November 2024

• Global markets rallied strongly in November as easing inflation, improving earnings sentiment and growing expectations for additional central bank rate cuts supported investor confidence.
• Technology and artificial intelligence-related sectors continued leading gains across global equity markets.
• Bond yields declined modestly as inflation trends improved across several developed economies.
• U.S. economic data remained resilient, supporting expectations for continued corporate earnings growth.
• Chinese stimulus measures helped stabilise sentiment across Asian and emerging markets.
• Commodity prices delivered mixed performance amid balanced supply and demand conditions.

Asia (ex. Japan)

Asian markets outside Japan advanced during November as continued semiconductor demand and improving global financial conditions supported investor sentiment.

Chinese authorities introduced further targeted stimulus measures aimed at stabilising the property sector and encouraging domestic consumption, helping improve regional confidence.

Europe

European equities rallied during November as easing inflation and expectations for additional European Central Bank rate cuts improved investor optimism.

Corporate earnings generally remained resilient despite subdued manufacturing activity, while lower bond yields supported financial and consumer-oriented sectors.

United States

U.S. equities reached fresh record highs during November as strong corporate earnings, resilient consumer demand and continued artificial intelligence-related investment enthusiasm supported markets.

Investors increasingly anticipated further Federal Reserve policy easing during 2025 as inflation continued moderating gradually.

United Kingdom

UK equities advanced during November as easing inflation and improving expectations for future Bank of England interest rate cuts supported market sentiment.

Domestic economic growth remained relatively modest, though declining borrowing cost expectations improved confidence across housing and consumer-related sectors.

Japan

Japanese equities performed strongly during November as robust corporate earnings, technology demand and continued foreign investor inflows supported the market.

Exporters benefited from relatively stable currency conditions and resilient global manufacturing activity linked to semiconductor and artificial intelligence investment trends.

Emerging Markets

Emerging markets delivered positive performance during November as declining global bond yields and improving Chinese policy support measures encouraged investor inflows.

Technology-oriented Asian economies remained among the strongest performers globally due to sustained semiconductor demand growth.

Commodities

Commodity prices delivered mixed results during November. Oil prices remained relatively stable as moderate global demand growth balanced ongoing geopolitical and supply considerations.

Industrial metals strengthened modestly following improved Chinese stimulus expectations, while gold prices remained elevated amid declining bond yields and continued central bank buying.