Market Commentary

October saw an overdue sell-off across global share markets, the sharpest monthly drop since 2010 –ironically, coinciding with an earnings season in the USA producing the best growth since 2010. The sell-off was sparked by higher bond yields – the US 10 year bond rose sharply above 3.2% early in the month. This, coupled with ongoing trade tensions, was enough for global share markets to step back. This was a relatively orderly sell-off, and stocks that have been the better performers this year were generally the weakest in October – i.e. growth stocks stepped back and defensive stocks like Utilities and Property (while still down) were relatively resilient …