6 November 2017

Bassanese Bites: Global purple patch – Week beginning: 06 November 2017

US equities edged further into record territory last week reflecting a raft of reassuring news.  Along with other tech stocks in recent weeks, Facebook and Apple comfortably beat earnings expectations. US employment also rebounded strongly from the hurricane induced weakness in September, while reports on US price and wage inflation remained benign.  The Fed left rates on hold as widely expected, but gave investors some cheer when it described US economic growth as “solid.”  Trump’s choice of Jerome Powell as the new Fed chair was also a relief, given he was considered less hawkish than the other touted candidate John Taylor, and apparently more open to further financial deregulation that the outgoing Janet Yellen.

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