Global equities extend their positive streak to 13 consecutive months. The end of 2017 will cap off the third decade of performance for the MSCI ACWI Index. Never before has it entered December with a chance to notch a full calendar year of positive monthly returns. Volatility increased across all three global equity market segments, but remained in a historically low range and below their five-year averages. Low equity market volatility meant that the S&P Managed Risk Index maintained its 100% equity allocation for the sixteenth consecutive month. After rising for two consecutive months, the U.S. dollar fell in November.