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US and international equities finished broadly higher Wednesday, supported by a drop in long-term bond yields that accelerated after the Fed hinted that the rise in yields reduced the need to hike. Also, the Treasury announced that it plans to slow the pace of increase of its quarterly sales of long-term debt, while softer jobs data also helped alleviate some of the pressures in bonds. The yield on the 10-year Treasury declined to 4.75%, a 15-day low. Growth-style investments led the gains, while energy lagged, as the morning rise in oil prices faded late in the day. While October marked the third straight month of losses for major indices, the fundamental conditions have remained relatively stable, and inflation continues to move in the right direction, suggesting that the trend in shares is likely to remain intact as we navigate the last two months of the year, which historically tend to be favourable for equities.
Summary for 02.11.2023
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