Overall Market Backdrop, November
– Equities posted strong gains across all major regions during November, as multiple COVID-19 vaccine candidates touted efficacy rates north of 90% in late-stage clinical trials.
– The most divisive and polarized US presidential election in living memory was also put [largely] behind us early in the month, and as the growing reality of a Biden presidency sank in, markets began to take heart from an end to the uncertainty.
– The US bond market was essentially flat during the month, with the Chairman of the Federal Reserve, Jerome Powell, signalling low rates for the foreseeable future.
– The EU region posted the best performance for the month with a robust 13.4% gain. This was closely followed by the UK with 12.7%.