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New Road Capital’s Monthly Wrap Up – November

November saw a strong global and local market rally, with major indices recording returns over 8%, as interest rate concerns subsided. The decline in US inflation and South African inflation remaining within control bolstered the risk-on sentiment. The positive momentum extended to bonds, both locally and offshore, supported by a pragmatic Medium-Term Budget Policy Statement, yielding returns above 4.7% in their respective currencies for indices like the All Bond and FTSE G7 Bond.