On the surface, returns from most asset classes and markets appear to reflect a becalmed and uneventful month: global equities returned 0.3% (MSCI World index), and global government bonds 0.1%. However, this masks considerable intra-month volatility; the S&P 500 index suffered its biggest setback since April’s ‘Liberation Day’, with a fall of over 5% by 20th November from its all-time high on 28th October, before regaining all of that ground by month end. The VIX index of US equity market volatility spiked sharply higher and US Treasury bond yields fell in a risk-off reaction, before both moves reversed.