SWITZERLAND DATA: Swiss November CPI Surprises A Tenth To Downside

• RES 4: $71.47 - High Jun 23 and a key medium-term resistance 
• RES 3: $67.68 - High Jul 30
• RES 2: $65.77/68.43 - High Sep 26 and key resistance 
• RES 1: $62.59 - High Oct 24    
• PRICE: $61.29 @ 07:18 GMT Nov 3 
• SUP 1: $59.64/55.96 - Low Oct 23 & 30 / Low Oct 20 and bear trigger
• SUP 2: $54.85 - Low May 5
• SUP 3: $54.16 - Low Apr 9 and a key support
• SUP 4: $53.23 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing   

Recent gains in WTI futures appear corrective for now, however, note that price has recently traded through the 50-day EMA, currently at $61.05. The breach of this EMA signals scope for a stronger recovery. A resistance at $62.34, the Oct 8 high, has also been pierced. A clear move through it would expose key resistance at $65.77, the Sep 26 high. First key support and the bear trigger is unchanged at $55.96, the Oct 20 low.

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A "settling-up charge", housing taxes, energy VAT reduction, CGT death exemption removed are amongst the stories covered in the weekend press 

• The Times ran a report that the Budget could see people leaving for low tax countries see a "20 per cent charge on their business assets when they leave the UK" in a settling-up charge (through reducing exemptions to CGT on leaving the country). The report notes that only the UK and Italy don't have a similar charge in the G7.
• The FT covers a "Budget tax raid on expensive homes" but doesn't really provide that much new relative to previous reports. As we noted last week (see UK FISCAL: "Mansion tax" plans - and alternative council tax bandings, 27 October) raising council tax on high value homes is seen as an alternative option to a 1% levy on the value above GBP2mln. The FT notes that a council tax version is generally seen as "least worst option".
• The Guardian runs a report that notes that a 5% VAT cut on energy bills will "backfire" as it will benefit richer homeowners more and increase carbon emissions.
• The Telegraph notes that Chancellor Rachel Reeves has hired two former think tank researchers as advisers and noted that one, Emily Fry of Resolution Foundation, had argued that there should be increases in inheritance tax, capital gains tax (CGT) and taxes on pensions as well as carbon taxes. The article pours over previous speeches that she has made but doesn't really go into the detail of any new policies under consideration. Reducing the maximum lump sum that can be withdrawn from a pension pot from GBP286k to GBP100k is one such policy. Increasing CGT on equity holdings and ending the exemption on CGT at death are both said to be policies she favoured. This follows a separate Telegraph report after the close on Friday that noted the consideration of a GBP2bln CGT increase on investment gains at death.
• The Telegraph notes of a joint letter from Shadow Chancellor and Shadow Business Secretary (Mel Stride / Andrew Griffith) to the OBR noting that the “the credibility of the fiscal forecast” is at risk if the "significant costs " of the Employment Rights Bill are not fully examined in the upcoming forecast.