November 2025

• Global markets advanced in November as easing monetary policy, resilient corporate earnings and improving investor confidence supported risk assets.
• Technology and artificial intelligence-related sectors continued leading gains globally, particularly within semiconductor and infrastructure-related industries.
• Central banks across major developed economies signalled that gradual policy easing would likely continue into 2026.
• Bond yields declined modestly as inflation remained contained across several major economies.
• Chinese economic conditions showed gradual improvement following sustained fiscal and monetary support.
• Commodity prices delivered mixed performance amid stabilising industrial demand and ongoing geopolitical risks.

Asia (ex. Japan)

Asian markets outside Japan delivered strong performance during November as improving Chinese economic conditions and continued semiconductor demand supported regional investor sentiment.

Taiwan and South Korea remained standout performers due to sustained artificial intelligence infrastructure investment, while Chinese equities benefited from stronger credit growth and consumer stabilisation measures.

Europe

European equities advanced during November as lower borrowing costs and easing inflation supported financial conditions across the region.

Consumer-focused and financial sectors performed relatively well despite continued weakness in manufacturing activity within several eurozone economies.

United States

U.S. equities reached further highs during November as strong technology earnings and continued artificial intelligence-related investment momentum supported market performance.

Investors remained optimistic regarding the broader economic outlook as Federal Reserve policy easing continued supporting financial conditions and corporate investment activity.

United Kingdom

UK equities delivered positive performance during November as lower interest rates and improving consumer confidence supported investor sentiment.

Domestic economic growth remained moderate overall, though easing financial conditions improved prospects for housing and retail-related sectors.

Japan

Japanese equities remained strong during November as exporters, technology firms and industrial companies benefited from resilient global demand and improving domestic economic conditions.

Foreign investor inflows continued supporting market momentum despite gradual Bank of Japan policy normalisation efforts.

Emerging Markets

Emerging markets delivered positive performance during November as improving global liquidity conditions and stabilising Chinese growth encouraged investor inflows.

Technology-focused Asian economies continued outperforming due to sustained semiconductor and artificial intelligence-related investment growth.

Commodities

Commodity prices delivered mixed results during November. Oil prices remained relatively stable as balanced supply conditions offset moderate global demand growth.

Industrial metals strengthened modestly amid improving manufacturing sentiment and infrastructure investment activity, while gold prices remained elevated due to central bank buying and ongoing geopolitical uncertainty.