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Themes from November

Donald Trump was elected President of the United States, contrary to polling data right up to Election Day. Democratic contender Hillary Clinton lost not just the “Swing States” but part of the Democratic core vote, Michigan, Wisconsin and Philadelphia.

US bond prices fell sharply following the Trump win and Republican sweeps of the House and Senate. The 30 year US bond yield rose to 3% from 2.6%.

UK Government’s Autumn Statement revealed a new £23bn National Productivity Investment Fund but a 2% rise in Insurance Premium Tax to 12%. The government reiterated its intention to cut UK corporation tax to 17%.

RBS failed the Bank of England stress test specifically the common equity tier 1 systemic reference point. The test scenario modelled a 31% crash in UK house prices. The bank needs to add around £2bn in capital.

Rolls Royce has offered €720m for the 53.1% stake it does not own in Spanish aerospace components firm Industria de Turbo Propulsores SA.

Unilever is to appeal a €590m adverse judgment in Brazil. Unilever shares dropped 10% over November.

LSL Property said 2016 revenues to end October rose 3% to £258m. The group underlying operating profit for 2016 will be in line with expectations.

Topps Tiles boosted its annual dividend to 3.5p after reporting profit rose to £20m from £17m.

Case Schiller index of US property prices recovered the previous record levels of July 2006.

Read the November Newsletter

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