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In October, the main stock market indices reached all-time highs, the dollar appreciated, sovereign debt yields declined and euro area peripheral spreads narrowed. Commodities exhibited disparity between the rise in metals and the decline in crude oil prices. The central banks fulfilled expectations: the Fed cut rates and the ECB kept them unchanged.

The global economy sustains the momentum, but pockets of instability persist. The US faces the impact of the longest shutdown in its history; the euro area holds up but lacks momentum, and China’s slowdown is accentuated at the end of the year.