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Market Commentary October 2023

Letter 3

Recent market volatility reflects the shift from the era of low interest rates. The effect of rate hikes, which impacted financial markets initially, are flowing through to the real economy.

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November unfolded in two distinct halves: risk assets first experiencing a selloff, before staging a strong rebound toward months-end.

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Markets ended October higher overall, but not without a few twists along the way.