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October was characterised by mixed trends across the financial markets. Global equities fell slightly, whilst bond markets returned to positive territory. In a still volatile environment, rotations between regions, sectors and investment styles were particularly pronounced.
In the equity markets, Switzerland stood out clearly with a rise of over 7 per cent. The US held up relatively well, although it ended the month in negative territory. By contrast, Europe, Japan and, above all, the emerging markets recorded more pronounced declines. At sector level, energy and healthcare significantly outperformed, whilst technology suffered a sharp correction.
In the fixed-income markets, bonds returned to positive territory in October, both in Switzerland and globally. In the foreign exchange market, the Swiss franc appreciated against the major currencies, particularly the euro and the dollar, which had a somewhat negative impact on portfolios exposed to unhedged foreign assets.
Alternative assets showed very mixed performance. Commodities continued to rise, driven by another sharp increase in oil prices, whilst gold corrected. Cryptocurrencies also had a difficult month, with sharp falls in Bitcoin and, even more so, in Ethereum.
