November saw geopolitical concerns return to the fore, following terrorist attacks in Paris on 13th November where 130 people were killed. Headlines were dominated by the aftermath and there was a significant step-up in global security. The overall impact on equity markets, however, was limited. Expectations for a rate hike by the Fed are now high. Since the summer of 2015, Fed officials continually stated that they might raise rates by the end of the year, but each month subsequently they have been kept on hold. Minutes of the October meeting indicated that most of the Fed officials believed that the necessary conditions for a rate hike would be met by December. This was backed up by recent economic data and a particularly strong November nonfarm payrolls report.