The 43-day U.S. government shutdown ended after President Trump signed the funding bill, but gaps in data collection mean some October figures, including the unemployment rate, may remain incomplete. The shutdown is estimated to have cost up to 1.5 percentage points of Q4 GDP.
Donald Trump confirmed a backup plan for U.S. tariffs as the Supreme Court reviews limits on presidential trade powers. The case, centered on the IEEPA law, could redefine executive authority over imports. Trump’s approach aims to manage the dollar, redirect supply chains from China, and pressure trade partners, keeping tariffs central to his 2026 economic strategy.
Global central banks adopted a cautious tone as the Fed cut rates by 25 bps to 3.75%–4.00%, ending quantitative tightening but signaling no guarantee of further easing.
Gold’s record-breaking rally paused as prices fell sharply below $4,000 per ounce, marking the steepest weekly drop since 2020. After ten weeks of inflows totaling $32.2 billion, institutional investors began taking profits and rotating toward equities as risk sentiment improved. The pullback followed easing geopolitical tensions and optimism over U.S.–China trade progress, which reduced safe-haven demand.
Global trade tensions have resurfaced, disrupting shipping routes and increasing freight costs as the United States and China exchange new tariffs and export restrictions. The situation has led to port congestion, vessel delays, and losses for major shipbuilders, while insurers and logistics hubs brace for further strain.
Gold has regained its prominence as investors seek safety amid policy shifts and global uncertainty. Over the past year, it has outperformed major assets, reflecting declining confidence in fiat currencies rather than speculative demand.
Global markets are showing signs of speculative excess amid stretched valuations and mixed economic signals.
Sweden’s Riksbank surprised markets with a 25 bp cut to 1.75%, aiming to support growth while judging inflation pressures temporary. Policymakers flagged risks from geopolitics, U.S. trade policy, and global price trends but signaled rates will stay steady for now.
