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Market Minutes
Read snapshots of the latest market news
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.
JOLTs strength fuels market jitters before Fed meeting
The JOLTs survey showed a recovery in vacancies for September and October, rekindling debate over the Federal Reserve’s path even as market pricing for a December cut remains elevated. The Reserve Bank of Australia held rates at 3.6 per cent and signalled little appetite for further cuts, while German external trade produced mixed readings that underscore broader European stagnation.
Chinese stocks climb on strong exports, trade balance
Chinese equities advanced after a surprise improvement in the trade balance, driven by stronger-than-expected exports to Europe and Asia. Markets elsewhere were mixed: US equities slipped while 10-year Treasury yields rose as investors awaited the Federal Reserve’s policy decision. Japan’s economy, by contrast, contracted in Q3, underscoring divergent regional dynamics.
US PCE mixed; markets edge higher amid monetary easing hopes
The Personal Consumption Expenditures (PCE) price index printed mixed results, with headline inflation rising modestly while core PCE eased slightly. Markets responded positively as investors continued to price a high probability of Federal Reserve easing in December, even though economic signals remain uneven. Consumer sentiment improved marginally and Canada reported a notable fall in unemployment, supporting the Canadian dollar.