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Clever.

Clever.

Clever.

Weekly Market Review - 10-11-2025

  • Writer: Eloise Bell
    Eloise Bell
  • Nov 10
  • 4 min read

Global markets ended the week on a cautious note as investors digested mixed economic signals and shifting central bank rhetoric. Equity markets softened across major regions, with technology shares leading declines in the United States amid rising bond yields and profit-taking after a strong autumn rally. In the United Kingdom, sentiment was steadier but tempered by continued energy weakness and uncertainty around the upcoming budget. Meanwhile, commodities displayed resilience, particularly precious metals, as traders positioned for potential rate cuts in early 2026. Against this backdrop, policymakers and investors alike are balancing optimism about moderating inflation with concerns over slowing growth and geopolitical headwinds heading into year-end.



Market Recap.


The FTSE 100 ETF slipped 0.18%, supported by defensive sectors but weighed down by energy names. In the United States, losses were sharper: the Dow Jones Industrial Average ETF fell 1.65%, the S&P 500 ETF declined 2.92%, and the Nasdaq 100 ETF dropped 4.85% as technology shares came under pressure from rising bond yields and softer earnings outlooks. 

 


News.


Britons are set to spend an additional £4 billion in the run-up to Christmas, according to new consumer data, with Black Friday expected to deliver a strong lift to retail activity later this month. The figures signal renewed confidence among households despite lingering cost-of-living pressures, as shoppers prioritise key purchases and festive spending. Economists note that the increase could provide a short-term boost to UK growth, helping to support retail employment and service-sector output in the final quarter. Retailers are preparing aggressive promotions to capture early demand and rebuild margins after a subdued summer.



Inflation. 


The Bank of England kept interest rates at 4% last week in a close 5–4 vote, with Governor Andrew Bailey signalling that inflation is finally “on the way down” but not yet beaten. The Bank warned that services prices and wage growth remain too high to justify immediate cuts, though it expects inflation to fall further in early 2026. Markets took the decision as a sign that the tightening cycle has ended, pushing gilt yields lower and lifting consumer sentiment ahead of the autumn budget later this month.



Central Banks.


European Central Bank (ECB) Vice President Luis de Guindos said that current interest rates are “at the right level” and should remain unchanged unless economic conditions shift significantly. He noted, “If inflation developments deviate, or if projections are modified, and if transmission is not correct, then we may change. But so far, we firmly believe that the level of interest rates is correct.” The comments reinforce expectations that the ECB will keep policy steady through year-end, allowing previous hikes to continue feeding through the economy while monitoring inflation and growth momentum.



Commodities.


Gold ended the week higher, trading around US $4,001.00/oz on Friday. Silver also gained, reaching approximately US $48.30/oz, supported by a softer US dollar and rising expectations of rate cuts in early 2026. On the energy side, oil prices steadied after several down sessions. Brent crude settled near US $63.66/barrel, while West Texas Intermediate (WTI) closed around US $59.72/barrel, both roughly 2% lower over the week amid renewed concerns about global supply and slowing demand from China.



ESG.


The European Commission is pressing ahead with a significant overhaul of ESG regulation, proposing new rules that would tighten mandatory sustainability reporting and broaden corporate due-diligence obligations across the supply chain. According to industry commentary, the changes aim to tackle “green-washing” and ensure that companies’ transition plans align with genuine decarbonisation goals. The reform would apply not only to large, listed firms but also to smaller entities in high-risk sectors, increasing both transparency and compliance responsibilities. With investor and regulatory scrutiny ramping up, many companies are actively reassessing their ESG governance frameworks ahead of the expected roll-out.



Geopolitics.


Global climate diplomacy returned to the spotlight as COP30 opened this week in Belém, Brazil, drawing delegates from nearly 200 countries and Indigenous leaders from across the Amazon. The summit comes amid rising geopolitical tension over climate financing and deforestation pledges, with emerging economies pressing developed nations to honour funding commitments made under the Paris Agreement. Brazil is using the event to showcase its role as a bridge between advanced and developing economies, seeking stronger cooperation on forest protection and green investment.



Week Ahead.


United States: Attention turns to consumer inflation data on Wednesday, 13 November, when the October CPI report is released by the Bureau of Labor Statistics at 13:30 ET. Headline inflation is expected to edge lower, while core prices remain firm. The Producer Price Index (PPI) follows on Thursday, 14 November, providing an additional view on input costs. Investors will also track remarks from several Federal Reserve officials for guidance on the timing of potential rate cuts ahead of December’s FOMC meeting.


Eurozone: Focus shifts to the second estimate of Q3 GDP due Friday 14th November, which is expected to confirm slight quarterly growth across the bloc. Earlier in the week, industrial production and trade balance data will offer clues on external demand and manufacturing trends. Markets will watch for any accompanying remarks from ECB officials, which could hint at the timing of potential policy adjustments heading into 2026.


United Kingdom: A busy week features the labour market report on Tuesday 11th November (07:00 GMT), followed by the first estimate of Q3 GDP on Thursday 13th November (07:00 GMT). Economists expect modest growth after a soft summer, alongside early signs of easing wage pressures. The data will help shape expectations for a possible Bank of England rate cut in early 2026. Updates on services output and construction activity — released the same day — will offer a broader picture of momentum heading into year-end.




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