October was broadly a positive month for markets. Q3 earnings season in the US provided a boost to the market with over 80% of companies beating expectations. Also, economic growth remains solid as vaccine rollout progress continues and there has been further lifting of restrictions in some countries. A number of challenges remain, however: supply constraints, rising energy prices, higher inflation and the possibility of future COVID related restrictions to name a few. Central banks appear ready to take action to allay inflation concerns, which markets have begun pricing-in through higher short and long-dated interest rates which has negatively impacted bond returns.

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