The Global Market Index (GMI) remains on track to generate a 7%-plus annualized total return for the long-run outlook, based on data through October. This estimate of future performance has been steady in recent months, remaining unchanged from the previous month, for instance.

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Manufacturing activity contracted for an eighth straight month in October, according to the survey-based ISM Manufacturing Index. Meanwhile, prices paid in the sector continue to rise. By contrast, a competing survey, paints a brighter picture, reporting “steady growth” in October via the US PMI Manufacturing Index.

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