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Market overview

Markets were largely unmoved overnight ahead of the final trading day of the year. We expect normal service to be resumed next week but until then, we expect currencies to remain largely range-bound.

As the year draws to a close, there’s plenty to reflect on these past 12 months which began with the inauguration of an unlikely President, the rise of the anti-establishment movement, UK servicing notice on its EU membership and a UK general election. And that was all in the first half of the year!

Of the many headlines we’ve seen this year, I’m sure many can agree one man has dominated them; President Donald Trump. His intention to drive economic growth through heavy spending on infrastructure got the markets and investors excited at the turn of the year as the hope was that his brand of economics (Trumponomics) would soon ‘turn America great again’. We can agree growth has been healthy, employment remains buoyant whilst the stock market continues to reach new highs. Politically though, things haven’t been particularly smooth for the President as his administration lunges from one scandal to another. Mr Trump has failed in his attempt to repeal and replace Obamacare, however, he’s had more success in recent weeks after winning support from the Senate to write new Tax legislation which has been welcomed by the business community.

There’s plenty to ponder as the new year fast approaches and what themes are likely to dominate. Will Brexit trade talks proceed smoothly? How many rate hikes will we see in the US? And what political storm awaits Trump (or perhaps PM May) in 2018?

Before we turn the page, the Investec Dealing team want to wish you and your families a very happy new year and we look forward to discussing some of these issues with you in the new year. 

Thought of the day

It is the last working day before the New Year for Investec, and of course many are discussing their plans as well as their resolutions! Giving up chocolate, drinking less and joining a gym seem to be the status quo. The best one I’ve heard is to give up social media. You can download an app that tracks how much time you spend on your phone staring at Facebook and Instagram and the results are alarming. What are your new year’s resolutions? Perhaps it’s to get on top of your emails, or to even to look at your FX strategy for 2018 (worth a try!). If this is the case, please give your Investec Dealers a call on 0800 055 6339. On behalf of the Investec Dealing team, we thank you for your business this year and hope that you have a great New Year!

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    This Market Commentary is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell any related financial instruments. This commentary has not been prepared in accordance with legal requirements designed to promote independent investment research. The information contained in this commentary has been compiled from sources believed to be reliable but no representation or warranty, implied or not, is provided in relation to its accuracy, suitability or completeness. Any opinions, forecasts or estimates constitute a judgement as at the date of this report and do not necessarily reflect the view of Investec Bank plc ("Investec"), its subsidiaries or affiliates. This commentary does not have regard to the specific investment objectives, financial circumstances or particular needs of any recipient and it should not be regarded as a substitute for the exercise of investors' own judgement. Investors should seek their own financial, tax, legal and regulatory advice regarding the appropriateness or otherwise of investing in any investment strategies and should understand that past performance is not a guide to future performance and the value of any investments may fall as well as rise.This commentary is confidential and may not be disclosed or distributed to any third party without the prior written consent of Investec. Investec Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and a member of the London Stock Exchange. Registered office 2 Gresham Street, London, EC2V 7QP. Investec Bank plc 2014.