October Monthly Market Review

An excerpt from our October Monthly Market Review: U.S. political and global geopolitical uncertainty are at extraordinarily high levels. Depending on the outcome of the U.S. election, markets face widely divergent scenarios for the future path of fiscal, monetary, trade, and exchange rate policies. Wars in Europe and the Middle East pose additional unknowable risks. Nevertheless, with the exception of record high gold prices, global markets have so far met uncertainty with equanimity. 

Global equity markets lost some ground in October, with the decline in the U.S. market triggered by disappointing earnings from a few mega-cap tech stocks. The S&P 500 index nevertheless remains near record levels and global equities are still solidly higher this year. U.S. Treasury yields rose across the maturity spectrum in October, reflecting the potential for higher fiscal deficits ahead. The U.S. dollar appreciated against most currencies. Oil prices also rose in October but are down for the year. Gold closed the month at another record high.

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