AMINA Bank: AMINAX Monthly Reporting

Markets traded on a nervous note ahead of the US elections. All the major indices corrected during October 2024, with the S&P 500, Nasdaq, and Eurostoxx-50 falling by 0.99%, 0.99%, and 3.5%, respectively.

In the US, non-farm payrolls surprised on the upside, buoying equity markets higher. However, US inflation came in higher than expected, thereby increasing the probability of a hawkish policy shift. In general, US equities traded on a volatile note during the month owing to mixed corporate earnings, the conflict in the Middle East, and the upcoming US elections.

While the polls show the race going down to the wire, markets seem to have slightly shifted towards the possibility of a "red sweep", a scenario where Trump would win the presidency and Republicans congress. Bond yields have increased during October 2024, anticipating that an agenda of large corporate tax cuts, increased federal deficits, higher spending and steep tariff could lead to a more inflationary environment under the Republicans. With increasing yields, the Financials sector was the only positive contributor within the S&P 500 index over the month.

In the Eurozone CPI came in higher than consensus. European equities witnessed their biggest monthly loss for the year.

Read more in the AMINAX Monthly Report

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