November 2024 Market Update

Overview

Global stocks produced their strongest month in more than two years in November, providing a 5.8% return for UK investors.

Election results in the UK and US lifted uncertainty that had hung over markets in recent months, with investors hoping that a stable government in the UK will provide an improved investment backdrop.

The re-election of President-elect Trump boosted small caps, which are likely to benefit from reduced corporation tax rates. However, expectations of import tariffs hurt international stock markets.

US equities was the top performing market over the month, rising 5.7% in USD, while a strong Dollar boosted returns further for overseas investors. Emerging Markets was the worst performing region, declining 3.7% amid worries over a trade war.

Alternative assets had a strong month with Bitcoin hitting a new all-time high amid hopes of cryptoassets moving into the mainstream of US finance. Elsewhere, bonds rallied after a recent fall, with US and UK 10-year yields falling 0.11% and 0.21% respectively.

Full update below…