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Global markets navigated mixed macro signals as the ongoing US government shutdown delayed key data releases, causing uncertainty across asset classes. Central banks maintained their stances with no major policy shifts, and traders digested a wave of corporate earnings, particularly from technology firms.
AI sector investment, US trade activity, and European GDP updates topped the agenda while concerns lingered over consumer confidence and elevated market valuations.
FX Market reactions
- US Dollar: The dollar index held steady before rebounding late in the week, supported by firmer Treasury yields and defensive positioning amid cautious Fed language and delayed data.
- Euro: The euro dropped to a three-month low, pressured by disappointing regional growth and renewed political jitters in France, but stabilised before the weekend.
- Sterling: The pound traded in a narrow range, supported by a steady Bank of England policy but hurt by subdued economic outlook in the UK.
- Japanese Yen: The yen gained notable strength on talk of intervention and safe-haven flows as global risk sentiment became fragile.
- Australian Dollar: The Aussie dollar advanced, underpinned by rate differentials and firm spot commodity demand.
Commodities Market reactions
- Gold & Silver: Gold proved resilient, holding near recent highs, while silver edged higher. Both were supported by steady rate expectations and hedging flows.
- Oil: Crude prices advanced on spot demand and supply discipline, defying growth headwinds and surplus forecasts. Brent hovered above $80/barrel, supported by OPEC+ resolve.
- Base Metals & Agriculture: Copper rose on industrial demand, while grains and aluminium gained amid supply bottlenecks. Agricultural markets otherwise mixed; some contracts fell on improved harvest data.
Indices Market reactions
- US Equities: Tech shares were volatile as AI optimism ran into valuation concerns. The S&P 500 rose slightly, while the Dow and Nasdaq gave ground late week amid profit-taking.
- Europe: European indices were steady, with Nordics outperforming and France lagging. Defensive sectors led gains as GDP updates failed to inspire broader rallies.
- Asia-Pacific: Hong Kong’s Hang Seng rebounded; China posted improved inflation, while Japan was choppy on yen volatility and policy speculation.
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