Milliman Market Monitor London - 31 October 2019

European equity markets had a mixed performance in October. Global equity markets continued their strong performance from September as the Federal Reserve cut rates by another 25 basis points and the US-China trade talks took a more constructive outlook. The S&P was up by 2.2% at month end while Japanese and emerging markets equities returned 5% and 4.2%, respectively. UK government bonds had a disappointing month, losing 1.9%. CPI inflation remained unchanged at 1.7% in September. Realised volatilities increased from the previous month for all major indicies as they all ended the month with a realised volatility of above 10%.