November proved to be a fairly volatile month for the European markets, which tumbled sharply in the first part of the month in the wake of the proposed Greek referendum on the future of its membership in the euro zone. The cancellation of the referendum and formation of a new government of national unity alleviated fears of seeing the country’s imminent exit from the euro zone. Italy’s change of government also helped ease tensions on the markets. Hopes ahead of the European Summit set for early December and comments from the European Finance Ministers meeting at the end of November helped limit index losses over the month.

In terms of macroeconomic outlook, indicators published this month remained very low in Europe. A double-dip recession starting early next year can no longer be ruled out. The outlook for the US and emerging countries is on a better track.