Global stockmarkets notched up record gains in November
Global stockmarkets have enjoyed their best month since 1988 this November, with the MSCI World index up 12.6%.

Global stocks have enjoyed their best month since 1988. The MSCI World index gained 12.6% in November, says David Randall on Reuters. Around $6.7trn was added to the value of global shares, equivalent to “$155m a minute”.
The pan-European Stoxx 600 enjoyed its best ever month, gaining 13.7% as the French and Italian markets notched up record returns. The FTSE 100 also had a record month (see page 5). The 15% gain on Japan’s Nikkei index was its best showing since 1994.
A month that started with Joe Biden’s election victory and progressed with a positive stream of vaccine updates kept investors in good spirits, say Claire Ballentine and Katherine Greifeld on Bloomberg. America’s S&P 500 gained 11%, a rare instance of it lagging the global average. The key theme of the month was rotation as investors moved out of tech shares and began to buy a broader range of smaller and more cyclical stocks. The tech giants lagged small caps. That goes to show that the market is finally “widening”, says Karen Langley in The Wall Street Journal. This year’s rally has been heavily concentrated in a handful of sectors. In September only 153 of the 500 shares in the S&P 500 made gains; in November, 467 did. A 17% jump in US financial shares gave the sub-index its “best month since April 2009”.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Another boost came from positive earnings news. Average S&P 500 third-quarter earnings came in only 6% lower than last year, defying predictions of a 21% slump. It is extraordinary that global markets have gained this year, even as “the virus is still on the rampage”, says Rupert Thompson of Kingswood. In a year where massive central bank support has juiced markets, rarely has the old saying, “don’t fight the Fed”, been so true.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
Alex is an investment writer who has been contributing to MoneyWeek since 2015. He has been the magazine’s markets editor since 2019.
Alex has a passion for demystifying the often arcane world of finance for a general readership. While financial media tends to focus compulsively on the latest trend, the best opportunities can lie forgotten elsewhere.
He is especially interested in European equities – where his fluent French helps him to cover the continent’s largest bourse – and emerging markets, where his experience living in Beijing, and conversational Chinese, prove useful.
Hailing from Leeds, he studied Philosophy, Politics and Economics at the University of Oxford. He also holds a Master of Public Health from the University of Manchester.
-
The five insurance policies you should have
Some insurance cover will be more important than others. We look at five insurance policies you may need to have to make sure you aren’t caught out in an emergency
-
Is Donald Trump putting the US dollar in danger?
Donald Trump's administration sees one of its greatest advantages – the US dollar – as a burden. Gold is the obvious beneficiary, says Cris Sholto Heaton.
-
The British railway industry is in rude health – here's why investors should jump aboard
The railway industry has bounced back from the devastating impact of the pandemic and is entering a new phase of development – and profitability
-
Infrastructure investing: a haven of stable growth amid market turmoil
From booming construction in emerging markets to digital and green transitions, the infrastructure sector offers security, returns and long-term opportunities
-
The costly myth of “sell in May”
Opinion May 2025's strong returns for US stocks have once again shown that putting too much weight on seasonal patterns will only make investors poorer, says Max King
-
Who’s driving Tesla?
As Elon Musk steps back from government with his eyes on the stars, investors ask if he’s still behind the wheel at his electric-car maker.
-
Investment opportunities in the world of Coca-Cola
There is far more to Coca-Cola than just one giant firm. The companies that bottle and distribute the ubiquitous soft drink are promising investments in their own right.
-
Streaming services are the new magic money tree for investors – but for how long?
Opinion Streaming services are in full bloom and laden with profits, but beware – winter is coming, warns Matthew Lynn
-
'Pension funds shouldn't be pushed into private equity sector'
Opinion The private-equity party is over, so don't push pension funds into the sector, says Merryn Somerset Webb.
-
Greg Abel: Warren Buffett’s heir takes the throne
Greg Abel is considered a safe pair of hands as he takes centre stage at Berkshire Hathaway. But he arrives after one of the hardest acts to follow in investment history, Warren Buffett. Can he thrive?