Equities and bonds rallied in November on the back of softer inflation data and inflation expectations. This was confirmed by yesterday's data releases from the US and the eurozone, with the latter reporting year-on-year inflation of just 2.4% in November, close to the ECB's 2.0% target. Oil moved lower on an uninspiring OPEC+ decision to cut output and a report showing record US production in September 2023. Chinese equities are off their lows on rumours that state-owned companies have been buying local ETFs. The Israel-Hamas ceasefire appears to have ended but markets have remained calm. All eyes are on today's fireside chat with Federal Reserve Chairman Jerome Powell. Tim Gagie, Head of FX & PM Solutions Geneva, notes that you can have all the protection you want in a portfolio but it does not do you any good if you never take any profits. 00:00 Introduction by Helen Freer (Investment Writing)00:24 Markets wrap-up by Mike Rauber (Investment Writing)06:28 Currencies and metals by Tim Gagie (Head of FX & PM Solutions Geneva)12:22 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.