Global equities set a record with a 12th consecutive positive monthly return. Notwithstanding their strong growth, earnings multiples remain below their post-crisis peak from August 2016 amid strong 2017 earnings growth. Volatility on the S&P 500 Index touched its 2017 low in October, reaching a level not seen since August 1965. EM equities resumed their ascent in October after a small decline in September.