This month’s Market Watch key points include:
Global stocks in November rose for the fourth month in the last five after the Federal Reserve said the US cash rate was close to its ‘neutral level’ and the US economy displayed strength. Gains were capped, however, as doubts emerged about the global economic outlook and political concerns mounted in Europe. An increase in the Australian dollar, however, turned a gain into a loss for those who have unhedged investments in global equities. During the month, eight of the 11 sectors rose in US-dollar terms. Healthcare (+5.5%) and real estate (+4.5%) rose most while energy (-3.6%) fell most. The Morgan Stanley Capital International (MSCI) World Index rose 1.1% in US dollars but fell 1.8% in Australian currency.