Monthly markets review - November 2014

Market Views


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  • Global equities registered positive returns in November, buoyed by optimism over monetary policy easing from central banks. Oil prices fell sharply as Opec elected not to cut output.
  • US equities gained with consumer-oriented sectors faring well amid expectations that the lower oil price will contribute to a boost in retail spending.
  • Eurozone equities were supported by further speculation that the European Central Bank (ECB) will soon announce full quantitative easing. German equities were strong as macroeconomic data showed some improvement.
  • Japanese equities gained, supported by the monetary policy easing announced in late October and the delay in the planned consumption tax increase. Prime Minister Abe also announced a snap election.
  • Emerging markets lagged their developed counterparts, despite a rate cut from China. Brazilian equities underperformed as economic indicators deteriorated. Russia was a laggard amid the falling oil price. 

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Monthly markets review 5 pages | 168 kb