--- title: "SP Angel – Today’s Market View, Wednesday 11th November 2026" publisher: "Share Talk" author: "sharetalk" published: "2026-11-11T11:27:59+00:00" modified: "2026-11-11T11:27:59+00:00" date: 2026-11-11 canonical: "https://www.share-talk.com/sp-angel-todays-market-view-wednesday-11th-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, Wednesday 11th November 2026 **Published:** November 11, 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) --- **Higher than expected CPI lifts US$ weighing on the gold price** **MiFID II exempt information – see disclaimer below** **East Star Resources (EST LN) – Progress of JV copper exploration projects in Kazakhstan** **Fulcrum Metals (FMET LN) – Rubidium, strontium and scandium recovered from Teck-Hughes tailings** **Guardian Metal Resources (GMET LN) – Plans to spin out non-tungsten assets** **New Frontier Minerals***** (NFM LN) – Rock chips extend the Big One copper structure 400m southwest** **PMET Resources (PMET CN) – Updated CV5 FS adds tantalum circuit with underground operation brought forward** **Q2 Metals (QTWO CN) – Cisco PEA outlines 1.7mtpa SC5.5 on course for one of the largest potential spodumene operation globally** **Gold (US$4,057/oz) drops on hot US inflation data** - Hotter US inflation sent Treasury yields and the dollar higher. - Markets fully expect a quarter-point Fed rate hike in December. - Fed officials turned hawkish, calling the data concerning and pushing for sharper rate increases. - Gold remains >$4,000, supported by haven demand and central bank purchases. **Barrick files for a New York IPO of its North American gold assets** - Barrick filed to list American Barrick Gold Corp., which holds its Nevada and Dominican Republic assets. - It plans to sell a 10–15% stake while keeping voting control and returning cash to shareholders. - The new company targets an annual dividend of $1.25 billion. - The filing omits the Toronto secondary listing mentioned in April, and major shareholders oppose the spinoff. **Copper (US$13,840/t) – China’s squeeze forces fabricators onto hand-to-mouth buying** - Record-high domestic premiums are forcing Chinese manufacturers to buy raw copper only when they have solid orders. - They pay upfront for cathode and sell on credit, which squeezes working capital. - Solar producers are testing copper-clad aluminium wire as a cheaper substitute. - That has not scaled up, with no national standard for the product. **Rare Earths – Myanmar pushes the US to invest in heavy rare earths it does not control** - The US State Department unveiled a plan to gain access to Myanmar’s heavy rare earth reserves. - Washington is aiming for at least three investment deals worth over $5 million each. - Most of Myanmar’s heavy rare earths currently go to China for magnet production. - Key mining sites are controlled by a rebel group backed by Beijing. **Lithium – India’s NMDC linked to Russian lithium talks** - Reports indicate state-owned NMDC held initial talks to invest in Rosatom’s Russian lithium projects. - Rosatom denies being in talks with NMDC. NMDC declined to comment. - Russia has no commercial lithium output. - Polar Lithium, a Rosatom and Nornickel joint venture holding Russia’s largest deposit, is due by 2030. - The US sanctioned this project early last year. - India approved a $297 million incentive program to develop its own domestic lithium processing. **Serbia’s incoming Student List plans to halt Zijin’s US$1.2bn mine expansion** - The student-led bloc, poised to form the next government, wants Zijin’s eastern Serbia copper-gold-silver expansion suspended on environmental grounds. - The plan would boost output at Borska Reka, add a flotation plant, extend mine life by 22 years and relocate 290 homes. - The Student List says Zijin’s Serbian operations have already done “devastating” damage