Global equities were flat in November, the first month since March that didn’t finish in the green. Things could have been worse, however. In the first half of the month, hawkish US Federal Reserve (Fed) rhetoric and sticky inflation data saw December rate-cut expectations unwind, triggering a substantial sell-off, compounded by concerns over AI valuations. However, that then reversed after further data – much of it delayed due to the longest government shutdown in US history – was softer than expected and Fed officials struck a more dovish tone, helping global indices claw back much of their mid-month decline.
Across markets, performance was mixed. European equities held up relatively well, supported by renewed optimism around a potential ceasefire in Ukraine after constructive signals from political leaders. UK assets were steadier, with the government’s Budget landing more smoothly with markets than many had expected. Japan, by contrast, saw a reversal of recent strength: a large fiscal package pushed government bond yields sharply higher, weighing on the Nikkei and extending the yen’s slide.
Emerging markets delivered another uneven month. Chinese equities drifted lower as sentiment remained fragile, not helped by property developer Vanke, which shocked creditors by proposing for the first time to delay paying a local bond. Elsewhere, performance was more robust, with Brazil once again among the stronger markets and parts of emerging Europe and Asia proving relatively resilient.
| Indices (total return in local currency) | |
|---|---|
| S&P 500 | 0.2% |
| Nasdaq Composite | -1.5% |
| MSCI ACWI | 0.0% |
| Nikkei 225 | -4.1% |
| EuroStoxx 600 | 0.8% |
| FTSE 100 | 0.4% |
| Hang Seng Index | -0.1% |
| SSE Composite | -1.7% |
Source: Bloomberg as at 30 November 2025.
