Seven days in the Square Mile

The vaccine-led shares rally continued, boosted by positive news of a second jab from the US pharma Moderna. The FTSE 100 has gained over 700 points since the start of November and Euro stocks are on course for a record month. The Stoxx 600 index has jumped by about 14% so far this month, and US indices have breached new highs. But economists warned the situation is still bleak, with hospitalisations in the US reaching a new record and news of a worrying new outbreak in Japan.

The pound held steady at around $1.32 as Brexit talks entered their final week. Many forex traders believed the chances of a deal being struck by the 19 November deadline were slim, noting that the next two to three weeks will be crucial. UK inflation, measured on the CPI, jumped to 0.7% in October, up from 0.5% in September, boosted by rising prices of clothing and food.

Elon Musk’s rocket company SpaceX launched four astronauts into space. His electric car company, Tesla, also “went into orbit”, following news it will join the S&P 500. Tesla shares are up by nearly 500% this year; it’s valued at $387bn – above GM, Ford and Fiat Chrysler. Musk’s fortune has risen to $117.5bn. A hotly contested case pitting UK insurers against Covid-stricken small businesses got under way at the Supreme Court. The directors of the ailing Arcadia Group were reportedly drawing up plans to put the fashion empire, which owns Topshop, into administration.