Global financial markets weekly wrap

US equity markets finished this week slightly higher with the S&P and Nasdaq rising +0.9% and +0.6% respectively as investors weighed the renewed Israel-Hamas conflict and rising political tensions in the Middle East. A possible US government shutdown also remains on the table, with the current funding extension set to expire on November 17. The unprecedented recent ousting of Speaker of the House John McCarthy with no clear replacement has shaken already fragile confidence amongst the American people regarding the US political system.

Smaller capitalisation companies continued to struggle relative to their large counterparts. The Russell 2000 Index was down -0.5% and has now fallen approximately -14% from its high this year recorded on July 31. Investors seem to be taking the view that in a world of rising cost pressures and higher debt servicing costs, larger companies with balance sheet strength and access to bond markets offering more attractive lending terms are preferable at this stage of the cycle.

TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.

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