Weekly Markets Monitor: The Easing Glow
27 October, 2025
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Highlights
- Last week, global economic updates reflected both momentum and headwinds. US inflation eased and business activity strengthened, Eurozone and India saw manufacturing gains, while China and Japan reported uneven growth. Meanwhile, US imposed sanctions on Russian oil, threatened Canada with additional tariffs, and Japan plans a stimulus package.
- Global stock markets rose for the week, with US benchmark indices hitting new records. Treasury yields and the US$ were largely unchanged, and oil prices retreated after earlier gains.
- Gold may finally take a breather with volatility spiking higher and momentum turning lower. Risk-on sentiment could also dent gold’s prospects this week. Markets are salivating at the prospect of Big Tech earnings which, if they validate the AI hype, could foster a strong risk-on response. Investor sentiment could be helped along by thawing US-China trade tensions and the Fed’s anticipated cut this week. US data has been sparse due to the lockdown, but CPI and consumer sentiment prints (very weak!) probably ensure that this cut is sown on (COTW).
Chart of the Week: Cut confirmed?
Data to 24 October 2025. Source: Bloomberg, World Gold Council
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