Market Review November


The FTSE All-Share Index gained 2.2% in sterling terms during November, though trailed the global average. Official data showed the UK economy grew by 0.3% over the third quarter versus the 0.2% contraction of the prior quarter. Labour market data indicated a modest drop in the number of people in employment in the three months to September, quarter on quarter. Survey data suggested that uncertainty around Brexit and the upcoming UK general election had weighed on services and manufacturing activity during November. UK retail sales for October disappointed forecasts, while UK inflation fell to its lowest level in three years in October, at 1.5%. In terms of sectors, leisure goods (24.5%) and electronic & electrical equipment (13.3%) led, while fixed line telecommunications (-5.7%) and oil & gas producers (-0.3%) underperformed.

FTSE All-Share Total Return (TR) GBP (%)*


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The FTSE World Europe ex-UK Index rose 1.4% in sterling terms. German business confidence as measured by the Ifo gauge improved for the third consecutive month in November. Survey data suggested the German manufacturing sector continued to contract in November, though to a lesser extent than the prior month, a trend that was reflected in eurozone manufacturing survey data as a whole. Survey data suggested the eurozone services sector expanded in November but at a slower pace versus October. Official data indicated Germany had narrowly escaped a recession, with growth of 0.1% in the third quarter compared with a 0.2% contraction in the second quarter. While higher consumer and government spending propped up the German economy, there was also support from a surprise rebound in exports during the month of September.

FTSE World Europe ex UK TR GBP (%)*


The FTSE All-World North America Index advanced 3.7% in sterling terms over November. US stocks outperformed the global average, buoyed by optimism that the US and China would soon finalise a ‘phase-one’ trade deal. Separately, the US also appeared close to approving a new trade pact with Mexico and Canada. US economic growth was revised up to an annualised 2.1% for the third quarter versus the earlier 1.9% estimate, marking an acceleration from the second quarter’s 2% growth rate. Survey data suggested the US manufacturing sector had contracted for a third consecutive month in October, though the reading was modestly better than in the prior month. Meanwhile, survey data indicated the services sector had accelerated ahead of estimates in October. Non-farm payrolls beat forecasts, with the US adding more jobs than expected in October.

FTSE All-World North America TR GBP (%)*

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*Source: Lipper to 29 November 2019, total return. Indices rebased to zero at 30 September 2019.

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