13 to 19 November: Are we nearly there yet?

There was not necessarily a clear catalyst for the more elevated volatility seen last week. However, it would be fair to say that weakness in credit over the past month has spilt into broader nervousness. We would continue to highlight strong economic momentum at the global level. However, there is also a sense that the best period for markets is behind us; valuations are generally rich, the monetary impulse is likely to turn negative in 2018 and there is a feeling of investor fatigue.

This week, US markets are closed on Thursday for Thanksgiving.

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