A Time to Celebrate, A Time to Hope
As November draws to a close, we reflect on recent highlights and look ahead to events shaping our community.
We are delighted to announce that GSB has been honoured with the 'Overall External Asset Manager (EAM)' award at the prestigious WealthBriefing MENA Awards 2024. This recognition underscores our commitment to delivering ethical, innovative, and impactful financial solutions.
The 53rd UAE National Day celebrations are just around the corner. Since 1971, this occasion marks and celebrates the nation's incredible spirit, development, and achievements. Adding to the festive weekend, the Dubai Rugby 7s promises to showcase sport and camaraderie. If you’re attending, enjoy the weekend!
To our American clients and friends, Happy Thanksgiving! This season of gratitude serves as a meaningful reminder of the importance of reflection, appreciation, and shared connections.
On the global stage, November has seen significant developments, including Donald J. Trump’s victory in the U.S. elections, which will undoubtedly influence discussions on international relations, trade, and policy.?
Wishing you a joyful National Day, a Happy Thanksgiving, and a relaxing long weekend. Here’s to a December filled with promise, progress, and continued collaboration.
Win at the WealthBriefing MENA Awards 2024
We are thrilled to announce that GSB has been named the winner of the ‘Overall External Asset Manager (EAM)’ category at the prestigious WealthBriefing MENA Awards 2024. This marks our fifth award from WealthBriefing, adding to a growing collection that represents the dedication, passion, and innovation of the GSB team. As a B Corp? and CISI Chartered Firm?, we strive to balance financial excellence with a dedication to societal and environmental betterment. Our Co-Founder, Alison Whatnall captured it best:
"What makes GSB best in class is our ability to balance the pursuit of financial excellence with our unwavering dedication to societal betterment. Our clients trust us because they know we are as committed to their financial goals as we are to promoting a sustainable and equitable future. GSB is more than just a wealth manager; we are stewards of a better future."
GSB & EVOLVIN Women Partnership?
This month, GSB was honoured to participate in the third annual Evolvin' Women Forum, a truly inspiring event celebrating progress and empowerment. Congratulations to everyone involved in making it such a resounding success!
A special mention goes to our colleagues Yazmin Boden, Mutale Sitali, and Naomi Wharam-Adatia, who delivered an engaging and practical session on achieving financial goals. Their expertise and thoughtful approach embody GSB’s commitment to making a meaningful difference every day.
Our partnership with Evolvin' Women exemplifies our dedication to creating opportunities that transform lives. By working together, we help women from underprivileged communities build skills, gain experience, and shape brighter futures. This collaboration enriches our team and reinforces our mission to unite purpose with progress.
We look forward to continuing our support of Evolvin' Women and their mission to drive sustainable global impact.
Press & Insights
￡3.3M Facility Secured with a UK Private Bank
A London-based couple?recently approached GSB Private Finance to finance their regulated let-to-buy transaction with a simultaneous completion. Read more about this case study and what our solution was.
Key details:
What Trump’s re-election could mean for investors
Donald Trump’s re-election as the 47th President of the United States marks a significant shift for the US and global economies. Winning both the Electoral College and the popular vote, Trump has a strong mandate to drive his policies forward. For investors, this result has already sparked market reactions and raised questions about what lies ahead for the next four years and beyond.
Read more to explore how Trump’s policies might impact markets, sectors, and long-term investment strategies
Navigating Change: GSB’s Strategic Vision?
The UAE’s wealth management landscape is evolving rapidly, and GSB is at the forefront of driving this change.?
In this exclusive feature with Hubbis, Stuart Ritchie APFS, Chartered FCSI and Dean Kemble discuss how GSB is shaping the future of financial services. From strategic expansions across the Middle East and Europe to a steadfast focus on bespoke, values-driven client solutions, this is essential reading for anyone interested in the sector’s transformation.?
Key highlights:
November 2024 Market Review
Donald Trump's unexpected clean-sweep victory in the year’s most awaited U.S. Presidential election has had a significant impact on the U.S. dollar, which has surged against a basket of currencies in recent weeks.? Already lifted to record highs by the quick and decisive US presidential election results and the prospect of President-elect Donald Trump's promised tax cuts, the S&P500's 26% year-to-date gains are the biggest by this point in the year in almost three decades. Both the S&P 500 and the Nasdaq Composite have returned over 5% for the month. Among equity indices, small-cap stocks, represented by the Russell 2000, have been the biggest winners, soaring more than 11% in November. Bitcoin has also experienced a notable surge, climbing over 40% since Trump's victory, with its year-to-date gains surpassing 100%.
The Federal Reserve has bolstered the post-election stock rally with its second quarter-point interest rate cut this month, signalling potential further reductions. All twelve voting policymakers supported lowering the benchmark rate to a target range of 4.5% to 4.75%. The U.S. annual core inflation rate reached a three-month high of 3.3% in October 2024, unchanged from September and in line with forecasts.?