to the environment, rights and property. **Risk sentiment gets a boost following better than expected CoreWeave results** - Nasdaq futures rose 1.6% and S&P futures 0.7%. - CoreWeave is up ~13% pre market after beating 3Q and raising guidance, lifting peers like Iren and Nebius. **Anthropic weighs lifting IPO price on heavy demand** - Bankers are reported to price the issue above the US$70–78 range after strong roadshow demand. - That could lift the valuation to US$1.5trn or more, from the US$1.26–1.41trn implied range. - The base raise is up to US$64bn, plus a c.US$10bn greenshoe. | | | | | | | --- | --- | --- | --- | --- | | **Dow Jones Industrials** | | **-0.30%** | **at** | **52,232** | | **Nikkei 225** | | **+1.31%** | **at** | **61,249** | | **HK Hang Seng** | | **-0.98%** | **at** | **24,316** | | **Shanghai Composite** | | **+0.46%** | **at** | **3,681** | | **US 10 Year Yield (bp change)** | | **+0.2** | **at** | **4.99** | **Currencies** **US$1.1139/eur vs 1.1239/eur previous. Yen 158.93/$ vs 158.02/$. SAr 16.561/$ vs 16.359/$. $1.332/gbp vs $1.345/gbp. 0.687/aud vs 0.692/aud. CNY 6.671/$ vs 6.669/$.** **Dollar Index 102.40 vs 101.57 previous.** **Economics** **Brent up 2% at ~$93/bbl rebounding from a two-month low on Iran nuclear stance and Hormuz attacks** - Iran said no enriched nuclear material will leave the country. - Washington insists nuclear issues must be part of any initial talks. - Hormuz attacks are not seen slowing down with 37 ships hit in October, the most since the war broke out. - A tanker was struck off Oman while the IRGC says two tankers hit mines on an “unauthorised route”. **US – Higher than expected headline and core CPI strengthens the case for further monetary policy tightening** - Core CPI rose 0.3% for a third straight month, above the 0.2% consensus, as price pressures broaden. - A 25bp December hike is now fully priced, with c.10% odds of 50bp. - Christopher Waller (voting) said a 0.3% core print warrants considering a 50bp hike at the 8-9 December meeting, warning a smaller move risks the Fed’s credibility. - Lorie Logan (voting) said the Fed needs at least 50bp more before pausing, calling 3.75–4.00% too low. - The Chicago Fed’s Goolsbee (non voting) said officials must address elevated inflation after another hot report. - On a 50bp December hike he won’t pre-commit, but says “everything is always on the table”. - CPI MoM (Oct / Sep / Est): 0.4% / 0.6% / 0.3% - CPI Core MoM (Oct / Sep / Est): 0.3% / 0.3% / 0.2% **Precious metals:** **Gold US$4,057/oz vs US$4,117/oz previous** **Gold ETFs 101.0moz vs 100.9moz previous** **Platinum US$1,560/oz vs US$1,568/oz previous** **Palladium US$1,063/oz vs S$1,037/oz previous** **Silver US$52.9/oz vs US$52.8/oz previous** **Silver ETFs 814.4moz vs 814.6moz previous** **Rhodium US$9,400/oz vs US$9,400/oz previous****     ** **Base metals:   ** **Copper US$13,840/t vs US$13,856/t previous** **Aluminium US$3,045/t vs US$3,029/t previous** **Nickel US$16,190/t vs US$16,160/t previous** **Zinc US$3,762/t vs US$3,729/t previous** **Lead US$1,886/t vs US$1,886/t previous** **Tin US$46,900/t vs US$46,225/t previous** **Energy:           ** **Oil US$92.2/bbl vs US$90.9/bbl previous** - The EIA’s November STEO forecasts that global oil supply falls by 4.6mb/d and demand by 2mb/d in 2026, before both rebound 2mb/d in 2027. The risk of supply disruptions and longer shipping routes are expected to limit the near-term impact of global stock builds until the geopolitical risk dissipates, with a 3.5mb/d inventory build forecast for 1H27. - The API estimated US inventory w/w builds of 9mb to crude oil (-1mb expected) and 1.5mb to distillates, partly offset by a 2.7mb draw to the SPR and flat gasoline stocks, as domestic crude oil production reached a record 14.003mb/d. - France’s average nuclear generation