European equity markets fluctuated in November as concerns about potential trade wars and the Italian budget continued. Equity markets around the globe made a modest recovery from the heavy losses in October, helped by the expectation of more gradual monetary tightening from the US Federal Reserve. Sterling corporate bond return declined by 1.8% in November. Global bonds remained relatively flat. Realised volatility across the globe declined gradually in November as equity markets pared some losses from the previous month. The US market saw its volatility dropping below 20% but the volume remains above its historical average. The volume in the European markets dropped to slightly above 10%.