German inflation slows to 2.8% in October
German inflation fell to 2.8% in October from 3.3% in September, below expectations, with core inflation easing to 2.1% due to temporary fuel tax cuts.
Funds in our coverage with TotalEnergies SE among their ten largest positions, with about £4.1B of those funds’ assets in it. FE fundinfo data, to 31 Oct 2026.
| 5Y | Volatility | Quartile | ||||||
|---|---|---|---|---|---|---|---|---|
| iShares STOXX Europe 600 Oil & Gas UCITS ETF (DE)BlackRock | Passive | 14.50% | +43.0% | Pro | Pro | 0.46% | £379.0M | Free account |
| World Energy FundBlackRock | Active | 8.45% | +51.1% | Pro | Pro | 2.06% | £1.8B | Free account |
| J.P. Morgan Mansart MSCI Canada FundJ.P. Morgan Mansart Management | Passive | 7.26% | +16.7% | Pro | Pro | 0.50% | £1.1B | Free account |
| iShares Global Energy ETFBlackRock | Passive | 5.05% | +45.0% | Pro | Pro | 0.41% | n/a | Free account |
| iShares International Select Dividend ETFBlackRock | Passive | 4.70% | +28.4% | Pro | Pro | 0.50% | n/a | Free account |
| Xtrackers MSCI World Energy UCITS ETFDWS | Passive | 4.64% | +55.3% | Pro | Pro | 0.25% | £1.2B | Free account |
| iShares MSCI World Energy Sector UCITS ETFBlackRock | Passive | 4.56% | +38.3% | Pro | Pro | 0.18% | n/a | Free account |
| Fidelity European TrustFidelity | Active | 4.33% | −0.9% | Pro | Pro | 0.68% | £2.1B | Free account |
| UBS MSCI EMU SelectionUBS | Passive | 4.30% | +12.8% | Pro | Pro | 0.13% | £1.5B | Free account |
| Xtrackers MSCI EAFE High Dividend Yield Equity ETFDWS | Passive | 4.12% | +14.3% | Pro | Pro | 0.09% | n/a | Free account |
| European Growth FundFidelity | Active | 4.10% | +2.5% | Pro | Pro | 2.64% | £6.4B | Free account |
| Amundi Core EURO STOXX 50Amundi | Passive | 3.86% | +7.0% | Pro | Pro | 0.09% | £4.3B | Free account |
| BNP PARIBAS EASY EURO STOXX 50 UCITS ETFBNP PARIBAS ASSET MANAGEMENT | Passive | 3.86% | +5.2% | Pro | Pro | 0.10% | £1.5B | Free account |
| Fidelity Special Situations FundFidelity | Active | 3.82% | +18.5% | Pro | Pro | 0.75% | £4.3B | Free account |
| Fidelity European FundFidelity | Active | 3.80% | +3.5% | Pro | Pro | 0.91% | £3.9B | Free account |
| WS Lightman EuropeanLightman | Not classified | 3.62% | +16.9% | Pro | Pro | 0.80% | £1.4B | Free account |
| UniDividendenAssUnion Investment | Active | 3.61% | +14.9% | Pro | Pro | 1.86% | £1.5B | Free account |
| VanEck Morningstar Developed Markets Dividend Leaders UCITS ETFVanEck | Passive | 3.61% | +22.8% | Pro | Pro | 0.38% | £61.6M | Free account |
| Invesco European Equity Fund (UK)Invesco | Active | 3.59% | +15.8% | Pro | Pro | 1.13% | £1.7B | Free account |
| Amundi MSCI Emerging Markets SwapAmundi | Passive | 3.57% | +31.1% | Pro | Pro | 0.20% | £4.7B | Free account |
| State Street SPDR EURO STOXX 50 ETFSPDR ETFs | Passive | 3.49% | +5.1% | Pro | Pro | 0.29% | £3.2B | Free account |
| Invesco UK Equity High Income Fund (UK)Invesco | Active | 3.46% | +15.0% | Pro | Pro | 1.62% | £2.6B | Free account |
| HSBC Euro Stoxx 50 UCITS ETFHSBC | Passive | 3.46% | +5.4% | Pro | Pro | 0.05% | £2.1B | Free account |
| Global Quality Equity FundGQG | Not classified | 3.43% | n/a | Pro | Pro | n/a | £2.6M | Free account |
| BlackRock Energy and Resources Income Trust PLCBlackRock | Passive | 3.30% | +27.8% | Pro | Pro | 1.15% | £176.3M | Free account |
| State Street SPDR S&P Global Natural Resources ETFSPDR ETFs | Passive | 3.13% | +29.4% | Pro | Pro | 0.40% | £3.3B | Free account |
| Allianz European Equity DividendAllianz Global Investors | Active | 3.11% | +17.9% | Pro | Pro | 2.60% | £1.5B | Free account |
| Antipodes Global Value FundAntipodes Partners Limited | Not classified | 3.06% | +16.5% | Pro | Pro | 0.95% | £557.1M | Free account |
| Steward International Enhanced IndexCrossmark Global Investments | Passive | 2.97% | n/a | Pro | Pro | n/a | n/a | Free account |
| DWS Top DividendeDWS | Active | 2.80% | +15.0% | Pro | Pro | 1.45% | £20.0B | Free account |
| DWS Invest Top DividendDWS | Active | 2.80% | +15.6% | Pro | Pro | 1.60% | £2.4B | Free account |
| WisdomTree International AI Enhanced Value FundWisdomTree | Not classified | 2.77% | +29.8% | Pro | Pro | 0.58% | n/a | Free account |
| GQG Partners Global Equity FundGQG Partners | Active | 2.76% | +8.1% | Pro | Pro | 0.64% | £2.9B | Free account |
| GQG Partners Global EquityGQG Partners | Not classified | 2.66% | +9.0% | Pro | Pro | n/a | £1.7B | Free account |
| EUROPEAN EQUITY VALUEAmundi | Active | 2.63% | +16.0% | Pro | Pro | 1.78% | £2.0B | Free account |
