Equity markets had a very strong performance in November as investor confidence grew on the back of the announcement of three effective vaccines against COVID-19 and increased political certainty following the US election. The FTSE ended the month up 12.7%, but remains 14.4% down year-to-date, with the Brexit deadline fast approaching. The S&P 500 and Japanese Topix indices were up 10.9% and 11.1% by month-end, respectively. The British government bond index lost 0.5%. Both CPI and RPI inflation measures rose by 20 basis points in October to 0.7% and 1.3%, respectively. Realised volatility of the FTSE 100 index increased in November, standing at 20.9% by month-end. Volatility risk premiums declined in November as implied volatilities declined sharper than realised volatilities.