Market Review: It’s all about earnings!
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This market summary is provided by Guardian Trust Funds Management. To see how the numbers stacked up for various markets around the world in the past month and over the year, visit our Monthly Market Reveiw here
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Two key drivers, corporate earnings and interest rates, combined to boost global sharemarkets in October from previously depressed levels. The result was a big rally in the US and Europe with the Dow Jones Index in mid-October having its biggest four day gain in seventy years. With an 11% rise for the month the Dow Jones also had its largest ever gain for an October month and its largest monthly rise since January 1987.
As suggested in last month’s commentary (click here to read previous article) bond markets sold off through much of October after US 10-year bond yields were down to forty-year lows in September. However, a rally in late October meant that returns from global and domestic bonds were only slightly negative for the month.
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