URGENT ALERT: Please beware of fraudulent WhatsApp groups and other groups across Social Media pretending to be affiliated with Anchor and Anchor staff members. Do not engage with these malicious and fraudulent groups in any way. Please direct all queries to invest@anchorcapital.co.za.

November global commentary: Global markets rally for a second consecutive month

Global Commentary For November 

Global equities rallied further in November (MSCI World +6.8% MoM), stringing together the first back-to-back positive months in equity markets for over a year. The month started with a much-anticipated fourth consecutive 0.75% rate hike from the US Federal Reserve (Fed), and investors were rattled by the message from Fed Chair Jerome Powell that the Fed members were of the view that they would end up pushing rates higher than they had previously expected. However, investor sentiment was buoyed mid-month by weaker-than-expected US inflation data (7.9% YoY vs expectations for 8.1%), with signs that shelter inflation was slowing and car prices were falling. Investors interpreted this as a sign that the Fed could ease the pace of monetary policy tightening. The tech-heavy Nasdaq 100 Index, which has been amongst the assets worst-impacted by central bank tightening, rallied 7.5% on the day the inflation data were released, while US 10-year government bond yields dropped 0.3% to 3.8%, and the US Dollar Index had a two-day fall of 4.1%.

Emerging market (EM) stocks easily bested their developed market (DM) peers (MSCI EM +14.2% MoM) in their first double-digit month since 2016 and their best month in thirteen years. Foreign-listed Chinese corporates were by far the stars of the EM rally (Hang Seng China Enterprises +29.1% MoM, Nasdaq Golden Dragon China Index +42.1% MoM). Chinese stocks received a triple boost for the month, with seemingly constructive talks between President Xi Jinping and US President Joe Biden at the G20 summit, an announcement of some bailouts for China’s beleaguered property sector and initial signs that the Chinese government will start to ease strict COVID-19 lockdown restrictions as the population grows increasingly frustrated with China’s zero-COVID policy.

Commodities had a mixed month, with industrial metals rallying (iron ore +22% MoM) on the prospect of increased demand from improving Chinese economic activity and government support for the property sector. In comparison, Brent crude oil (-10% MoM) ended the month at US$85/bbl as it appears the European cap on Russian oil prices will be set at a level unlikely to reduce supply.

At Anchor, our clients come first. Our dedicated Anchor team of investment professionals are experts in devising investment strategies and generating financial wealth for our clients by offering a broad range of local and global investment solutions and structures to build your financial portfolio. These investment solutions also include asset management, access to hedge fundspersonal share portfoliosunit trusts, and pension fund products. In addition, our skillset provides our clients with access to various local and global investment solutions. Please provide your contact details here, and one of our trusted financial advisors will contact you.



Submit your details and we’ll give you a call back to assist and advise you on your investment.


Subscribe to our newsletters to receive regular market commentary, research and updates from the Anchor team. Select between our Individual or Financial Advisor newsletters by selecting the relevant tab below.

WEBINAR | The Navigator – Anchor’s Strategy and Asset Allocation, 2Q24

Anchor CEO and Co-CIO Peter Armitage will host the webinar, provide an introduction to current global and local market conditions and give his thoughts on offshore equities. Together with Head of Fixed Income and Co-CIO Nolan Wapenaar, Pete will also discuss Anchor’s strategy and asset allocation for 2Q24, focusing on global equities and bonds. In addition, Fund Manager Liam Hechter will provide insights into local equities, highlighting some investment ideas; Global Equities Analyst James Bennet will discuss Ferrari and give an update on Tesla, and finally, Analyst Thomas Hendricks will participate in a Q&A with Peter, explaining the 10-year US Treasury to attendees.