Liquidity tightened, Bitcoin signaled early stress, AI adoption gained traction, and real assets continued to lead in a shifting market regime.

Gold rallied above $4,200 as markets shifted rate expectations. Record prices are driving disciplined mining-sector M&A, with the strongest opportunities in targeted regional consolidation.

Market breadth improved in November, lifting both the Moat Index and SMID Moat Index, with health care and materials driving gains despite weakness in technology and consumer names.

EM local-currency bonds offer high real yields, strong 2025 returns, and resilience to shocks, driven by credible policy and solid fundamentals.