Equity markets clawed back most of their losses from last month with major exchanges delivering solid returns for October. The US market advanced 8% however the NASDAQ did not fare as well, improving by 3.9% reflecting sharp declines in some of the major technology companies. Europe was up an impressive 9% and the Australian market recouped all its losses from last month improving by 6.0%. The exception was the Chinese mainland market which fell 4.3% following the five-year Communist Congress which re-elected President Xi as leader and reaffirmed its commitment to a zero COVID policy which threatens to constrain manufacturing activity. The UK appointed its second leader in 45 days with new Prime Minister Rishi Sunak largely unwinding the fiscal policies adopted by the previous regime that rattled UK markets.