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.

The November meeting of the US Federal Reserve Open Market Committee (FOMC) saw the central bank cut interest rates for the second consecutive time. The target range for the Fed funds rate was reduced by 25bps to 4.50-4.75%. The decision by the FOMC to cut rates by 25bps was unanimous, following a split on the FOMC for September’s bumper 50bps cut.

The November meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank lower Bank rate by 25bps to 4.75%. This was the second rate cut from the Bank of England (BoE) in three meetings. Subsequent to this, the BoE cuts rates for the first time in August, following its rate tightening cycle, which had been in place since the end of 2021.