{"id":35606,"date":"2026-11-04T15:17:59","date_gmt":"2026-11-04T14:17:59","guid":{"rendered":"https:\/\/news.banquerichelieu.com\/?p=35606"},"modified":"2026-11-13T11:55:27","modified_gmt":"2026-11-13T10:55:27","slug":"investment-strategy-november-2","status":"publish","type":"post","link":"https:\/\/news.banquerichelieu.com\/en\/2026\/11\/04\/investment-strategy-november-2\/","title":{"rendered":"Investment Strategy &#8211; November"},"content":{"rendered":"\n<h2 class=\"wp-block-heading has-text-align-center\">MACRO ECONOMIC OUTLOOK<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Three holds in 48 hours: Fed at <strong>4.00%<\/strong> on 28 October, ECB at 2.50% on the 29th, BoJ at 1.25% on the 30th. None signalled the end of the cycle: markets price an ECB hike in December.<br><\/li>\n\n\n\n<li>Long yields eased: US 10Y from 5.29% to <strong>4.91%<\/strong> (\u221238bp), 30Y at 5.28%, Bund from 3.60% to 3.34%. The move came through real yields; inflation expectations (2.29% on the 10Y) barely moved.<br><\/li>\n\n\n\n<li>Euro-area inflation rose to <strong>4.0%<\/strong> in October (3.8% in September), the highest since 2023. France at 3.8%, Italy at 5.6%, Germany back down to 2.8%. Energy +20.8% year on year.<br><\/li>\n\n\n\n<li>Equities rotated: Nasdaq 100 <strong>\u22126.6%<\/strong> in October, STOXX 600 +2.0%, Dow Jones +1.8%. US semiconductors \u221221% over one month; healthcare +14.9% in Europe and +10.8% in the US.<br><\/li>\n\n\n\n<li>Democrats won both houses of Congress on 3 November: US 10Y at <strong>4.90%<\/strong> on 4 November, dollar at a one-month low, gold back above $4,000.<br><\/li>\n\n\n\n<li>Brent back at <strong>$104<\/strong> after a peak of $112 on 22 October, on signs of progress in talks with Iran; the energy shock remains the main risk to inflation.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\">ASSET ALLOCATION<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>US and Japanese equities raised from neutral to overweight<\/strong>, overall equity exposure kept at neutral: the question is no longer how much risk, but where it sits.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The US is favoured for the strength of earnings, driven by AI and by upward revisions that keep surprising, despite a tighter rate regime.<br><\/li>\n\n\n\n<li>Japan is raised for cyclical and structural reasons: rising capex, semiconductor exports, governance reform and share buybacks.<br><\/li>\n\n\n\n<li><strong>Europe and emerging markets kept at neutral<\/strong>: persistently expensive oil, a tightening Fed and the risk of a stronger dollar. The upgrade is funded by relative weightings, not by the risk budget.<br><\/li>\n\n\n\n<li>Bonds neutral with a positive view on duration: yields are attractive and sovereigns can once again cushion a slowdown.<br><\/li>\n\n\n\n<li><strong>Gold returns to neutral <\/strong>after \u22126.3% in October: higher real yields weigh on a non-yielding asset. <strong>Cash moves to underweight <\/strong>in favour of bond carry.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\"><strong>To find out more<\/strong><\/h2>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/news.banquerichelieu.com\/wp-content\/uploads\/2026\/11\/Monthly_Investment_Strategy_Banque_Richelieu_November_2026-2.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Monthly_Investment_Strategy_Banque_Richelieu_November_2026-2.\"><\/object><a id=\"wp-block-file--media-afdb11cf-1684-4bb2-b0c7-862caf75c1b5\" href=\"https:\/\/news.banquerichelieu.com\/wp-content\/uploads\/2026\/11\/Monthly_Investment_Strategy_Banque_Richelieu_November_2026-2.pdf\">Monthly_Investment_Strategy_Banque_Richelieu_November_2026-2<\/a><a href=\"https:\/\/news.banquerichelieu.com\/wp-content\/uploads\/2026\/11\/Monthly_Investment_Strategy_Banque_Richelieu_November_2026-2.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-afdb11cf-1684-4bb2-b0c7-862caf75c1b5\">T\u00e9l\u00e9charger<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>MACRO ECONOMIC OUTLOOK ASSET ALLOCATION To find out more<\/p>\n","protected":false},"author":45,"featured_media":35603,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[192],"tags":[],"class_list":["post-35606","post","type-post","status-publish","format-standard","has-post-thumbnail","category-investment-strategies"],"acf":[],"_links":{"self":[{"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/posts\/35606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/comments?post=35606"}],"version-history":[{"count":1,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/posts\/35606\/revisions"}],"predecessor-version":[{"id":35609,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/posts\/35606\/revisions\/35609"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/media\/35603"}],"wp:attachment":[{"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/media?parent=35606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/categories?post=35606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/tags?post=35606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}