Perspectives – November 19, 2025
In October, global equity markets rose, supported by strong earnings, moderating inflation and expectations of lower interest rates. The U.S. NASDAQ led the gains, boosted by AI-related technology, while the MSCI EAFE IMI equities advanced more modestly. Emerging markets also continued to rally, led by South Korea and Taiwan’s tech and industrial sectors, though Chinese equities saw negative returns for the month. Sector performance was split in October as Technology led the way up 6.2%. Communication, Real Estate, and Financials were all negative, though none worse than Materials, which slipped 5.0% for the month.
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