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Global financial markets declined in October as European countries imposed additional virus quarantine lockdowns while investors positioned for the US Presidential election. Global equity markets declined led by European equities including France, Germany, Italy & the UK; sector declines were led by Energy, Telecom & Healthcare. US interest rates increased for the month leading into the election, while the US Dollar traded in a wide intramonth range, despite settling little changed for the month. Commodity markets posted mixed performance with gains in Aluminum, Sugar & Natural Gas offset by declines in Oil, Platinum & Lumber.
October was a mixed month for the HFR Bank Systematic Risk Premia Indices.  In Commodities, Commodity Carry returned -2.83% (+26.11% YTD) as forward curves shifted, while Commodity Momentum gained +3.37% (+13.46% YTD) from strong trends in agricultural commodities.  Despite the stock sell-off in the second half of the month, Rates Carry still finished lower at   -2.07% (+17.92% YTD) and Currency Carry declined -1.66% (-20.61% YTD) as risk aversion later in the month took its toll.