Snapshot

Global equities corrected downwards by 7.5% in USD terms in October. Stocks in the US ended the month down 6.5% after an intra-month peak-to-trough drawdown exceeding -10%. They still managed to outperform equities in China (-11%), Japan (-9%), Emerging Markets (-8.7%) and Italy (-8%) in a continuation of their outperformance seen all year.