October saw mixed results in markets as a range of factors drove prices. US shares had a mixed start to earnings season while the elections and 'fiscal cliff' remained front of mind. Europe saw a better than expected start to its earnings reporting season, but poor economic data contended with ongoing hard work to contain the crisis and get sovereign finances back on track. Emerging markets saw pockets of strength, with China data supporting the view that activity will pick up going into 2013. Finally, New Zealand saw a cyclical low in inflation, but that was not a cue for an interest rate cut.
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