Monthly Markets Review- November 2015
A look back at markets in November 2015 when global equities were lacklustre and attention remained focused on central banks.
- Global equity markets were lacklustre in November with MSCI World returning -0.5% (in US dollars). Focus remained on the prospect of a US rate rise and strengthening of the US dollar was a feature of the month.
- US equities rose slightly as banks were supported by the likelihood of higher interest rates, and therefore higher net interest margins. Higher yielding sectors such as telecoms and utilities recorded losses.
- Eurozone equities outperformed other regions, supported by expectations that the European Central Bank would announce further monetary policy easing in December.
- Emerging markets lagged their developed counterparts as the stronger US dollar weighed on emerging market currencies. Renewed commodity price weakness had a negative impact on several markets.
- In fixed income markets, the diverging outlook for monetary policy saw US sovereign yields rise while those in the eurozone declined.