Monthly Update

Global markets stalled in November 2025 as investors weighed a resolved U.S. shutdown against uncertain data and shifting monetary policy. Technology stocks pulled back, defensive sectors outperformed and global bonds stayed flat while precious metals lifted commodities. Diversification and valuation discipline remain central heading into 2026.

October saw risk assets climb as a tentative US–China trade truce and moderating inflation bolstered optimism. The Fed’s measured tone and resilient earnings supported equities, though valuations remain stretched.

As Q3 2025 comes to a close, global markets reflected both resilience and uncertainty. U.S. equities surged to record highs while the Federal Reserve delivered its first rate cut since 2024, boosting investor sentiment. Bonds provided stability as yields dipped, though inflation risks remain. With broadening market participation, cautious optimism, and geopolitical headwinds, investors face a delicate balance heading into Q4.

August proved supportive for investors, with global equities and bonds posting solid gains. Earnings surprised on the upside, though political uncertainty in the US, France, and the UK weighed on sentiment. Japan and China stood out with stronger growth and supportive policy moves, while gold extended its rally as investors sought diversification.