US equities continued their relentless climb in October on the back of increases in Q3 earnings and revenues, optimism on prospective tax cuts, and further signs/projections of global growth. WTI oil moved up to year-to-date (YTD) highs, approximately $55, and continues to rise on the back of increasing tensions between Saudi Arabia and Iran. The US Treasury yield curve flattened over the month on continued expectations of year-end monetary tightening. US investment grade and high yield corporate spreads ground down to multi-year lows in October, as global demand for higher yielding US securities continued. A quick backup followed in early November due to indigestion caused by heavy issuance and concerns about the Telecom/Media sector.