What happened in the markets?
Accommodative monetary policy and solid global growth data continued to provide a positive environment for company earnings and equity markets, with a number of markets reaching fresh highs in October.
- All developed equity markets were in positive territory over the month and notably the US equity market (S&P 500) has now produced positive returns in all ten months so far this year – a first, in 90 years of data
- However, the standout performers in October were Asian and Emerging Market equities, particularly Japanese equities, which reacted positively to Prime Minister Abe’s Lower House election victory and the expectation that this will result in continued market-friendly policies
- Commodity prices were also notably strong in October, led by the energy and industrial metals sectors. Fixed income market returns were firmer. This was despite volatility in the month primarily linked to Catalonia, and market speculation surrounding US tax reforms and who the next Chair of the US Federal Reserve will be
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