Weekly Market Review - 24-11-2025

Eloise Bell
Nov 25
4 min read

Global markets extended their cautious tone last week as investors continued to navigate the fallout from the record-long US government shutdown, delayed economic data, and mixed central-bank signals. Equity indices across major regions declined, with technology and growth stocks leading weakness amid an environment of heightened uncertainty and recalibrated expectations following November’s broader pullback. Against this backdrop, commodities delivered a more defensive performance, while geopolitical developments and shifting policy narratives shaped sentiment heading into a data-heavy week ahead.

Market Recap.

The FTSE 100 ETF slipped 1.37%, reflecting weaker sentiment across UK equities. In the United States, losses were more pronounced. The Dow Jones Industrial Average ETF fell 1.37%, the S&P 500 ETF dropped 1.56%, and the Nasdaq 100 ETF declined 2.93% as technology and growth stocks came under pressure. The moves followed a week marked by data uncertainty, cautious central-bank communication, and continued adjustment after November’s pullback.

News.

Markets continued to adjust to the fallout from the record-long US government shutdown, which has delayed the release of several key economic indicators, including inflation and labour-market data. The Bureau of Labor Statistics confirmed that October CPI and other scheduled releases could not be produced on time, leaving policymakers without updated readings ahead of the next Federal Reserve meeting. Fed officials noted that the absence of timely data has created a “fog” around current economic conditions, complicating assessments of inflation progress and the near-term policy outlook. The uncertainty has contributed to cautious market sentiment following November’s pullback. For a deeper dive on this topic, read our special market update “Why November’s Dip May Set the Stage for a Year-End Rally”.

Inflation.

The October US inflation report was cancelled after the extended government shutdown delayed the collection and processing of key economic data at the Bureau of Labor Statistics. With the agency unable to assemble the figures in time, no CPI reading will be published for October, creating an unusual gap in the monthly inflation series. The disruption leaves the Federal Reserve without a crucial data point ahead of its next policy meeting, at a time when officials had been looking for fresh evidence on the pace of disinflation. This means policymakers must rely on earlier inflation readings and secondary indicators until the backlog of delayed data is cleared.

Central Banks.

European Central Bank President Christine Lagarde said the Eurozone economy “is geared towards a world that is gradually disappearing.” She noted that the bloc relies heavily on third countries for security, energy supplies and critical raw materials. Lagarde stated that these dependencies have “eroded growth quietly, as each new shock nudges us onto a slightly lower trajectory.” She also referenced the ECB’s findings on how shifts in global trade and supply chains increase the region’s exposure to external pressures.

Commodities.

Gold moved modestly higher over the week, trading around US $4,018/oz, supported by a softer US dollar and continued investor interest in defensive assets. Silver also firmed, rising to roughly US $49.20/oz. In energy markets, oil prices remained subdued. Brent crude hovered near US $63.10/barrel, while WTI traded around US $58.10/barrel, reflecting persistent concerns over supply levels and uneven global demand. The overall backdrop remains mixed, with precious metals benefiting from policy uncertainty while energy markets continue to face downward pressure.

ESG.

COP30 concluded with countries reaffirming commitments to limit global warming while negotiating clearer pathways for climate finance and emissions-reduction targets. Delegates agreed to strengthen national transition plans, increase transparency requirements, and accelerate timelines for reporting progress. Developing nations pressed for more predictable funding to support adaptation and mitigation, resulting in pledges to expand existing finance mechanisms and explore new sources of support. The summit also highlighted efforts to scale renewable-energy investment and advance deforestation-reduction initiatives, with several countries announcing updated partnerships aimed at improving long-term sustainability outcomes.

Geopolitics.

The United States and Ukraine continued work on a refined peace plan during meetings in Geneva aimed at identifying a path to end the war with Russia. The talks build on a previous 28-point framework drafted by Washington, which Kyiv and several European partners viewed as giving Moscow too much leverage. Ukrainian President Volodymyr Zelensky said his government is exploring compromise options that maintain national security and territorial integrity, emphasising that Ukraine “needs compromises that strengthen, not weaken us.” Russian officials stated that no updated proposal has been formally submitted to the Kremlin. Discussions are expected to continue as both sides attempt to narrow differences and stabilise the diplomatic track.

Week Ahead.

United States: The week in the United States begins with the release of the Federal Open Market Committee (FOMC) minutes on Wednesday, 27 November, offering additional detail on policymakers’ recent discussions around inflation, labour-market trends and the economic impact of the prolonged government shutdown. On Thursday, 28 November, markets will monitor initial jobless claims, the Philadelphia Fed manufacturing index and existing home-sales data, providing a timely read on labour-market stability and activity across the industrial and housing sectors. The week concludes on Friday, 29 November with the publication of November’s flash PMIs, giving an early indication of business conditions heading into December.

Eurozone: Across the Eurozone, the week begins with the final October HICP inflation reading on Wednesday, 27 November, providing a consolidated view of pricing trends across member states following preliminary estimates earlier in the month. The key release arrives on Friday, 29 November, when the bloc publishes its flash PMIs for November. These will be accompanied by country-level PMI readings for Germany and France, offering a detailed view of business activity across the region as policymakers assess economic momentum approaching 2026.

United Kingdom: In the UK, the week begins with the release of October’s inflation figures on Wednesday, 27 November, offering an updated view on price pressures ahead of the government’s Autumn Budget on Thursday, 28 November. The Budget is expected to outline fiscal plans for the year ahead, with markets watching closely for any measures affecting public spending, taxation and growth forecasts. Attention then shifts to Friday, 29 November, when the S&P Global flash PMIs for November are published alongside the latest retail-sales data, providing further insight into business activity and consumer demand as year-end approaches.