In the early hours of this morning Donald Trump was announced as the 45th President of the United States. The Republican nominee has achieved one of the most improbable political victories in modern US history but after surprise early victories in Florida, North Carolina and Ohio, an upset looked on the cards.
The associated Press projected Trump had won Wisconsin and called the overall race for Trump, who passed the 270 Electoral College votes he needed to secure the presidency. Shortly afterwards, CNN and NBC reported that Clinton had called Donald Trump to concede but would not be making a public address but is expected to speak tomorrow.
Republicans have also secured majorities in the House of Representatives, the Senate and will probably get to reappoint a fifth Republican nominee to the Supreme Court – potentially leaving the new president with few checks and balances.
Manufacturing growth sped up in September, as UK factories continued to pick up from a sharp post-referendum fall. Output from manufacturers rose by 0.6% last month, up from 0.2% in August and a 0.9% fall in July. Drug makers and factories carrying out repairs grew strongly, However, total industrial production dropped by 0.4% in September after falls in the oil and gas sector.
Economic growth in the UK stalled slightly in the three months to the end of October, falling from 0.5 per cent in the previous three months to 0.4 per cent. The GDP estimate by the National Institute of Economic and Social Research (NIESR) said although consumer spending is robust at the moment, it expects it to dip in the coming months as prices begin to rise. With expectations that GDP will rise two per cent this year, falling to 1.4 per cent next year
15.30 – USD – Crude Oil Inventories – Forecast at 1.3M against a previous of 14.4M