D-PIMS Weekly Market Update - Week of 27th October to 3rd November 2019
Today’s Monday Update:
It was a relatively quiet week, compared to the ‘goings-on’ of recent weeks:
• Monday saw the EU finally make the formal offer of a Brexit extension to the 31st January 2020. The PM tried again to get a vote for a General Election through Parliament, but as the Labour leader would not back it, there was not the 2/3 majority required by the Fixed Term Parliament Act.
• On Tuesday, at the fourth attempt by the PM, a request for a general election was finally voted through, despite the opposition voting it down just the day before. So, it will be on the 12th December, providing the Lords agree. The PM readmitted 10 of the Tory rebels that had previously been ejected from the party.
• Wednesday saw the Federal Reserve (Fed) reduce interest rates by 0.25% in the US for the third time this year, to 1.75%. This cut was expected by the Markets but still gave some relief that the Fed had actually followed through.
• In the UK, the General Election campaigning kicked off on Thursday and Brexit was now effectively ‘on hold’ until after the Election on 12th December.
• On Friday, US jobs growth figures came in higher than expected, giving further support to Stockmarkets.
• The World’s Stockmarkets generally rose over the week, except for the FTSE 100! Nevertheless, the D-PIMS Portfolios registered another positive week.
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Past Performance is no guarantee of, or guide to future returns.
The comments made above represent our interpretation of events and market views and are in no way a guarantee of future investment performance.