Dear Reader,

Today's overview of economic news and market action

• Markets continued to digest he US election results yesterday …
• Overall, the Euro Stoxx 50 shed 1.4%, while the S&P 500 gained 2.5% …
• Currency-wise, the dollar remained to the fore yesterday, but moved off its highs …
• EUR/USD is operating back in the top half of $1.07-1.08 …
• GBP/USD is in the lower half of $1.29-1.30 …
• EUR/GBP is trading down in the bottom half of the 83-84p corridor …
• Today, the BoE is expected to cut rates by 25bps …
• Overnight, the Fed is also expected to cut rates by 25bps …

All rates quoted are indicative market rates.

October data provided tentative signs of a turnaround in manufacturing sector performance, with both production volumes and incoming new work returning to growth. Although modest, the upturn in new orders was the strongest for nearly twoand-a-half years and achieved.

UK Chancellor avoids a “Truss moment”

The market reaction to this week’s UK Autumn Budget, suggests investor appetite has been tested by the scale of spending planned by the Chancellor in the next few years. However, this was far from a “Truss moment” which led to a plunge in gilts and sterling in Autumn 2022

October data provided tentative signs of a turnaround in manufacturing sector performance, with both production volumes and incoming new work returning to growth. Although modest, the upturn in new orders was the strongest for nearly twoand-a-half years and achieved against a backdrop of still subdued export demand.