Weekly Market Review: 11th of November 2024

In the US, Donald Trump is the new President of the United States, with one of the tightest races in US history turning out to be a routine affair in the end. For the week, the S&P 500 and NASDAQ closed 4.68% and 5.90% higher respectively. In Europe, final October manufacturing and services PMIs were released for the Euro Area last week. In the UK, the Bank of England (BoE) cut interest rates for the second time this year, with a further 25bps cut bringing the base rate down to 4.75%. For the week, European and UK markets closed lower, down between -0.84% and -1.73%. In Ireland, new research from renewable energy company Statkraft has found that over half of Irish businesses who took part in their recent survey use electricity from renewable sources. In Asia Pacific, China recorded its largest trade surplus since June of this year, with a surplus of $95.27bn in October.