Global markets advanced during October as optimism fueled by a third Fed rate cut and progressing US-China trade talks outpaced concerns over US manufacturing levels. The Russell 3000 Index, one of the broadest measures of US stock market performance, advanced +2.2% on the month and is up +22.7% year-to-date. International stocks outpaced their domestic counterparts in October with a +3.5% monthly gain per the MSCI ACWI ex-US Index, which is up +15.5% YTD. Overseas gains were driven by strength in Europe as the likelihood of a “no-deal Brexit” continues to diminish.