After three months of negative returns, global equity markets rallied in November as bond yields reversed and inflation rates fell. In the US, headline inflation slowed from 3.7% in September to 3.2% in October. In Europe, it fell from 4.3% in September to 2.4% in November (reaching its lowest level since July 2021) and in the UK it dropped from 6.7% y-on-y in September to 4.6% y-on-y in October.