November was mildly positive for equities with small gains in the US (0.1%) and China (0.9%), European (2.6%) and Japanese (3.5%) indices posted healthy gains leaving Australia (-1.4%) the odd one out. The action was once again in credit and commodities with high yields spreads blowing out again whilst investment grade fell somewhat less. Price falls in commodities were fierce with the Bloomberg commodity index down 7.2%, US oil dropping 10.2%, copper off 11.5%, US natural gas retreated 3.9% and iron ore fell 13.5%. Gold continued to decline this month by 6.7%, with the short term fears of US interest rate increases outweighing the long term fears that sovereign nations will continue to devalue their currencies by printing money.