After a complicated October, markets rallied strongly in November. The positive performance was triggered by the publication of lower-than-expected US inflation figures. Government yields contracted and all asset classes posted a positive performance, with a notable outperformance for US markets. The S&P 500 had its best November since the 1980s. In the high-yield space, the euro market ended the month with a performance of +2.86%, while the US market finished with a strong upward trend at +4.24%, its best November in more than 20 years.