After a bumpy start to the month global equities continued their ascent and managed a slight gain for the month. This was enough to put US stocks in record territory (again), and European stocks are not far behind.
Supportive central banks and progress in US-China trade talks provided the positive backdrop.
European stocks were lifted by news that the Eurozone economy managed to avoid recession in Q3 (but isn't that backward looking ?) and signs that a no-deal Brexit is off the table.
But the main point remains what we said last month: if stocks see no reason to go down, expansionary monetary conditions will continue to push them up.