Ashburton Investments

In this month’s Global Markets Update, our Global Multi-Asset Investments Strategist, Jarred Sullivan, CFA, CQF, reflects on a volatile November in which global equities and bonds just eked out gains. Europe and the UK outperformed, while China detracted. South Africa remained a standout on a dollar-adjusted basis. In fixed income, there was continued weakness in Japan, where rising yields reflected expectations of a sustained fiscal expansion. Volatility spiked across US equity and bond markets as divergent views among Federal Reserve officials fuelled uncertainty around a possible December rate cut. By month-end, futures were pricing in an over 80% probability of a rate cut in December. Looking towards 2026, S&P 500 earnings expectations remain buoyant, particularly in the technology sector. Jarred notes that both downside risks and upside catalysts are widening the distribution of potential market outcomes. Watch the full update below.

Our Head of Intermediated Distribution, Steven Amey, unpacks the four shopper types we often see during Black Friday and how understanding your spending behaviour can do more than help you secure a good deal. It can set you up for better long-term financial decisions. In the article, he highlights how recognising your financial habits helps you approach spending with intention, creating meaningful shifts in your overall financial wellbeing. Whether you're navigating Black Friday purchases or guiding others toward smarter money choices, Steven’s insights offer practical lessons that go far beyond the rush of a seasonal sale. Read the full article here: https://lnkd.in/dQkkW-Jp #BlackFriday #FinancialHabits #FinancialWellbeing

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In this month’s Global Markets Update, our Global Multi-Asset Investments Strategist, Jarred Sullivan, CFA, CQF, unpacks the key forces that shaped market performance over October, with volatility, liquidity pressures and shifting bond market dynamics defining much of the month’s movement. Equity markets continued their upward trend, with notable strength across Asia-Pacific ex-Japan and Emerging Markets ex-China. Conversely, in the fixed income market, Japanese bonds underperformed as less accommodative monetary policy dynamics and rising fiscal expansion plans weighed on total returns. In fact, Japan’s 30-year bond yield recently climbed to its highest level on record. Meanwhile, gold extended its uptrend despite heightened volatility, driven by liquidity and collateral stress amid the US government shutdown. While conditions stabilised toward month-end, Jarred notes that liquidity dynamics will remain a key theme to watch in the months ahead. Watch the full update below.

Despite ongoing uncertainty, global markets showed resilience in October, with emerging markets leading the way. Investor sentiment was shaped by trade negotiations, central bank decisions, and geopolitical developments. The S&P 500 rose 2.3%, supported by strong earnings and a Fed rate cut, while the Magnificent 7 gained 4.9%. A one-year trade truce between the US and China helped ease tensions. The MSCI China Index fell 3.9% amid renewed trade concerns and soft data, while the Euro Stoxx 600 gained 2.6% on the back of stronger-than-expected growth. Japan surged 7.9% following the election of its first female Prime Minister. Locally, the JSE rose 1.6% in rand terms (USD: +1.2%), supported by emerging market strength and South Africa’s removal from the FATF greylist. Inflation remains contained, reinforcing expectations for a steady interest rate stance. Read the full article here: https://lnkd.in/dpqGf2rr #GlobalMarkets #MarketUpdate

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