Weekly market news: 10 November 2025
Markets begin the week cautiously optimistic after a volatile start to November. Investors are watching closely for signs that inflationary pressures continue to ease in the US and Europe, while geopolitical tensions and the ongoing US government shutdown keep uncertainty elevated.
With most major central banks now signalling patience, attention turns to whether incoming data will support a “soft landing” narrative – or revive fears of slowing growth.
Market snapshot this morning:
- Brent crude $66.1/bbl
- WTI $62.4/bbl
- gold (spot) $4,035/oz
- US dollar index ~99.3 (DXY)
- GBP/USD ~1.318
- EUR/USD ~1.158
Commodities are steady, supported by signs of tighter near-term oil supply and improved risk sentiment. The dollar is little changed after last week’s mild retreat, as traders balance the prospect of a Fed rate cut in December with continued political and fiscal uncertainty from Washington.
Gold remains elevated amid safe-haven demand and persistent concerns about global growth momentum.
Coming up this week
Monday 10 November
- China inflation (October) – key gauge of price stability and domestic demand; recent data have hinted at a gradual recovery.
- Eurozone investor confidence (November) – sentiment survey offering an early read on business and household expectations.
- OPEC monthly report – traders will assess updated supply forecasts and commentary on production discipline.
Tuesday 11 November
- UK labour market report (September) – wage growth and unemployment figures will shape expectations ahead of the Bank of England’s December meeting.
- Germany ZEW economic sentiment (November) – measure of investor confidence that often foreshadows changes in business activity.
- US small business optimism index (October) – useful insight into hiring and spending plans among smaller firms.
Wednesday 12 November
- US inflation (October) – the headline event of the week; markets expect further cooling after September’s mixed reading.
- UK GDP (Q3, preliminary) – a key test of resilience as the UK economy faces soft demand and high borrowing costs.
- Japan machinery orders (September) – indicator of business investment and export demand trends.
Thursday 13 November
- US jobless claims – weekly update on labour-market tightness; a leading signal for broader employment trends.
- Eurozone industrial production (September) – will show whether manufacturing output is stabilising after recent weakness.
- China new loans and credit growth (October) – crucial for assessing policy effectiveness and liquidity conditions.
Friday 14 November
- US consumer sentiment (University of Michigan, preliminary) – gauges household confidence and inflation expectations.
- Eurozone trade balance (September) – snapshot of export strength and external demand.
- UK trade balance (September) – another indicator of how the UK economy is navigating a sluggish global trade backdrop.
What you might’ve missed last week
US data remained mixed: Private payrolls and PMI readings pointed to cooling but still-resilient growth, while the shutdown delayed some official reports.
Oil prices edged higher: OPEC+’s decision to maintain current production targets and improving risk appetite pushed Brent back toward $66 a barrel.
Gold held firm: Continued uncertainty around fiscal negotiations and global politics kept demand for safe havens strong.
Equities steadied: Markets regained ground as investors grew more confident in a near-term pause from major central banks.
Why it matters
This week’s US inflation data will be the key market catalyst. A softer print could reinforce expectations for a December Fed cut, supporting equities and risk assets while pressuring the dollar. Conversely, any upside surprise could revive volatility and push yields higher.
The UK’s labour and GDP data will help define whether the Bank of England can start to ease policy in early 2026, while Eurozone production numbers will shed light on whether the bloc’s manufacturing slump has bottomed out.
With sentiment fragile and liquidity thin ahead of the year-end, investors should expect sharper reactions to economic surprises – especially around inflation, energy markets, and central-bank commentary.
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