Key Highlights for October 2024
- Global equities and fixed income declined in October as rising bond yields weighed on performance across a broad swath of asset classes.
- The yield backup was most pronounced in the United States and United Kingdom. Government debt concerns mounted ahead of the US presidential election, and UK yields inflected sharply higher following the release of the Labour government’s budget.
- Global equity markets fell for just the second time in the past 12 months. US stocks were relatively resilient, whereas Chinese equities faded from September’s policy-induced rally.
- The US dollar broadly appreciated on strong economic data and expectations for slower Federal Reserve rate cuts, which also added upward pressure on bond yields. The Japanese yen weakened as a surprise election result cast fresh uncertainty on the country’s outlook.