rose 2% w/w to 69% of the country’s 61.4GW maximum capacity, with EDF reporting cumulative October nuclear output down 9.2% y/y to 27.6TWh and 10M26 output flat y/y at 299.5TWh. **Natural Gas €86.8/MWh vs €82.7/MWh previous** **Uranium Futures $91.1/lb vs $91.2/lb previous** **Bulk:   ** **Iron Ore 62% Fe Spot (Singapore) US$92.3/t vs US$92.5/t** **Chinese steel rebar 25mm US$479.4/t vs US$479.8/t** **HCC FOB Australia US$260.5/t vs US$260.0/t** **Thermal coal swap Australia FOB US$137.5/t vs US$137.5/t** **Other:  ** **Cobalt LME 3m US$33,525/t vs US$33,525/t** **NdPr Rare Earth Oxide (China) US$106,656/t vs US$106,014/t** **Lithium Carbonate 99% (China) US$13,191/t vs US$13,271/t** **China Spodumene Li2O 6%min CIF US$1,170/t vs US$1,130/t** **Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t** **Tungsten APT (China) 88.5% FOB US$1,845/mtu vs US$1,845/mtu** **Tungsten APT (Europe) 88.5% Rotterdam US$2,725/mtu vs US$2,725/mtu** **China Tantalum Concentrate 30% CIF US$233/lb vs US$236/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$25.4/kg** **China Ilmenite Concentrate TiO2 US$169/t vs US$173/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$4,725.0/kg vs US$4,625.0/kg** **China Gallium 99.99% US$460.0/kg vs US$460.0/kg** **Europe Molybdenum Oxide 57% US$34.5/lb vs US$34.0/lb** **EV & Battery news****:** **Company news****:** **East Star Resources (EST LN) 14.05p, Mkt Cap £75m – Progress of JV copper exploration projects in Kazakhstan** - East Star Resources has described progress on its copper joint-venture exploration projects in Kazakhstan. - At Verkhuba, 4,800m of diamond drilling in 20 diamond drillholes has been completed to progress resource estimation, geological modelling and today’s announcement confirms that having spent A$1.5m Xinhai Mining has now earned an initial 15% interest in the project. - At the Rulikha copper project in East Kazakhstan, five holes *“totalling 1,290 metres, are now complete with drilling expected to continue through winter”*. - The company’s partner at Rulikha, Nova *“will qualify … for its initial 10% of the joint venture company**”* once 3,000m of drilling has been completed”. - An initial resource estimate for Rulikha *“is expected … by Q2 2027”.* **Fulcrum Metals (FMET LN) 5.5p, Mkt Cap £9.5m – Rubidium, strontium and scandium recovered from Teck-Hughes tailings** - Fulcrum has recovered three more critical minerals in early lab tests on tailings at Teck-Hughes (Kirkland Lake, Ontario), taking the total to six metals. - New critical mineral recoveries at ~P80 60µm: Strontium – 74.5% at 841.7 g/t - Rubidium – 52.5% at 106.4 g/t - Scandium – 47.8% at ~10 g/t The same tests held precious metals steady at 62.4% gold, 85.4% silver and 91.1% tellurium. Earlier optimised tests ground to ~55µm reached 78% gold, 95% silver and 96% tellurium, The company has not yet achieved both sets in one run. The pilot plant at Mississauga should be finished by end-Q1 2027, with Teck-Hughes material run through it in Q2 2027. **Guardian Metal Resources (GMET LN) 68.8p, Mkt Cap £153m – Plans to spin out non-tungsten assets** - Guardian Metal Resources underlines its commitment to developing its US tungsten projects with an ‘in principle’ decision to spin out its other assets into a new entity which it intends to list on the AIM market *“by the second quarter of 2027”.