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Printed: 08 December 2024 11:47 AM

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19 Nov 2024 - Glenmore Asset Management - Market Commentary

By: Glenmore Asset Management

Market Commentary - October

Glenmore Asset Management

November 2024


Globally, equity markets were weaker in October. In the US, the S&P 500 declined -1.0%, the Nasdaq fell -0.52%, whilst in the UK was down -1.54%.

In Australia, the All Ordinaries Accumulation index declined -1.33%. On the ASX, the top performing sector was gold, supported by a +5% rise in the gold price. Banks also performed well in the month. Consumer staples were the worst performer, impacted by index heavyweight Woolworths (WOW) falling -10% following a weaker than expected 1H25 trading update.

In bond markets, the US 10 year government bond yield rose +50 basis points (bp) to close at 4.28%, whilst its Australian counterpart increased +53bp to end the month at 4.51%. The main driver of the higher bond yields was market expectations of less interest rate cuts from the Federal Reserve.


Funds operated by this manager:

Glenmore Australian Equities Fund

Australian Fund Monitors Pty Ltd
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