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Multi-Asset


October saw volatile returns resulting in global equity markets finishing the month down. The S&P 500, Euro STOXX 50, and FTSE 100 all fell by 0.9%, 3.3%, and 1.4% respectively, measured in their local currencies. A significant contributor to the fall was uncertainty surrounding the US elections and subsequent policy decisions that could be taken. In fixed income markets, US and UK 10-year bond yields rose by 50 and 44 basis points, respectively. In the US, this increase reflected tempered expectations for interest rate cuts compounded by political uncertainty. Meanwhile, in the UK, uncertainty surrounding the Autumn Budget played a key role in driving yields higher. Brent Crude oil prices rose by 2.3% despite macroeconomic concerns and continued geopolitical tensions in the Middle East. The pound had a poor month depreciating 3.6% against the US dollar and 1.3% against the euro due to the biggest tax rises in a generation creating uncertainty around economic growth and business investment.

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The information and opinions expressed in this communication have been compiled from sources believed to be reliable. None of Credo, its directors, officers or employees accepts liability for any loss arising from the use hereof or reliance hereon or for any act or omission by any such person or makes any representations as to its accuracy and completeness. Any opinions, forecasts or estimates herein constitute a judgement as at the date of this communication. There can be no assurance that the future results or events will be consistent with any such opinions, forecasts or estimates. Investors are warned that past performance is not necessarily a guide to future performance, income is not guaranteed, share prices may go up or down and you may not get back the original capital invested.