Creation monthly commentary - October 2023

Global equities retreated by 2.3% due to concerns over the ‘higher for longer’ narrative for US interest rates. This was against a backdrop of ongoing hostilities in Ukraine and the outbreak of a bitter new Middle East conflict. Over the month, every major equity market gave up ground and bond markets also sold-off with a steep rise in US government bond yields (meaning their prices fell). UK government bonds fared better, but still declined as did corporate bonds (issued by companies).