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Weekly market review

Week ending 4 November 2016


The UK stock market fell 1.4% as the Bank of England (BoE) was more hawkish than market expectations. Markets priced in greater uncertainty around the US election amid a tightening of polling data, dragging the US stock market down 1.9%. European markets also declined with the Stoxx Europe 600 index down 3.5%.

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Fixed income

UK 10-year government bond yields fell last week on the back of the BOE monetary policy decision to hold interest rates at 0.25%, as well as better-than-expected figures from the manufacturing sector. US 10-Year Treasury bond yields also fell as some weaker data points weighed on bond yields, but there was nothing material enough to alter current expectations for a December interest rate increase. In Japan, 10-Year yields continue to hover around 0%.

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Major currencies appreciated relative to the US dollar, amidst uncertainty over the US election. The pound benefited from a 2.1% relief rally as the BoE kept interest rates steady and opened the door for monetary policy tightening down the road, should inflation increase more than expected. Furthermore, a court ruling, stating that Brexit would require a parliamentary vote, supported the rally.


West Texas Intermediate crude oil slid to $44.1/barrel as markets have grown increasingly skeptical of OPEC (Organisation of Petroleum Exporting Countries – the intergovernmental organization of oil-exporting developing nations that coordinates and unifies the petroleum policies of its member countries) implementing production cuts. The failed OPEC meeting saw Saudi Arabia and Iran clashing, and ended with threats to raise production, thereby driving down oil prices.

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Source: Goldman Sachs Asset Management. Adapted by FundCalibre. This material is for information purposes only and does not in any way constitute financial advice.