Seven days in the Square Mile

Global stock markets fell as investors woke to the risk of Donald Trump winning the race to the White House, and the gold price jumped – climbing by more than $8 dollars on Wednesday as the dollar fell against a basket of currencies. Investors sought safety in government bonds, pushing up the price of UK gilts. Official figures showed that Britain’s economy grew by 0.5% in Q3 – a much faster rate than expected – although the manufacturing sector contracted during the quarter. Lending to small businesses rose at its fastest annual pace since 2012, according to BOE figures, suggesting that the Brexit vote has done little to dampen companies’ appetite to take on debt. Canada cut an 11th-hour deal with the EU to rescue the Ceta trade agreement, which risked being scuppered by a rebellion in Wallonia. The new agreement gives European parliaments new powers to challenge controversial investor protection provisions. Nissan said it would build two new models at its Sunderland plant, safeguarding 7,000 jobs, after receiving “assurances” about post-brexit trading arrangements from the Government. The Business Secretary, Greg Clark, said there was “no chequebook involved”. The move prompted demands from other sectors: the pharmaceutical industry is lobbying the Government to plug a £1bn post-brexit funding gap. Deutsche Bank reported an unexpected net profit of g278m in the quarter following a surge in bond trading. Mark Carney said he would extend his term as Bank governor beyond 2018, to 2019.