Twenty-four of the 26 developed equity markets turned negative in November erasing strong October returns, S&P said in a news release. Only Portugal (+0.60%) and Spain (+0.68%) managed positive returns during the month. Iceland (-15.48%) and Canada (-11.17%) posted the steepest drops in returns during the month.
Emerging markets performed slightly better on average as 19 of the 26 emerging markets posted negative returns in November, S&P data showed. China (-12.68%), Taiwan (-11.82%), and Peru (-11.56%) all posted double-digit losses, but strong, positive returns were posted by Nigeria (+10.59%) and Jordan (+6.02%).
Despite the rough month, all 26 emerging markets remained positive for the 12-month period, with Nigeria (+111%) in the lead, followed by China (+101%).
Seven of the 10 sectors posted losses in November, following two months of positive returns for all ten sectors. Utilities led all sectors with a 1.60% monthly return, followed by Consumer Staples with a 1.49% gain.
Thrifts & Mortgage Finance sub-industry continued its drop, posting a 23.19% decline on top of October’s -10.43% return.
The S&P/Citigroup World by Numbers Report for November can be accessed at www.standardandpoors.com/indices .