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Markets buoyant

Trump rally continues on stock markets

London Stock ExchangeStock markets rose yesterday as the Trump rally continued, with the Dow Jones closing above 19,000 for the first time.

President-elect Donald Trump has promised invest in infrastructure and cut taxes, potentially boosting US growth.

The Dow closed 0.35% up, the S&P 500 gained 0.22% and the Nasdaq 0.33%.

Oil prices were mostly steady as the market hung on every comment from OPEC officials on whether cartel members would agree to an output cut.

Brent crude eased 14 cents to $48.98 a barrel, while U.S. crude lost 13 cents to $47.90.

Investors who were defensive before the US election have regained confidence, boosted by Mr Trump’s more conciliatory tone since the vote.

There is also a drift towards a better balance between fiscal and monetary policy, which investors see as a key to growth.

The more optimistic mood spread across the global as Asian stocks rose to one-week highs.

The FTSE 100 closed up 41.84 points at 6,819.72 ahead of the Autumn Statement and expectations that Chancellor Philip Hammond will not announce anything likely to rock the market and will provide some modest measures to stimulate the economy.

Today Thomas Cook posted broadly flat annual profit after a slump in holiday bookings to Turkey. It said it was encouraged by future demand for trips abroad.

The company reported operating profit of £308 million for the 12 months to 30 September, beating an analysts’ forecast of £296m, and compared to the £310m last year.

Thomas Cook recommened a final dividend of 0.5p per share in line with guidance it gave last year, making its first payout for five years.

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