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Market Minutes
Read snapshots of the latest market news
US Q3 GDP revised higher; 2026 rate-cut outlook holds
The US economy surprised to the upside after the Bureau of Economic Analysis revised third-quarter GDP to 4.3%, while industrial production reached its strongest year-on-year pace in three years. Markets reacted favourably, yet consumers remain cautious: the Conference Board’s confidence index fell to 89.1. Despite the stronger growth prints, market pricing continues to assign a meaningful probability to rate cuts in 2026.
Oil, gold futures climb amid US–Venezuela tensions
Futures for both oil and gold rose sharply after an escalation in tensions between the United States and Venezuela. The Brent and WTI contracts rallied more than 2.5 per cent, while gold breached US$4,450 per ounce for the first time as investors sought safe havens. Beijing criticised recent US detentions of Venezuelan vessels, adding a diplomatic dimension to the market reaction.
Western central banks adjust stance amid rising uncertainty
Prominent Western central banks have signalled a convergence towards more neutral policy stances for 2026 as economic and geopolitical uncertainty has risen. The Bank of Japan has moved in the opposite direction — tightening policy in response to persistent domestic inflation — while German consumer confidence weakened to its lowest level since April 2024.
US markets recover amid sharp inflation deceleration
US equity markets were supported by a pronounced deceleration in US inflation, which has increased the likelihood of additional Federal Reserve easing in 2026. The Bank of England (BoE) cut its policy rate by 25 basis points, citing continued uncertainty in the outlook, while the European Central Bank (ECB) held rates steady and reiterated a data-dependent approach.
Gold, silver set new highs on economic and geopolitical fears
Gold and silver surged to record levels as investors sought safe havens amid renewed economic uncertainty and escalating geopolitical tensions between the United States and Venezuela. Concurrently, UK inflation softened materially, increasing the likelihood of Bank of England easing, while oil prices recovered on supply-risk considerations.
US markets decline amid weak employment signals
US markets lost ground after fresh employment data underscored persistent weakness in the labour market. Non-farm payrolls recorded a sizable deterioration in October and provided only a modest rebound in November; the unemployment rate rose to its highest level since October 2021. Sterling and oil markets also reacted to regional labour and activity data, while investors await forthcoming inflation releases that will inform central-bank policy expectations.
US markets slide amid heavy week of economic data
US equity indices retreated as investors positioned ahead of a busy macroeconomic calendar that includes delayed inflation and employment releases. Concerns about elevated valuations in technology stocks added to the caution. Meanwhile, Chinese activity indicators disappointed, underscoring persistent weakness in retail demand and manufacturing momentum.
Broadcom tops forecast; but AI jitters pressure markets
Broadcom reported stronger-than-expected third-quarter results, yet its share price tumbled as investors expressed renewed scepticism about the valuation of AI-exposed technology firms and the near-term returns on heavy AI capital expenditure. Elsewhere, the UK’s industrial sector remained in contraction but performed better than feared, and Japan’s industrial activity moderated on a year-on-year basis amid a softening macro backdrop.
Oracle misses revenue forecasts, adding AI uncertainty
Oracle’s share price tumbled after revenues marginally missed analyst expectations, reigniting investor concerns about high AI-related spending and potential overvaluation in the technology sector. Gold rallied on lower US interest-rate expectations following the Fed’s recent decision, and Australia’s unemployment rate held steady, easing some pressure on the RBA.
Fed cuts rates, signals new neutral stance; markets climb
The Federal Reserve reduced its policy rate by 25 basis points to 3.75 per cent and revised its economic projections, signalling a move to a more neutral stance for 2026. Although the Fed upgraded near-term GDP and lowered its PCE forecast, it emphasised the continued trade-off between persistently elevated inflation and emerging labour-market weakness. Markets responded positively: equities rose, yields fell and the dollar softened.