October has not, historically, been a great month for equity markets.
Risk assets have had a turbulent September after an impressive recovery from the end of March lows. October has not, historically, been a great month for equity markets and this year may be no different. A probable autumnal spike in COVID cases, further travel restrictions/partial lockdowns, concerns about the US election and elevated unemployment will be sources of continued volatility.
On a medium term outlook, however, financial conditions remain supportive, growth is improving from the recession lows and equity trends remain resilient. Negative real yields in government bonds will limit the diversification benefit usually enjoyed from owning high quality duration assets.
Equities and gold remain attractive, but the next few months may well require patience from investors.