Monthly review - November 2025 - More shaken up than hurt

Despite increased questioning about valuations in the US tech sector, equities limited the damage in November thanks to the end of the shutdown, the prospect of a Fed rate cut on 10 December and hopes that the conflict between Russia and Ukraine will soon be over. European equities are doing slightly better than their US counterparts. The Swiss and Spanish indices outperformed France and especially Germany, which once again brought up the rear. In Europe, our four favourite sectors (banks, insurance, basic resources, oil & gas) beat the Stoxx 600. The Fed meeting on 10 December will be key to facilitating an end-of-year rally... assuming it has not already materialised in the meantime.