With President-elect Trump preparing to implement tax cuts and increase tariffs, U.S. inflation is expected to remain above 2% throughout 2025, according to forecasts compiled by Consensus Economics. Earlier this week, Trump announced plans to impose additional tariffs of 10% on all goods from China and 25% on goods from Canada and Mexico set to take effect when he assumes office on January 20, 2025. These tariffs would terminate the free trade agreement with North American neighbours that Trump negotiated during his first term and are likely to provoke retaliation from Beijing. Amid heightened inflation concerns, the yield on the U.S. two-year Treasury, which closely tracks interest rate expectations, rose to 4.4% at the end of last week, up from 3.6% at the start of the month.
In the Eurozone, the Stoxx 600 index delivered a modest return of 0.6% for the month. Rising economic, trade, and geopolitical concerns were highlighted by a recent German business survey, which revealed a sharper-than-expected decline in business sentiment in November. The S&P Global Composite Output Flash Purchasing Managers’ Index (PMI) for the Eurozone fell from 50.0 in October to 48.1 in November, reaching a ten-month low. Annual inflation in the Eurozone accelerated to 2% in October 2024, up from 1.7% in September.
As pressure mounts on the European Central Bank (ECB) to maintain accommodative monetary policy, speculation grows that the ECB may cut rates by up to 50 basis points at its final policy meeting of the year. Despite more optimistic inflation projections, the ECB emphasized the need for further data before making any policy changes. Policymakers stressed that any decision regarding rate cuts would depend on the economic outlook and additional evidence of inflationary pressures subsiding, signalling a cautious and data-driven approach. ECB policymaker Mario Centeno cautioned that the Eurozone must be vigilant against inflation falling below the ECB’s 2% target, particularly amid rising economic risks such as potential new U.S. trade tariffs, which he noted would not bode well for Europe.
In November, the Euro fell over 3% against the U.S. dollar, weighed down by concerns over universal tariffs, potential hits to Chinese demand, and an unfolding political crisis in Germany that could lead to snap elections early in 2025.
The UK's FTSE 100 gained 1.8% in November. Following the Federal Reserve's dovish stance, the Bank of England (BoE) also reduced its interest rate by a quarter point to 4.75% as anticipated. Sterling and gilt yields rose last week after a slightly higher-than-expected British inflation report for October. While this was partly driven by shifts in regulated energy prices, it is likely to reinforce the BoE's cautious approach to further rate cuts, with markets now not expecting another quarter-point rate reduction until March. UK consumer price index (CPI) inflation rose from 1.7% year-on-year (YoY) in September to 2.3% YoY in October.
The Chinese Yuan depreciated by 1.8% against the U.S. dollar in November, reaching its weakest point in four months. The decline follows Trump’s announcement of his intention to impose an additional 10% tariff on Chinese goods. The market response to China’s latest stimulus, a 10 trillion Yuan ($1.4 trillion) package aimed at easing local government "hidden debt" burdens, was underwhelming, especially given the concerns about U.S. tariffs. Chinese markets were in the red for most of November. Still, there was a slight recovery this week, based on expectations that Beijing would introduce more supportive policies to mitigate the impact of U.S. tariffs and stimulate the sluggish Chinese economy.
China's consumer prices rose at the slowest pace in four months, increasing just 0.3% year-on-year in October, while producer price deflation deepened, reaching a 2.9% year-on-year contraction. This marked the 25th consecutive month of producer deflation, reflecting persistent weakness in domestic demand despite ongoing efforts by Beijing to address the issue.
In Japan, both the Nikkei 225 and TOPIX indices saw gains of around 1% in November. Japanese CPI inflation eased from 2.5% year-on-year in September to 2.3% in October. Core CPI, which excludes fresh food but includes energy prices, declined slightly from 2.4% to 2.3%. With underlying inflationary pressures remaining above the BoJ's 2% target, markets are assigning a 58% probability of a rate increase at the Bank of Japan's meeting on December 19. Japan is also considering a new stimulus package worth 13.9 trillion Yen to help households cope with rising prices. This spending proposal exceeds last year’s 13.2 trillion Yen allocation and would further strain Japan's public finances, which are already burdened by debt that is twice the size of its economy.
Read more here: https://gsbglobal.com/newsroom/market-review-november-2024/
I hope you all have a great month ahead. See you next month.
Ross Whatnall.
GSB - No hidden agenda.
If you would like to discuss any of the above matters, get in touch with us today.
*Disclaimer: This market review is for informational purposes only and does not constitute financial or investment advice. GSB accepts no responsibility for any errors or omissions. Past performance is not indicative of future results. Please consult a qualified financial adviser before making investment decisions.