An eventful month for financial markets saw initial de-risking globally with late dovish sentiment clawing markets back to an even position. Emphasised commentary centred on rates, oil, politics, leverage and earnings. APRA took centre stage with its announcement of TLAC reforms which we discussed in detail in our November 2018 Monthly Market Review.  We view the reforms as credit positive for the banks, which are continuing to streamline and reform their business models.  The Reserve Bank of Australia (RBA) released its November Meeting Minutes, which discussed confidence in policy and labour markets amid continued cooling of the domestic housing market and general softening in financial markets. Figure 1. Term Deposit Spread Over Relevant BBSW: November 2018 vs October 2018 Source: RBA, BondAdviser For full details, charts and commentary, please click here for the full pdf version.