Stocks were volatile, initially rising on hopes of a trade truce between the US and China before falling sharply on news of the arrest in Canada of the CFO of Chinese telecoms giant Huawei on allegations that she had violated US sanctions against Iran.

The G20 summit got under way in Argentina, with attention focused on a meeting between President Donald Trump and President Xi Jinping where they will discuss the trade dispute between the US and China.

The UK and EU reached a draft agreement on the terms of the Brexit deal. While the deal gained UK cabinet approval, the prime minister faced a growing backlash from both Leavers and Remainers, although the pro-Brexit ERG failed to garner sufficient support to challenge the prime minister.

Global stockmarkets mostly trod water over the week as investors breathed a sigh of relief that the results of the US mid-term elections were broadly as expected.

Having suffered their worst month since 2012 in October, global stocks started November on a brighter note, lifted by hopes of a thawing in US-Chinese trade tensions.

Global stocks plunged amid concerns over trade tariffs, mounting geopolitical risks, global growth and potentially peaking corporate earnings. In contrast, safe havens such as US Treasuries, the Japanese yen and gold rallied. Technology stocks once again led the sell-off amid fears the sector could be hurt the most by any downturn in global growth.

Investors remained cautious, with heightened diplomatic tensions between the US and Saudi Arabia, as a result of the disappearance of journalist Jamal Khashoggi, adding to ongoing trade war worries, political risks in Italy, Brexit concerns, and more hawkish comments from the US Federal Reserve.

Global stockmarkets made progress amid easing trade concerns despite the news that President Trump had requested aides to proceed with tariffs on a further $200bn of Chinese goods.

Stronger US economic data led to a sharp sell-off in global bonds, causing stock markets to weaken. Global M&A activity hit $3.3 trillion in the first nine months of 2018, surpassing the previous record set just before the financial crisis in 2008. During the final week of September, Michael Kors offered $2bn for Italian fashion house Versace, while Barrick Gold bought Rangold Resources in a $66bn deal.

The drive for innovation within the insurance profession is moving quickly. Insurers are investing more to ensure that people are provided with a smooth customer journey and firms are harnessing emerging technologies in an effort to improve processes for both businesses and consumers.