“All of humanity’s problems stem from man’s inability to sit quietly in a room alone.”
– Blaise Pascal
Market commentary
Major equity markets surged to new all-time highs in November as the “Trump Trade” continued to gain momentum. Trump was named Time Magazine’s Person of the Year, and even rang the opening bell at the NYSE.
US small caps gained 11 percent, with growth stocks outperforming value. The S&P 500 posted its best month of 2024, up 5.9 percent. France fell 1.6 percent and is now down year-to-date, while Hong Kong was down 4.4 percent and the Nikkei was flat. Both markets are still up around 15 percent for the year.
As we went to print, markets were on tenterhooks ahead of the Fed’s latest interest rate decision, with most expecting a “hawkish” 25 basis point cut.