Skip to content Skip to footer
{{r.fundCode}} {{r.fundName}} {{r.shareClass}} {{r.fundType}}
  • See all results
  • See results in Products
  • See results in Insights
.wrapper { display: flex; } .wrapper img { margin-right: 20px; } @media(max-width: 570px) { .wrapper img { display: none; } } .hero-energy-lines { position: absolute; z-index: 1; bottom: 0; right: 0; height: 100%; width: 50%; background-size: 100% auto; background-repeat: no-repeat; } .hero-home .hero-header:not(:last-child){ color: #fff !important; } .hero-home p { color: #fff !important; } .container-custom { position: relative; z-index: 1; } .image { position: absolute; top: 104px; right: 0; bottom: 0; left: 54%; background-image: url('${test}'); background-size: cover; background-position: center; background-repeat: no-repeat; z-index: 0; } .section-wrapper { position: relative; overflow: hidden; padding-bottom: 7rem !important; } @media (max-width: 991px) { .image { position: static; height: 300px; } .container { position: static; } .hero-energy-lines-mobile { position: absolute; top: -486px; } .hero-home .hero-header:not(:last-child) { color: #003169 !important; } .hero-home p { color: #444 !important; margin: 0 !important; font-size: 1.125rem !important; } .hero-home { margin-top: 0; } } @media (max-width: 768px) { .hero-energy-lines-mobile { top: -311px; } .section-wrapper { padding-bottom: 0rem !important; } } @media (max-width: 441px) { .hero-energy-lines { width: 77%; } .section-wrapper { padding-bottom: 0rem !important; } } @media (min-width: 992px) { .hero-home { margin-top: 103px; } .hero-home .hero-body { top: -51.5px; } }
2 minutes to read by  BlueBay Fixed Income Team Nov 5, 2025

October Review

h2[id^="october-review"]:before { display: block; content: " "; position: relative; margin-top: -80px; height: 80px; visibility: hidden; pointer-events: none; }

  • The US government shutdown dominated headlines, leaving markets in a data vacuum with no fresh economic indicators to react to. A delayed CPI print showed core inflation at 3%, slightly below expectations. The absence of Non-Farms Payrolls data left ADP’s weekly jobs report as the key employment indicator, revealing 56,000 private sector jobs added, easing unemployment concerns. Meanwhile, as expected, the US Federal Reserve implemented a 25bps cut and concluded Quantitative Tightening. Trump’s threat of 100% tariffs on China initially rattled markets, but a 12-month trade truce with Xi Jinping calmed tensions. In Europe, French PM Lecornu’s resignation and subsequent return, along with the scrapping of President Macron’s controversial pension reforms, are expected to facilitate a budget agreement and potentially stabilise French credit spreads. Japan’s surprise LDP leadership election winner, Takaichi, caused JGB and Yen weakness due to her stance on looser fiscal and monetary policy, seemingly contradictory to her inflation reduction goals.

  • Looking to EM, credit markets rose +0.43% in corporates and +2.13% in sovereigns, with spreads 5bps wider for corporates and 21bps tighter for sovereigns. Within corporates, the real estate, utilities and diversified sectors outperformed, while industrials were the main laggards. In sovereigns, Latin America was the top-performing region. Local markets also saw positive returns, with the index up by +0.46% for the month. This was primarily driven by strong performance in rates, which returned +0.78%, while FX underperformed with a return of -0.33%. At the country level, Peru, Chile, Indonesia, and South Africa contributed to the positive strength. However, European currencies diverged from the general trend, weakening slightly against the USD during the month.

Download this article for the full market review, market outlook, and latest performance.

Disclosure
This material is provided by RBC Global Asset Management (RBC GAM) for informational purposes only and may not be reproduced, distributed or published without the written consent of RBC GAM or its affiliated entities listed herein. This material does not constitute an offer or a solicitation to buy or to sell any security, product or service in any jurisdiction; nor is it intended to provide investment, financial, legal, accounting, tax, or other advice and such information should not be relied or acted upon for providing such advice. This material is not available for distribution to investors in jurisdictions where such distribution would be prohibited.

RBC GAM is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc. (RBC GAM Inc.), RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), RBC Global Asset Management (UK) Limited (RBC GAM-UK), and RBC Global Asset Management (Asia) Limited (RBC GAM-Asia), which are separate, but affiliated subsidiaries of RBC.

In Canada, this material is provided by RBC GAM Inc. (including PH&N Institutional), each of which is regulated by each provincial and territorial securities commission with which it is registered. In the United States, this material is provided by RBC GAM-US, a federally registered investment adviser. In Europe this material is provided by RBC GAM-UK, which is authorised and regulated by the UK Financial Conduct Authority. In Asia, this material is provided by RBC GAM-Asia, which is registered with the Securities and Futures Commission (SFC) in Hong Kong.

Additional information about RBC GAM may be found at www.rbcgam.com.

This material has not been reviewed by, and is not registered with any securities or other regulatory authority, and may, where appropriate and permissible, be distributed by the above-listed entities in their respective jurisdictions.

Any investment and economic outlook information contained in this material has been compiled by RBC GAM from various sources. Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by RBC GAM, its affiliates or any other person as to its accuracy, completeness or correctness. RBC GAM and its affiliates assume no responsibility for any errors or omissions in such information.

Opinions contained herein reflect the judgment and thought leadership of RBC GAM and are subject to change at any time. Such opinions are for informational purposes only and are not intended to be investment or financial advice and should not be relied or acted upon for providing such advice. RBC GAM does not undertake any obligation or responsibility to update such opinions.

RBC GAM reserves the right at any time and without notice to change, amend or cease publication of this information.

Past performance is not indicative of future results. With all investments there is a risk of loss of all or a portion of the amount invested. Where return estimates are shown, these are provided for illustrative purposes only and should not be construed as a prediction of returns; actual returns may be higher or lower than those shown and may vary substantially, especially over shorter time periods. It is not possible to invest directly in an index.

Some of the statements contained in this material may be considered forward-looking statements which provide current expectations or forecasts of future results or events. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. Do not place undue reliance on these statements because actual results or events may differ materially from those described in such forward-looking statements as a result of various factors. Before making any investment decisions, we encourage you to consider all relevant factors carefully.

® / TM Trademark(s) of Royal Bank of Canada. Used under licence.

© RBC Global Asset Management Inc., 2025
rbc-gam-logo
.usmf-disclosure .expandable-arrow.expandable-arrow-right { margin-right: 0.75em; order: -1; } .expandable-without-borders .card { box-shadow: none; } .expandable-container.expandable-without-borders .card .expandable-trigger { padding: 0; } .expandable-container.expandable-without-borders .card .expandable-trigger:hover { background-color: #f2f3f3; } .expandable-container.expandable-without-borders .card .expandable-content-wrapper { padding: 0; } .expandable-container.expandable-without-borders .card .expandable+.expandable { border-top: 0; } .expandable-container.expandable-without-borders .card .expandable-trigger-button-between { justify-content: start; } document.addEventListener("DOMContentLoaded", function() { let wrapper = document.querySelector('div[data-location="insight-article-additional-resources"]'); if (wrapper) { let liElements = wrapper.querySelectorAll('.link-card-item'); liElements.forEach(function(liElement) { liElement.classList.remove('col-xl-3'); liElement.classList.add('col-xl-4'); }); } }) .section-block .footnote:empty { display: none !important; } footer.section-block * { font-size: 0.75rem; line-height: 1.5; }