* - The principal non-tungsten assets include its Garfield, Golconda Summit and Stonewall precious metals projects in Nevada. - Splitting the assets will leave the residual Guardian Metal Resources focussed on advancing its Pilot Mountain and Tempiute tungsten projects. - The pre-feasibility study for Pilot Mountain was issued in June and outlined an open-pit mining operation over an initial 8-year mine-life delivering a total of *“15,916 tonnes of recovered WO3, with significant opportunity to extend through ongoing exploration at the Tremor Zone, Gunmetal, Hope, plus other unnamed target areas across the Project”*. - Using a base price of *“US$197,300 per tonne of WO3, representing a ~35% discount to the mid-price for APT … as of 12 June 2026”, *the study concludes that initial capital expenditure of US$288.7m, plus an additional US$33.9m of sustaining capital, is expected to generate an after-tax NPV8% of US$660m and IRR of 59.6%. - Subject to regulatory approvals, the *“PFS estimates first production in late 2028”*. - CEO, Oliver Friesen, confirmed that the Pilot Mountain “*definitive feasibility study is well underway, with mine permitting activities progressing in parallel … [alongside discussions] … with potential financing partners, government agencies and strategic counterparties as we advance our strategy to establish domestic U.S. tungsten production”.* - He described the “*excellent potential in our gold, silver and copper exploration assets, and we believe they would be better served as a standalone company with its own strategy, leadership and capital”.* **New Frontier Minerals***** (NFM LN) 0.25p, Mkt Cap £4.5m – Rock chips extend the Big One copper structure 400m southwest** - The company has mapped and sampled an old exploration trench ~400m southwest of Big One Pit 1. - The trench sits on the strike of the dyke and fault that host the Big One resource. - Rock chip results: In-situ rock chip 1.30% CuO - A hand-picked sample from a waste stockpile – 7.76% CuO - A suspected gossan northeast of Pit 1 – 0.15% CuO and 594ppm cobalt The shear at ~80° towards 060° matches the fault in Big One Pits 1, 2 and 3, which the company read as the structure continuing southwest past the old pits. Malachite staining extends along > 600m of strike, with old pits mining only 200m. Trench has zero prior drilling and sits on Kalkadoon heritage-cleared ground, ready for next drill program post-geophysics. Big One holds a JORC resource of 2.1Mt at 1.1% Cu, mostly Inferred. **SP Angel acts as broker to New Frontier Minerals* **PMET Resources (PMET CN) C$3.2, Mkt Cap C$598m – Updated CV5 FS adds tantalum circuit with underground operation brought forward** - PMET released an updated lithium-tantalum Feasibility Study on the CV5 pegmatite at its Shaakichiuwaanaan project in James Bay, Quebec (Canada). - The updated study includes a tantalum recovery circuit and changes the mine plan to underground first accessing higher grade material early on while adding larger open pit operation in year 4. - 2026 FS highlights include: ~20-year mine life hybrid operation including underground mining of the high-grade Nova Zone first (Phase 1), with the open pit introduced in Phase 2 - Production rate up to ~560ktpa SC5.5 (first 3 years), up to ~800ktpa SC5.5 post Phase 2 expansion (2nd DMS plant), for a total of 13.4mt SC5.5 over LOM - Tantalum co-product averaging ~635klbpa contained Ta2O5 over LOM (~455klbpa in Phase 1) in a 20% Ta2O5 concentrate - Processing via DMS-only flowsheet, with a tantalum recovery circuit - 3.5x waste strip ratio (open pit only) - 2.2mtpa throughput (Phase 1) expanding to 5.1mtpa (Phase 2) with a second plant commissioned in year 4 - 1.51% Li2O underground and 1.10% Li2O open pit reserve grades - 69.7% lithium recovery (44.6% tantalum recoveries) - Development capital C$1.4bn for Phase 1 (C$1.1bn net of pre-production credit and tax credits) and C$0.7bn for Phase 2, for a total of ~C$2.1bn - Hydro power available with a new 54km 120kV power line planned. - Concentrate to be trucked ~844km on existing roads (Trans-Taiga Road and Billy Diamond Highway) to the Matagami transshipment facility, then railed to Montreal or Trois-Rivières - Sustaining capital ~C$0.8bn - AISC pre-royalties C$657/SC FOB (~US$480/SC) net of a ~C$148/SC tantalum credit, including ~C$302/SC