Weekly market news: 24 November 2025
A holiday-shortened week in the US means markets will focus hard on a cluster of data released on Tuesday and Wednesday – retail sales, producer prices (PPI), durable goods and the Fed’s Beige Book – before US markets close early for Thanksgiving.
The UK’s Autumn Budget on 26 November is the week’s major domestic event, and China activity prints will be watched for evidence the global growth slowdown is easing. Expect lighter volumes and faster moves around any surprise headlines.
Market snapshot this morning
- Brent crude ~$66/bbl
- WTI ~$62/bbl
- Gold ~$4,000/oz
- US dollar index ~99 (DXY)
- GBP/USD ~1.31
- EUR/USD ~1.15
Commodities like oil are being supported by OPEC+ discipline and supply chatter, while FX and US rates are sensitive to Tuesday’s and Wednesday’s US data and the government holiday schedule. The Autumn Budget on 26 November will drive gilt and sterling moves in the UK, and any China upside would help cyclicals and commodity names.
Coming up this week
Monday 24 November
- The US market opens in holiday mode; watch preliminary flows and any overnight Asian surprises.
- China: activity and trade data (where scheduled) – a read on demand that matters for commodities.
Tuesday 25 November
- US retail sales (Sep, delayed), PPI and core PPI – big data day for high-frequency inflation and consumer signals.
- UK pre-Budget commentary and market positioning ahead of Wednesday’s Autumn Budget.
Wednesday 26 November
- UK Autumn Budget – fiscal detail and commentary that will move gilts, sterling and domestic cyclicals.
- US – initial & continuing jobless claims; Chicago PMI; the Fed’s Beige Book (regional conditions) – gauge of labour and activity.
Thursday 27 November (US Thanksgiving)
- US markets closed – liquidity lower than usual, headlines can move prices.
Friday 28 November (short trading day)
- US markets close early – limited new data ahead of the weekend.
What you might’ve missed last week
Global PMIs and private indicators pointed to a patchy growth picture – services holding up in some regions, manufacturing still under pressure.
Oil remained supported on supply discipline talk, while gold held as a hedge amid policy and geopolitical uncertainty.
Crypto markets showed renewed volatility after a period of heavy ETF flows earlier in the year; ETFs have seen net outflows in November, pressuring prices.
Blockchain and crypto ETFs – separate note
Flows and prices: November has seen materially weaker ETF flows for both Bitcoin and Ethereum. US spot Bitcoin ETFs recorded significant outflows this month, which coincided with downward pressure on Bitcoin prices and related ETFs. This has reduced near-term liquidity in crypto-ETP channels and amplified price swings.
Price action: Bitcoin has pulled back from recent highs (briefly trading below key $90k levels in the latest correction), while ether has fallen from October peaks into the low-to-mid-$2k area – both moves have weighed on blockchain and crypto-focused ETFs and thematic funds. Traders pointed to ETF outflows and sentiment shifts as the proximate drivers.
Why that matters for portfolios: Lower ETF flows mean less passive buying pressure that had supported higher crypto prices earlier in the year – thematic ETFs tied to blockchain infrastructure, miners or crypto-service companies are sensitive to this. If flows stabilise, those ETFs can recover quickly; if outflows persist, expect continued pressure on valuations in the sector.
Why it matters
This week’s US inflation and retail data will feed directly into rate-cut expectations and Treasury yields, while the UK Autumn Budget will set the domestic fiscal backdrop into 2026.
Holiday liquidity makes markets more moveable on headline risk – that increases the chance of outsized intraday moves in bonds, FX and commodities.
Separately, the crypto ecosystem remains flow-sensitive: ETF outflows have recently pressured BTC/ETH and related ETFs, so investors in thematic crypto funds should monitor flows as closely as prices.
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