Market Commentary - November
01 December 2017
November saw the inaugural Autumn Budget. To see our coverage on the budget please click here.
As expected, the base rate of interest was increased to 0.5% by the Bank of England at the November Monetary Policy Committee meeting. Although the move was widely expected, the comments that rates would not rise further in the foreseeable future saw Sterling drop 16% intraday. It has since recovered and finished the month up 1.72% against the Dollar.
Consumer Price Inflation remained at 3% in November despite food prices rising. It is worth highlighting that the Average Weekly Earnings increased at 2.2% meaning wages fell 0.8% in real terms.
Oil has continued its strong run closing the month at US$63.57. In the year to date Oil is up 11.88%.
The Dow Jones remarkable runs shows little sign of abating as the index closed November at 24,272.35, just off its all-time high of 24,327.82
December will bring the second Scottish budget on 14 December, which we await with anticipation.
| 30 November 2017 | 1 month | 6 months | 12 months | |
|---|---|---|---|---|
| FTSE 100 | 7,326.67 | -2.22% | -2.57% | 8.00% |
| GBP/USD | 1.3506 | 1.72% | 4.71% | 8.81% |
| GBP/EUR | 1.1345 | -0.46% | -1.18% | -3.86% |
| Brent Crude (US$) | 63.57 | 3.58% | 26.36% | 25.29% |
| Gold (US$ per oz) | 1,275.01 | 0.28% | 0.48% | 8.68% |
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Nothing in this communication constitutes advice to undertake a transaction and professional advice should be taken before investing. Any observations are purely commentary on markets. This material is not investment research and the content should not be treated as an offer or invitation to buy or sell securities. Past performance is not a reliable indicator of future results and is no guarantee. The value of investments may fall as well as rise. Changes in exchange rates between currencies can cause investments or income to go up or down.
