In November, both stocks and bonds had a strong recovery after a period of uncertainty. This was mainly due to the US Federal Reserve’s decision to keep interest rates unchanged and lower-than-expected inflation data. The S&P 500 had a return of 9.1% and the NASDAQ had a return of 10.8%. Treasury yields also fell as investors shifted their focus to stocks.

The New Zealand and Australian stock markets also performed well in November, despite the increase in the Australian cash rate and the negative statement from the Reserve Bank of New Zealand around interest rate cut projections. Despite this news, the domestic bond market in New Zealand had a positive return.

In terms of currency exchange rates, the New Zealand dollar, Euro, and British pound all strengthened against the US dollar. This was influenced by the higher risk appetite in the market.

In terms of sectors, the technology, real estate, consumer discretionary, and financial sectors performed well, while the energy sector experienced a decline largely due to the sharp decline in the price of crude oil.

Some significant events in November include Moody’s downgrading the United States economic outlook, the end of the Israel-Hamas truce, and the boardroom coup at OpenAI, which resulted in the firing and rehiring of their CEO. Overall, November was a positive month for stocks and bonds, with strong returns and positive market trends.