Investment

November General Market Comments

by Pierre Mouton

November General Market Comments

“Loser” – Beck, 1993

In November 2024, the loser was Mrs Harris and the winner Mr Trump. Equity markets reacted by designating the bulls as winners and the bears as losers. But they already made that choice prior to the US elections, so it is fair to assume that November’s party was more about this uncertainty about the outcome of the polls being cleared.

For the whole year 2024 so far, it was quite a challenge to be a loser: equity markets have been very strong, credit spreads are almost as low as they can be, and Gold and cryptos soared. Only long duration Government bonds struggled, while Oil  slightly fell.

How to explain investors’ insatiable thirst for risky assets (equities, credit, cryptos among others) ? Although the craze about Artificial Intelligence is clearly part of the explanation (think about Nvidia’s 179% increase), the fact that the US economy has proven much more resilient than expected certainly gave equity and credit markets a solid reason to post pleasant returns. When it comes to cryptos, a combination of Mr Trump’s favorable stance, ever-increasing levels of Government debt everywhere and political as well as geopolitical uncertainties (also valid for Gold) must be the multiple causes for the spectacular performance of these assets in 2024.

If November has been strong, there were nevertheless different classes of winners: the US stock market and Growth stocks led the charge (+5.73% for the S&P 500 and +5.26% for the MSCI World Growth), while Europe was slightly up (+0.96% for the Stoxx 600), the broad dollar index and the Itraxx Crossover respectively gained 1.69% and 1.27%. And there were losers: the Japanese Topix abandoned 0.55%, the MSCI Emerging Markets Index fell 3.66%, Oil and Gold receded by 1.82% and 3.67%. Long-term Government bonds yields headed down across the board, certainly providing another tailwind for Growth versus Value.

 

 

 

 

 

Past performance is not indicative of future results. The views, strategies and financial instruments described in this document may not be suitable for all investors. Opinions expressed are current opinions as of date(s) appearing in this material only. References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only. NS PARTNERS SA provides no warranty and makes no representation of any kind whatsoever regarding the accuracy and completeness of any data, including financial market data or other financial instruments referred to in this general comment. This document does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation. Any reference in this document to specific securities and issuers are for illustrative purposes only, and should not be interpreted as recommendations to purchase or sell those securities. References in this document to investment funds that have not been registered with the FINMA cannot be distributed in or from Switzerland except to certain categories of eligible investors. Some of the entities of the NS Partners Group or its clients may hold a position in the financial instruments of any issuer discussed herein, or act as advisor to any such issuer. Additional information is available on request. © NS Partners Group

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