Find an office

YOU AM market commentary: November

  • 2 minute read

November was a negative month for global equities with the MSCI All Country World Index returning -0.9% over the month. Global fixed income markets fared somewhat better with the Bloomberg Global Aggregate Index up +0.2% over the month in GBP hedged terms.  Despite an end to the lengthy government shutdown, US equities declined over the month with the S&P 500 Index down -0.7%. Technology related companies were some of the weaker performers with the Nasdaq 100 Index down -2.4% as investors grew concerned about elevated valuations in the sector and ongoing uncertainty relating to the level of return companies will earn on their staggeringly large investments in Artificial Intelligence.

UK equities bucked the trend with the FTSE All Share Index up +0.4% over the month, performing particularly well in the final week as investors in UK domestic companies seemingly let out a collective sigh of relief that the government’s latest budget statement passed without any additional major taxes on corporate UK. Economic data released over the month also suggested there remains scope for the Bank of England to announce further interest rate reductions in the coming months which should be particularly helpful to mid and smaller-sized companies and also hopefully encourage the UK consumer to start spending some of its sizeable accumulated savings.

Emerging Markets endured more of a challenging month, with the MSCI Emerging Markets index down -3.2%. Asian equities were particularly hard hit and notably Taiwanese equities which got caught up in the technology and AI related selloff as this market has a high preponderance of tech related companies.

All performance figures are stated in Sterling terms, unless otherwise specified.

You may also be interested in:
Happy extended family talking while celebrating Thanksgiving on the patio.

How do you support your children without compromising your retirement? 

Summer often brings families together, creating opportunities to spend time with children and reflect on how family life has changed over the years. While retirement may now be moving closer, many people find that their role as a financial supporter doesn't necessarily end when their children reach adulthood. 
Senior couple walking in park in autumn. Attractive woman and handsome man spending time together with bicycles

Are you financially ready for life’s next chapter? 

Summer often reminds us how valuable time really is. The ability to spend your days as you choose, whether travelling, pursuing interests or simply enjoying more time with friends and family. At this stage, retirement is no longer something you're building towards in the distance. It's becoming a reality that deserves careful preparation.
Feedback concept shows hand placing happy face beneath five white stars representing excellent customer satisfaction, positive service review experience for happy clients.

Your voice, our focus: 2026 annual client satisfaction survey results

Thank you to everyone who took part in our 2026 annual client satisfaction survey. Your feedback is invaluable in helping us understand what we’re doing well and where we can continue to improve. We are delighted to share this year’s highlights.