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Market Index Summary - U.S.

by William Pometto
JPMorgan Investment Analytics and Consulting
william.m.pometto@jpmorgan.com
As of October 2007 (Click to enlarge)

U.S. Equity

U.S. Stock Markets rallied throughout the month of October.
The quarter-point rate cut on October 31 provided equities with a strong finish to the month.
Outperforming their indices, technology and utility stocks led the market.
The Nasdaq Composite was among the top equity performers, posting a gain of 5.88 percent for the month.

International Equity

October was a solid month for International Markets.
A majority of the developed countries posted positive returns with the exception of Japan, which was down 0.38 percent for the month.
Emerging Market indices continued their run with another month of double-digit returns.
With an 11.16 percent gain for the month, the MSCI Emerging Market Free index is up 49.90 percent year to date.

Fixed Income

Fixed Income Markets experienced significant volatility in anticipation of the October month-end Federal Reserve meeting.
While a majority of the fixed income indices posted positive returns for the month, long-term treasuries performed exceptionally well.
Declining long-term yields helped the L.B. Treasury Long Term index to a 1.41 percent gain in October.

Real Estate

by Romain Berry
JPMorgan Investment Analytics and Consulting
romain.p.berry@jpmorgan.com

European Equity Indices (January 2 - October 31, 2007) (Click to enlarge)

Following the Fed cut of its reference rate by 50 basis points on September 18, most European equity indices benefited, rebounding from their August lows.
In addition, European equities have been pushed higher in September due to the market's hope for a quick resolution of the sub-prime crisis and due to a sharp acceleration in cyclical indicators.
European markets still expect a potential economic slowdown in the next few quarters, which is likely to keep European stock exchanges under pressure in the near term.