Following a bruising 3 months, equity and bond markets came back with a bang in November, in most cases recovering all the ground lost since July, in an almost unbroken run of gains through the month. The extraordinary shift in risk appetite saw global developed world equities return 9.4% in the month, with US markets producing among the best returns in local currency terms, +9.1%, while dollar weakness pushed non-US markets to even higher returns in USD terms. The Chinese market also rallied, but by a modest 2.5%, continuing its sharp underperformance this year.