Market update - November 2018

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Market update - November 2018

During November, Theresa May secured her Brexit deal that was signed off by the leaders of the 27 remaining European Union leaders in less than an hour.  While this was a small victory for Theresa May, she faces a much bigger struggle to get this approved by the UK Parliament with the crucial vote due on 11 December. The FTSE 100 ended November at 6,980.24, which was 2.1% lower than the October closing figure of 7,128.10. In contrast, in the US, the Dow Jones Industrial Average’s performance was up 1.7%, closing November at 25,538.46.  This was helped by a rally in the final week of the month on the back of the Federal Reserve Chairman, Jerome Powell’s, statement that US interest rates are close to neutral, a change in tone from remarks made by him nearly two months ago. In terms of currencies, the £ Sterling ended November at 1.28 US Dollars.  This was more or less flat against the closing figure at the end of October. Against the Euro, it was a very similar story.  Sterling ended November at 1.13 Euros, which was 0.1% lower than the October closing figure. Inflation, as measured by the Consumer Prices Index including owner occupiers’ housing costs (CPIH), was 2.2% in October 2018 (this is October’s data which is reported in November).  This was the same as the previous month.  The 12-month rate for the Consumer Prices Index (CPI) rate which excludes owner occupied housing costs and council tax was 2.4% in October 2018, similarly unchanged from September 2018. The Bank of England maintained interest rates at 0.75% in November following the increase in August.

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