **50.8** | 51.1 |
| **Spain** | **57.2** | 56.8 | **56.2** | 56.8 |
| **UK** | **52.8** | 52.1 | **52.9** | 52.0 |
| ** ** | ** ** |  | ** ** |  |
| **India** | **55.8** | 55.2 | **       56.2** | 55.9 |
| **Brazil** | **44.5** | 49.2 | **44.4** | 47.4 |
| ** ** | ** ** |  | ** ** |  |

**Precious metals:**

**Gold US$4,069/oz vs US$4,127/oz previous**

**Gold ETFs 100.9moz vs 100.8moz previous**

**Platinum US$1,536/oz vs US$1,520/oz previous**

**Palladium US$1,033/oz vs US$1,027/oz previous**

**Silver US$52.2/oz vs US$52.8/oz previous**

**Silver ETFs 815.8moz vs 815.8moz previous**

**Rhodium US$9,125/oz vs US$9,125/oz previous****     **

**Base metals:   **

**Copper US$13,739/t vs US$14,025/t previous**

**Aluminium US$3,051/t vs US$3,083/t previous**

**Nickel US$16,320/t vs US$16,115/t previous**

**Zinc US$3,749/t vs US$3,837/t previous**

**Lead US$1,886/t vs US$1,899/t previous**

**Tin US$45,850/t vs US$47,370/t previous**

**Energy:           **

**Oil US$97.5/bbl vs US$95.4/bbl previous**

- Crude oil prices have stabilised below $100/bbl this week as Iran has reportedly been reviewing peace proposals submitted by mediators that could lead to the end of the conflict and reopening of the Strait of Hormuz.

- US Henry Hub natural gas prices edged higher as the EIA reported a 77bcf w/w storage build to 3,801bcf, with US inventories 3% lower y/y and 1% above the five-year average, as LNG export capacity rose 2bcf to 144bcf (~20.6bcf/d).

**Natural Gas €87.7/MWh vs €86.6/MWh previous**

**Uranium Futures $91.8/lb vs $91.7/lb previous****  **

**Bulk:   **

**Iron Ore 62% Fe Spot (Singapore) US$93.1/t vs US$93.0/t**

**Chinese steel rebar 25mm US$480.1/t vs US$480.2/t**

**HCC FOB Australia US$260.0/t vs US$260.5/t**

**Thermal coal swap Australia FOB US$143.3/t vs US$143.5/t****     **

**Other:  **

**Cobalt LME 3m US$33,525/t vs US$33,525/t**

**NdPr Rare Earth Oxide (China) US$106,743/t vs US$105,246/t**

**Lithium Carbonate 99% (China) US$13,568/t vs US$13,418/t**

**China Spodumene Li2O 6%min CIF US$1,240/t vs US$1,240/t**

**Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t**

**Tungsten APT (China) 88.5% FOB US$1,835/mtu vs US$1,835/mtu**

**Tungsten APT (Europe) 88.5% Rotterdam US$2,775/mtu vs US$2,775/mtu**

**China Tantalum Concentrate 30% CIF US$239/lb vs US$239/mtu**

**China Graphite Flake -194 FOB US$410/t vs US$410/t**

**Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb**

**Europe Ferro-Vanadium 80% US$25.4/kg vs US$25.6/kg**

**China Ilmenite Concentrate TiO2 US$176/t vs US$176/t**

**US Titanium Dioxide TiO2 >98% US$2,917/t vs US$2,917/t**

**China Rutile Concentrate 95% TiO2 US$1,177/t vs US$1,177/t**

**Brazil Potash CFR Granular Spot US$357.5/t vs US$357.5/t**

**Germanium China 99.99% US$4,605.0/kg vs US$4,555.0/kg**

**China Gallium 99.99% US$460.0/kg vs US$460.0/kg**

**Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb**

**EV & Battery news****:**

**Company news****:**

|   |   |   |   |   |   |
| --- | --- | --- | --- | --- | --- |
|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |
| **BHP** | -2.3% | 0.1% | **Freeport-McMoRan** | -7.5% | -12.5% |
| **Rio Tinto** | -1.9% | 1.0% | **Vale** | 0.2% | 2.4% |
| **Glencore** | -2.4% | -6.7% | **Newmont Mining** | 1.4% | 7.1% |
| **Anglo American** | -1.2% | -1.2% | **Fortescue** | -2.0% | 6.4% |
| **Antofagasta** | -2.4% | -2.5% | **Teck Resources** | -7.1% | -6.0% |

**Atlantic Lithium* (ALL LN) 16.7p, Mkt Cap £134m – Scheme Booklet registered, meeting set for 14 December**

*(Atlantic Lithium is targeting the delivery of Ghana’s first lithium mine, under a proposed acquisition by Zhejiang Huayou Cobalt)*

- Atlantic Lithium report registration of the Scheme Booklet with ASIC.

