Spooky October lived up to its frightful reputation, proving to be a turbulent month for equities, with the S&P500 seeing its worst month since 2011, down almost 7%. The MSCI AC World posted its worst monthly performance since May 2012. With European and emerging market equities already down for the year, before October’s turbulence, analysts at Bank of America Merrill Lynch estimate around 60% of global stocks are now in a bear market.