| Janus Henderson Continental European FundJanus Henderson Investors | Active | 2.53% | +2.7% | Pro | Pro | 1.09% | £1.7B | Free account |
| Amundi MSCI Em AsiaAmundi | Passive | 2.49% | +15.4% | Pro | Pro | 0.20% | £2.3B | Free account |
| Janus Henderson European Selected Opportunities FundJanus Henderson Investors | Active | 2.42% | +1.0% | Pro | Pro | 1.65% | £1.7B | Free account |
| Europe Strategic Value FundJ.P. Morgan Asset Management | Active | 2.40% | +16.1% | Pro | Pro | 2.53% | £2.6B | Free account |
| Murray International Trust PLCAberdeen Group plc | Not classified | 2.40% | +13.7% | Pro | Pro | 0.59% | £2.1B | Free account |
| iShares MSCI EMU Screened UCITS ETFBlackRock | Passive | 2.39% | +5.8% | Pro | Pro | 0.12% | £1.8B | Free account |
| Europe Research Enhanced Index Equity Active UCITS ETFJ.P. Morgan Asset Management | Active | 2.33% | +8.6% | Pro | Pro | 0.25% | £2.5B | Free account |
| Global Equity Income SelectAmundi | Active | 2.29% | +4.5% | Pro | Pro | 1.78% | £2.6B | Free account |
| iShares MSCI Eurozone ETFBlackRock | Passive | 2.24% | +14.8% | Pro | Pro | 0.49% | n/a | Free account |
| UBS Core MSCI EMU UCITS ETFUBS | Passive | 2.20% | +4.7% | Pro | Pro | 0.15% | £6.3B | Free account |
| EMU EquitiesUBS | Active | 2.20% | +8.6% | Pro | Pro | 0.68% | £2.1B | Free account |
| UBS MSCI EMU NSLUBS | Passive | 2.18% | +8.1% | Pro | Pro | 0.02% | £1.4B | Free account |
| UBS MSCI EMUUBS | Passive | 2.17% | +8.0% | Pro | Pro | 0.12% | £1.9B | Free account |
| European Value FundMFS | Active | 2.17% | +8.4% | Pro | Pro | 2.05% | £1.3B | Free account |
| Vanguard Eurozone Stock Index FundVanguard | Passive | 2.15% | +6.7% | Pro | Pro | 0.12% | £1.6B | Free account |
Weight is the share of each fund in this company. Returns are GBP, to month end. FE quartile compares a fund with its FE sector over the same year. Fund size is in GBP. Source: FE fundinfo. Past performance is not a reliable guide to future returns.
German inflation fell to 2.8% in October from 3.3% in September, below expectations, with core inflation easing to 2.1% due to temporary fuel tax cuts.
The European Central Bank held rates steady as eurozone inflation climbed to 3.8%, with ECB President Christine Lagarde announcing her departure in February 2027.
Cost-of-living protests in France deteriorated into widespread riots and looting across major cities, contributing to a selloff in French equities and bonds with CAC 40 declining 2.19%.
French 10-year bond yields reached fresh 24-year highs of 5.07% due to social unrest and riots related to high cost of living and underfunded social programs, reflecting fiscal strains in Europe.
Moody's maintained France's sovereign credit rating at Aa3 with negative outlook despite political turmoil, protests and fiscal challenges, avoiding a downgrade that markets had anticipated.
Euro area consumer confidence declined in October to -17.9 points, reaching its lowest level in five months, reflecting rising inflation concerns and geopolitical uncertainty.
French bond spread reached 153bps, its widest since early October, reflecting ongoing fiscal and political pressures on sovereign debt. The euro weakened as the spread widened.
The Magyar Nemzeti Bank's Monetary Council held the base rate unchanged at 5.50 percent, maintaining deposit and lending rates as well, citing need to achieve inflation target sustainably.
About 550,000 people participated in 110 marches nationwide. French equities, bonds, and the euro weakened across the board with the 10-year French yield surging 13 basis points to 4.9%.
The IMF and World Bank held annual meetings in Bangkok with the World Economic Outlook and Global Financial Stability Report released. Key central bank governors participated in G20 finance ministers meetings.
Eurozone September inflation rate confirmed at 3.8% year-over-year with core inflation at 2.5%, indicating persistent inflation pressures amid geopolitical tensions.
European Council convenes in Brussels through October 16 to address critical vulnerabilities amid heightened geopolitical instability, Ukraine concerns, and energy security issues.
Counts events recorded in our market events log, not news volume. Information only, not advice.
Source: FE fundinfo. Holdings are each fund’s ten largest positions as reported, so a fund can have more of this company than shown or none at all. Returns are GBP to month end unless stated. Past performance is not a reliable guide to future returns. Capital is at risk. Information only, not advice or a recommendation.
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