Overall Market Backdrop, November

• Notably, Energy remains the best performing sector after record third quarter profits are announced – with BP announcing profits of$8.2bn (£7.1bn) between July and September.
• Global semiconductor chip shortage caused by pandemic-induced supply chain disruptions and unprecedented demand may cause ongoing pressure to the communication service sector for the foreseeable future.
• Rising prices deter customers from purchasing discretionary items (i.e. nonessential goods and services such as appliances and entertainment) as they rein in on their spending, thus causing underperformance during economic contractions.

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