In November, markets surged as U.S. Treasury rates dropped on expectations of a Fed rate pause. China grappled with sluggish real estate growth, prompting government interventions for support. Emerging Market central banks diverged in response to U.S. rate concerns. Argentina witnessed an outsider winning the presidential election, signaling potential hurdles with a divided congress and economic challenges. The Israel-Hamas conflict remained contained within Israel, posing little regional risk. Overall, these occurrences sparked a strong market rally, leading to significant tightening of credit spreads in both sovereign and corporate sectors.