Global equity markets rose by 4.0% (in local currency terms) in November, while Eurozone markets rose by 0.1% over the month.
Eurozone annual rate of headline inflation reached 2.3% in November 2024. Despite sticky inflation numbers, markets continue to anticipate further rate cuts from the ECB due to weak demand in both France and Germany. German bonds underperformed due to political uncertainty following the government collapse, while French bonds faced pressure from ongoing budget concerns.
Annuity prices experienced a rise in November as bond yields fell. All annuity rates are 5-year guarantee and single life.
The funding level of our sample DB scheme rose to 109%, with assets rising more than its liabilities (calculated using a Funding Standard proxy) over November.
Our High Risk, Medium Risk and Pension Purchase DC strategies posted positive returns over the month.
