Markets traded higher through November, lifted by more positive rhetoric in the ongoing US-China trade talks. Performance of some of the main asset classes is highlighted below.

(All figures are based on bid to bid pricing with income reinvested, in Sterling terms)

Throughout the month we have seen formal expressions of desire for an agreement from both sides of the Pacific with a “Phase One” trade deal seeming imminent. This would help to avert an additional 15% tariff due on $156billion worth of Chinese goods from the middle of December and be viewed positively for the global economy.

In the UK, all eyes remain fixed on the December 12th election. It would appear that markets are currently pricing in a Conservative victory, with some polls and betting sites indicating a conservative majority, for now. Purely from a savings and investment perspective, any other outcome would be seen as a negative for markets and certainly for investors. We will, of course, monitor the situation closely and will be issuing an email update on the morning of the result.

Our Portfolios followed equity markets higher throughout the month, posting solid gains. Again, the relative performance of domestically focused UK stocks has been beneficial in helping models to outperform their respective benchmarks, across the board.