Global financial markets having 'awful year' despite 'great' November for most assets, says Deutsche Bank
By Vivien Lou Chen
The month of November brought some good cheer to global financial markets, with more assets up than any other month since December 2020, according to data compiled by Deutsche Bank.
One of the areas that turned in the best performance was Hong Kong's Hang Seng Index , which had its best month since October 1998 and was up 27% in USD total return terms, according to Jim Reid, head of thematic research for Deutsche Bank (DBK.XE). By contrast, the U.S. Dollar Index fell 5% in November for its worst monthly performance in over a decade, he said.
Behind the strong performance across global assets last month were growing hopes that various places like the U.S. have moved past the worst of inflation. Meanwhile, Chinese assets got support from what appeared to be some willingness by China to move away from its zero-Covid strategy.
Even though November was "a great month for most assets, that shouldn't detract from what's still been an awful year," Reid wrote in a note Thursday.
On Thursday, U.S. stock investors looked past signs of easing inflation pressures in October's U.S. personal-consumption expenditures index, and focused instead on data that showed U.S. factories facing their toughest time since May 2020.
The Dow Jones Industrial Average and S&P 500 Index ended the New York session down by 0.6% and 0.1%, respectively, although the Nasdaq Composite pulled off a 0.1% gain. Meanwhile 2- , 10- and 30-year Treasury yields each fell to their lowest levels in months.
-Vivien Lou Chen
(END) Dow Jones Newswires
December 01, 2022 16:06 ET (21:06 GMT)
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