transportation costs - After-tax NPV8 and IRR of C$5.1bn and 40.4% using base case ~US$1,790/SC5.5 FOB (~US$1,950/SC6) and US$120/lb Ta2O5 - 2.7y after-tax payback 2026 FS based on the updated Mineral Reserve (100% Probable, CV5 only): - 83.0mt at 1.27% Li2O 2.6mt LCE (incl maiden tantalum reserve 148ppm Ta2O5 for 12.3kt Ta2O5) At 2025 FS lithium price assumptions (~US$1,220/SC5.5) and exchange rates (1.34 vs 1.37 2026 FS), after tax NPV8 rises by C$0.7bn to C$2.3bn with tantalum credits accounting for C$0.5bn of the uplift. AISC drop 18% vs the 2025 FS (C$800/SC) reflecting ~C$147/SC in tantalum by-product credits. FID is targeted for late 2027, with commissioning from late 2029 and commercial production by the end of Q1 2030. The team would also prepare a PEA covering an integrated CV5 + CV13 lithium-caesium-tantalum scenario before year-end. **Q2 Metals (QTWO CN) C$1.7, Mkt Cap C$418m – Cisco PEA outlines 1.7mtpa SC5.5 on course for one of the largest potential spodumene operation globally** - Q2 Metals released maiden PEA on the Cisco Lithium Project in James Bay, Quebec (Canada). - PEA highlights include: 28-year mine life open pit operation - 1.7mtpa SC5.5 production rate for total of 46.5mt SC5.5 over LOM - Processing including conventional DMS-plus-flotation process - 2.4x waste strip ratio - 5mtpa throughput (Phase 1) expanding to 10mtppa (Phase 2) from year 2 (full rate from year 5) - 1.32% Li2O feed grade with 73.3% met recoveries - Development capital ~C$2.0bn for Phase 1 and a total of ~C$2.9bn for Phase 1 and 2 - Hydro power connection available with energy connection infrastructure accounting for ~C$485m in development capex - Concentrate to be trucked ~15.5km to the Billy Diamond Highway and ~150km (existing road) to the Matagami transshipment facility, then railed via the CN network to a St Lawrence export port. - Sustaining capital C$589m - AISC pre royalties C$454/SC FOB (~US$327/SC) including ~C$180/SC in transportation costs - No by product revenues included - ~C$101m federal clean technology manufacturing investment tax credit (CTM-ITC) is included; no Quebec large-project tax holiday (up to C$200m) assumed - After tax NPV8 and IRR C$13.5bn and 38.7% using base case ~US$1,740/SC5.5 CIF price (~US$1,900/SC6 CIF China) - ~3y payback PEA based on the latest available MRE (100% Inferred): - 297mt at 1.36% Li2O for 10mt LCE Drilling continues to demonstrate the mineralisation remains open along strike with ~36,000m of drilling completed since the MRE cutoff date in December 2025. With PEA completed, the team advances to further MRE growth and conversion drilling as well as engineering, metallurgical and permitting workstreams. | | | | | | | | --- | --- | --- | --- | --- | --- | | | **Overnight Change** | **Weekly Change** | | **Overnight Change** | **Weekly Change** | | **BHP** | 0.9% | 8.7% | **Freeport-McMoRan** | -3.2% | -2.4% | | **Rio Tinto** | 1.9% | 3.9% | **Vale** | -3.3% | 5.5% | | **Glencore** | 2.4% | 3.2% | **Newmont Mining** | -4.2% | 11.6% | | **Anglo American** | 2.6% | 3.0% | **Fortescue** | 0.4% | 8.7% | | **Antofagasta** | 4.2% | 3.7% | **Teck Resources** | -2.8% | 1.7% | **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. This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose. This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc. Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter. Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile. SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s). 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=14403496&ad=5153698319&h=HIB4kp7&sig=XQSioUVvS8SRb8ZHSYoqe1TnZnG&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 --- **Original URL:** https://www.share-talk.com/sp-angel-todays-market-view-wednesday-11th-november-2026/ *Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*