Key aspects:

The month of November ends on the rise in most stock exchanges due to the good news regarding the advances of the vaccines against COVID-19 published by the companies Pfizer (USA), Moderna (USA) and AstraZeneca (UK) that have with an effectiveness around 90-95% in its final phases of the test against the virus.
Despite the foregoing, COVID-19 continues to expand in the United States to the point of having more than 13.5 million infected.
Joe Biden wins the elections in the United States, although with a smaller advantage than expected and discarding the “Blue Wave” in the Senate since it is finally in the hands of the Republicans.
The IBEX35 closes the best month in its history with 25.18% thanks, mainly, to the news about vaccines that have generated a certain optimism in the face of other factors such as the second wave of the pandemic or the uncertainty surrounding the negotiations of the Brexit. At the end of the month, the breakdown of the possible merger between BBVA and Banc Sabadell is known.
The Eurogroup reconstruction plan has a possible veto by Poland and Hungary, although Merkel believes she will be able to find an alternative by the end of the year.
Fixed income has also seen a bullish rally that has been reflected in bond yields. The IRR of the 10-year Portuguese bond is at an all-time low, even reaching close to 0% this November.
Central banks did not make decisions regarding monetary policy this month, although the market discounted that the ECB will increase its stimulus at the December meeting.

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