November saw elevated volatility across global markets as concerns about AI-linked valuations resurfaced at the same time that worries about the levels of economic growth in Europe and Asia persisted. Shifting expectations for central bank policy amplified the divergence in regional performance. Investors favoured more defensive areas, while tech-oriented names faced broader pullbacks.

Both developed and emerging market equities performed well in October, as technology stocks continued to lead the way. Global government bond market returns were generally positive, with yields falling across major regions amid supportive central bank policies, though a US government shutdown and tariff concerns decreased investors’ appetite for risk.

Global financial markets posted strong gains in Q3 2025, driven by robust artificial intelligence (AI) and technology demand, solid corporate earnings, and a well-anticipated Federal Reserve (Fed) rate cut. A weaker US dollar supported emerging markets. Credit and commodities — with notable, record-setting rallies in gold and silver — also performed well.

Strong corporate earnings, moderating inflation and the promise of lower interest rates enabled global equities to post positive returns in August. In fixed income, investment-grade credit posted solid gains, propelled by the number of companies whose earnings beat analyst estimates.

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