Global equity markets continued to face headwinds in October with stocks falling based on the interest rate outlook, and the impact of the Israel-Hamas conflict. The DJIA, S&P 500, Euro STOXX 50, and FTSE 100 all experienced negative returns during the month of -1.3%, -2.1%, -2.6% and -3.7%, respectively and measured in their local currencies. Both the Bank of England and the Federal Reserve Bank kept interest rates unchanged, signalling their higher for longer stances. The yields on US and UK 10-year bonds rose by 36 and 7 basis points, respectively. In commodities, Brent Crude oil declined by -5.5% due to concerns about global supply and demand dynamics, however, the price rallied from the low of the month mainly due to the tragic events that took place in the Middle East. This also impacted gold, which finished the month up 7.4% as investors fled to safety. The pound fell by -0.4% against the US dollar and by -0.4% against the euro.

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