- Timetable:

Booklet dispatched to shareholders by 12 November.

- Scheme Meeting on 14 December, 7:00am London time.

The Independent Expert (BDO) finds the Scheme fair and reasonable.
The Board continues to recommend the Scheme unanimously.
Each director intends to vote their own shares in favour.

**Conclusion:** The Booklet and a favourable Independent Expert’s Report clear the way for the 14 December vote. Focus moves to the meeting and implementation thereafter.

**SP Angel acts as Nomad and broker to Atlantic Lithium*

**MP Materials (MP US) US$34, Mkt Cap US$6.0bn – Net loss narrows on higher NdPr pricing and volumes with GM magnets sales eyed for 4Q26**

- MP Materials reported 3Q26 results for its integrated US rare earth mining, processing and magnet manufacturing operations.

- Consolidated

3Q26 Revenue $148m (+176% yoy)

- Price protection agreement (PPA) income covering price floors for separated NdPr was $8m (3Q25: –)

- Adjusted EBITDA $41m (3Q25: -$13m)

- Net Loss -$21m (3Q25: -$42m)

Materials Segment

- Revenue $134m (+322%)

- Adjusted EBITDA $48m (3Q25: -$15m)

- NdPr oxide and metal revenue $101m (+227%)

- Other revenue $33m, including a one-off $31.6m SEG+ sale to a US aerospace and defence customer

- REO concentrate production 12.9kt (-3%)

- Separated NdPr production 1.0kt (+41%)

- Separated NdPr sales 1.0kt (+94%)

- Implied separated NdPr realised price ~$99/kg (3Q25: $59/kg); ~$107/kg including PPA

Magnetics Segment

- Revenue $19m (-15%)

- Adjusted EBITDA $5m (3Q25: $9m)

Consolidated 9M26

- Revenue $347m (9M25: $172m)

- PPA income $68m (9M25: –)

- Adjusted EBITDA $106m (9M25: -$28m)

- Net Loss -$49m (9M25: -$95m)

- FCF -$428m (9M25: -$219m) including 9M26 capex of $420m (9M25: $110m) as downstream expansion continues.

GM magnet qualification is complete, with saleable deliveries and revenue starting in Q4.
The company had $1.3bn in cash and short-term investments (Dec25: $1.8bn) with ~$0.9bn of debt (Dec25: .$1.0bn).

**Savannah Resources* (SAV LN) 4.7p, Mkt Cap £137m – RECAPE submitted with decision targeted January 2027**

**BUY – 16.5p**

- Savannah submitted the RECAPE (Environmental Compliance Report of the Execution Project) for the Barroso Lithium Project to the Portuguese environment agency (APA).

- The RECAPE is the final stage of environmental licensing before construction.

- APA will check that the final design complies with the conditions attached to the positive DIA decision in May 2023.

- After APA accepts the submission and Savannah pays the review fee (expected within days), the Evaluation Committee has up to 50 working days to issue its decision.

- The period includes a 15 working day public consultation.

- The company expects the decision (DCAPE) before end-January 2027.

- A compliant DCAPE triggers the final Environmental Licence.

- The license is valid for four years and can be extended for an equal period if required.

- The decision does not cover the C-190 (Aldeia) concession, which will need a separate environmental licensing process.

**Conclusion:** The RECAPE submission marks a major development milestone and starts the final environmental review, with a decision expected by end-January 2027. We see this as one of the key de-risking events for the Company, that once permits are secured would allow the management to finalise project funding, progress to FID and, ultimately, start of construction. In the meantime, the team continues to advance offtake discussions, which should provide further comfort to prospective lenders.

**SP Angel acts as Nomad and Broker to Savannah Resources*

**Strategic Minerals* (SML LN) 4.9p, Mkt Cap £136m – Drilling report from Redmoor**

- Strategic Minerals has issued a progress report on its 22,500m infill resources drilling campaign at the Redmoor tungsten/copper/tin project in Cornwall.

