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Market Commentary - November Glenmore Asset Management December 2025 (2-minute read) Global equity markets were particularly volatile in November, driven by factors such as the US Government shutdown, concerns over a potential AI-related bubble and the direction of future US interest rates. The S&P 500 and NASDAQ reached intra-month lows of -4.4% and -6.9%, before recovering to end the month +0.1% and -1.5%, respectively. Returns were muted outside of the US, with the FTSE 100 remaining flat and the Euro Stoxx 50 rising +0.1%. Similar to the prior month, domestic markets underperformed their international peers. The ASX All Ordinaries Accumulation index fell -2.5%, as markets digested stronger than forecasted economic data. This was largely focused upon two releases, being 1) a stronger than expected jobs report and 2) hotter than anticipated October CPI, showing broad-based inflation across goods and services. As a result, markets now assume a greater chance of a rate hike rather than a rate cut over the next 12 months. In bond markets, the US 10-year bond yield declined -6 basis points (bp) to 4.01%, whilst its Australian counterpart rose 22bp to 4.52%. The Australian dollar remained flat, closing at US$0.655. Funds operated by this manager: |
