Global markets were mixed in November balancing a resilient earnings season amid concerns around ongoing inflation and high valuations in the AI sector. US equities were broadly flat, with the S&P 500 posting a modest gain of 0.2%, while the Nasdaq declined by 1.4%, reflecting weakness in the Technology sector after a strong performance since the start of the year. European markets were similarly subdued. The Euro STOXX 50 and FTSE 100 rose by 0.3% and 0.4%, respectively, supported by softer inflation prints and hopes of policy easing in 2026. In fixed income, US Treasury yields eased, with the 10-year falling 6.4 basis points, as markets priced in a potential further rate cuts by the Federal Reserve Bank (Fed), although the knock-on tariff effect on consumers remains unknown. In the UK, Gilt yields moved slightly higher, with the 10-year up 3.4 basis points, after an uneventful Budget speech and announcement of a lower Gilt supply. Commodities saw mixed returns. Brent crude oil fell by 3.4% on stable supply, while gold rallied by 5.9% on safe-haven demand, aggressive central bank purchasing in 2025, and expectations of monetary policy easing in the US. In currencies, sterling was broadly stable, appreciating by 0.6% against the US dollar and by 0.1% against the euro.

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