- The company has now completed 13 holes totalling over 7,500m, in 9 holes of the planned 42 resource holes including 2 holes drilled *“**as part of the planned metallurgical test work and subsequent studies toward publishing a new MRE**”*.

- Samples from drillholes CRD-045, 046, 048 and 053 *“**have been sent to the external laboratory for analysis – all are currently in process, with a further 155 samples from CRD054 dispatched and in transit to the laboratory”*.

- The success of the drilling programme which is *“**on time *… [and] …  *within budget* … [is illustrated by the company’s comment that all] … *completed drillholes have intersected the SVS mineralised system and structures where expected, and produced visibly identifiable **wolframite (tungsten), chalcopyrite (copper) and cassiterite (tin) mineralisation, as visually logged and identified by CRL geologists”*.

- Today’s announcement confirms that CRD-054 *“**intersected Sheeted Vein System (SVS) veining and mineralisation within the underlying granite body for the first time, downdip of the currently modelled SVS high-grade domains *… [and that if similar intersections are] … *identified in subsequent drilling and supported by assay results, this could warrant further investigation of the resource potential”.*

- The company explains that 7 holes were completed by rig 1 drilling from Pad 4 with a further 3 holes completed by rig 2 from Pad 1 and 3 more holes drilled by rig 3 from drill pad 5.

- Cornwall Resources’ Exploration Manager, Rowan Thorne, confirmed that the drillholes *“**completed to date have all achieved their planned aims, intersecting the Sheet Vein System (“SVS”), and its modelled high-grade zones … *[and that the]* … drilling continues to identify additional mineralisation potential at Redmoor, with evidence that mineralisation may extend beyond the limits of the current geological model”.*

- Commenting on the significance of the granite hosted mineralisation encountered in hole CRD-054, Mr. Thorne said that if *“similar intersections … *[are]* … identified in subsequent drilling and supported by assay results, this could warrant further investigation of the resource potential within the underlying granite”.*

**Conclusion:** Drilling at Redmoor is around ⅓ complete with ~7,500m drilled to date and the targeted mineralisation intersected, where expected from the company’s geological modelling. Although assay results have not yet been received for the recent drillholes, the intersection of mineralisation within the underlying granite may offer potential for resource expansion beneath the current 17.4mt ‘Inferred’ resource which is hosted in Devonian age metasediments lying above the granite.

**SP Angel acts as Nomad and broker to Strategic Minerals*

**SP Angel – No.1 for Precious Metals: ****LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026**

**No.1 for Precious Metals: ****Q1 2026**

**No.1 for Precious Metals: ****CY 2025**

**No.1 in Precious Metals: ****Q1 2025**

**No.1 in Precious Metals: ****CY 2024**

**No.2 in Base Metals: ****CY 2024**

**Analysts**

**John Meyer –**[John.Meyer@spangel.co.uk](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490**

**Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** – 0203 470 0484**

**Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474**

**Sales**

**Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472**

**Abigail Wayne –**[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** – 0203 470 0534**

**Rob Rees –**[Rob.Rees@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk)[ ](mailto:Rob.Rees@spangel.co.uk)**– 0203 470 0535**

**Grant Barker ****– ****Grant.Barker**[@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk%20-)[ ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0471**

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide *(joint brokerships excluded)*

**+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.**

|   |   |
| --- | --- |
| Sources of commodity prices |  |
| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |
| Gold ETFs, Steel | Bloomberg |
| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |
| Oil Brent | ICE |
| Natural Gas, Uranium, Iron Ore | NYMEX |
| Thermal Coal | Bloomberg OTC Composite |
| Coking Coal | SSY |
| RRE | Steelhome |

-

|   |   |
| --- | --- |
| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |
|  |  |

**DISCLAIMER**

This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

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Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

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SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here [http://www.spangel.co.uk/legal-and-regulatory-notices.html](https://spangel.email.streetcontxt.net/platform/al?a=14372089&ad=5131152116&h=HIB4kp7&sig=8Aa3nzQsM8i9ELGs1y84HpbztE7&v=2&url=http://www.spangel.co.uk/legal-and-regulatory-notices.html). If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins ([tim.jenkins@spangel.co.uk](mailto:tim.jenkins@spangel.co.uk)).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange

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**Original URL:** https://www.share-talk.com/sp-angel-todays-market-view-friday-6th-november-2026/
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