Monthly Market Commentary – November 2021

Remember, Remember The
Importance of November


Chris Bailey, European Strategist, Raymond James Investment Services
“The month of November makes me feel that life is passing more quickly” – Henry Rollins

October was generally a positive month for global equity
markets, helping to push many developed market indices to
new 2021 highs. Whilst COVID-19 challenges remained material
and new concerns about gas prices, petrol availability and
general delivery concerns became more apparent during the
month, so far the average third-quarter corporate earnings
season number has been taken well. However, most fixed
income markets have continued to struggle this year, even if
many 10-year bond yields have not yet returned to levels seen
earlier this year. Awareness of current – and potentially future
– inflation rates has continued to increase, bringing forward
the concept of tighter central bank policy, possibly even by the
end of this year. Whilst late October’s European Central Bank
(ECB) meeting witnessed or needed few immediate changes,
early November updates by both the Bank of England and the
American Federal Reserve, are likely to have more of an impact
on fixed income investors.



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