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.