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Equities climb as the globe spins into a new season

8 November, 2022
clock 8 MIN READ

Equities around most of the globe moved higher in October after hitting a fresh bear-market bottom in the first half of the month on a selloff that began in August. The rally was uneven, with a sizeable gain for developed-market shares and a loss for emerging markets due to an abysmal performance by mainland Chinese equities. 1

Eastern European shares outpaced other regions for the month, while Latin American equities also performed well. US shares edged out Europe as a whole with a large advance; Europe, in turn, was followed by the UK and then Japan at a distance. Hong Kong equities tumbled by double digits, but not as deeply as they did in mainland China.

Gilt yields declined sharply at shorter maturities and were slightly higher at the long end during October, flattening what had become an inverted curve. Eurozone government-bond rates increased across all maturities through about 25 years and declined thereafter. US Treasury yields climbed across the entire curve, most markedly at the short end, lengthening an inversion.

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