It has seemed all week that, in quiet US holiday trading, the only thing moving markets was the ‘will they/won’t they’ speculation about the future role of OpenAI’s CEO Sam Altman.

Stocks continued their strong November rally this week, as hopes grew that inflation has peaked and the Fed is nearing the end of its rate hiking cycle. The S&P 500 rose 1.9% on Tuesday following the cooler than expected US CPI print, bringing its gains for the month so far to 7%.