Weekly market news: 17 November 2025
Markets head into the week looking for clarity after a volatile start to November. Delayed US data is coming back into the calendar and investors will focus on a clutch of surveys and central-bank-related releases that could shift expectations for the timing of further rate cuts.
Tech earnings and China activity remain important background risks: strong corporate results would help risk appetite, while weak China numbers would keep pressure on commodities and cyclicals.
Market snapshot this morning:
- Brent crude: $63.9/bbl
- WTI: $59.5/bbl
- Gold: $4,063/oz
- US dollar index: ~99.5 (DXY)
- GBP/USD: ~1.316
- EUR/USD: ~1.156
Why it matters and the implications
Oil: prices are trading a little softer after recent resumption of some Russian loadings and profit-taking; a small rise in supply expectations would cap upside for energy stocks and inflation-sensitive assets. The price of oil could react to any new supply disruptions or OPEC+ signalling.
Gold: bullion remains bid as investors weigh Fed uncertainty and geopolitical risk; higher gold typically signals more risk aversion and can support miners and safe-haven flows.
Dollar and FX: the dollar is firm as markets price slower or later Fed easing; a stronger dollar squeezes returns on dollar-priced assets for overseas buyers and puts downward pressure on commodity currencies. Sterling and the euro will be driven by UK/eurozone data and any change in global risk sentiment.
Data flow: with a backlog of US releases now scheduled, markets will be sensitive to surprises — the FOMC minutes and several private-sector surveys will be used heavily to read policymakers’ next moves.
Coming up this week
Monday 17 November
- Canada CPI (Oct) – inflation data that guides Bank of Canada expectations.
- US NY Empire State manufacturing index (Nov) – early look at factory activity.
- Japan preliminary Q3 GDP – signals the strength of Asia’s post-slowdown recovery.
Tuesday 18 November
- RBA minutes (Nov) – insight into the Australian central bank’s rate path.
- Germany business/industrial indicators – additional signals on euro-area manufacturing.
- Select corporate earnings updates – sector and risk sentiment drivers.
Wednesday 19 November
- UK CPI (Oct) – key inflation data for the Bank of England’s December decision.
- FOMC minutes (Oct meeting) – clarity on rate-cut timing and recession risk.
- Nvidia earnings – key test of AI and tech market sentiment.
- US building permits & housing starts (Oct prelim) – signals consumer & housing strength.
Thursday 20 November
- PBoC policy signals (where scheduled) – any liquidity or policy shifts that affect Chinese growth and commodities.
- US weekly jobless claims – fast labour-market stress signal.
- Australia flash PMI / Asia activity surveys – early data that influence EM sentiment.
Friday 21 November
- UK flash PMIs (Nov) – first look at UK private-sector momentum.
- Eurozone & US flash PMIs (Nov) – global activity snapshot that can move markets sharply.
- University of Michigan consumer sentiment (prelim) – read on US consumer confidence and inflation expectations.
What you might’ve missed last week
The pause and subsequent resumption of some Russian loadings briefly pressured oil markets; supply headlines are still a key short-term driver.
Gold has remained elevated as investors hedge against policy uncertainty and geopolitical risk.
Private and survey-based data have been carrying extra weight after some official US releases were delayed; expect the return of the official calendar to change market dynamics.
Why it matters
This week stitches together policy cottage-industry signals (central-bank minutes and minutes-adjacent commentary), corporate results and a global PMI sweep.
The FOMC minutes and Nvidia’s results are the obvious market movers: the minutes clarify the Fed’s tolerance for risk and the path of cuts, while Nvidia will set the tone for the tech sector and AI-related investment narratives.
Flash PMIs at the end of the week are the market’s first look at November activity and could re-rate growth expectations for Q4 — if services hold up but manufacturing slides, central banks may feel comfortable pausing further easing, which would push yields and the dollar higher.
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