November saw positive returns across global equity markets with most major indices finishing the month up. The S&P 500, NASDAQ, and FTSE 100 rose by 5.9%, 6.3%, and 2.6%, respectively, measured in their local currencies. A major contributor to the positive movements was the continued momentum provided by US President-elect, Donald Trump. However, there was also uncertainty regarding the proposed use of trade tariffs and “America First” policies, which reflected in the returns of European and Asian markets. The Euro STOXX 50 and Hang Seng fell by 0.3% and 4.2%, respectively, measured in their local currencies. In fixed income markets, US and UK 10-year bond yields fell by 12 and 20 basis points, respectively, partly due to cuts in interest rates by the Federal Reserve Bank and Bank of England. Brent Crude oil prices fell by 0.8% driven by waning Chinese demand and increased supply from non-OPEC+ members including the US, Canada, and Brazil. Currency markets saw the pound depreciate by 1.3% against the US dollar, which saw a stellar month due to expected Trump policies. Against the euro, the pound appreciated by 1.6%.

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