Economic Views

Monthly Markets Review- November 2015

A look back at markets in November 2015 when global equities were lacklustre and attention remained focused on central banks.


  • Global equity markets were lacklustre in November with MSCI World returning -0.5% (in US dollars). Focus remained on the prospect of a US rate rise and strengthening of the US dollar was a feature of the month.
  • US equities rose slightly as banks were supported by the likelihood of higher interest rates, and therefore higher net interest margins. Higher yielding sectors such as telecoms and utilities recorded losses.
  • Eurozone equities outperformed other regions, supported by expectations that the European Central Bank would announce further monetary policy easing in December.
  • Emerging markets lagged their developed counterparts as the stronger US dollar weighed on emerging market currencies. Renewed commodity price weakness had a negative impact on several markets.
  • In fixed income markets, the diverging outlook for monetary policy saw US sovereign yields rise while those in the eurozone declined.

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The views and opinions contained herein are those of Schroders’ investment teams and/or Economics Group, and do not necessarily represent Schroder Investment Management North America Inc.’s house views. These views are subject to change. This information is intended to be for information purposes only and it is not intended as promotional material in any respect.