Summary
Our latest Market Trends Analysis provides an in-depth review of the key economic, market, and geopolitical developments shaping the global investment landscape over October and November 2025.
In the United States, the period was marked by a significant shift in monetary policy as the Federal Reserve delivered a 0.25% rate cut while signalling caution about future reductions. Inflation data remained relatively contained, though energy prices and selective tariff impacts continued to influence the outlook. The ongoing government shutdown also distorted the normal flow of economic data, adding uncertainty to market expectations.
Across Europe, inflation softened further, remaining close to the ECB’s 2% target. The ECB kept interest rates unchanged and maintained its data-dependent stance, highlighting resilience in the services sector but ongoing pressures in manufacturing due to global trade tensions. Country-level inflation continued to diverge, with Germany, France, Spain, Cyprus, and Greece showing differing trajectories.
Equity markets reflected this mixed macro environment. US indices retreated from record highs after a period of strong performance, driven largely by concerns over stretched valuations in the artificial intelligence sector. European markets showed a more stable picture, with France and the broader STOXX Europe 600 posting gains while Germany lagged due to the stronger euro. In Asia, Japan’s Nikkei reached an all-time high before pulling back, supported earlier by a weaker yen.
Fixed-income markets saw yields easing across the US and Europe as investors priced in slowing economic momentum and cautious central banks. Commodities exhibited distinct trends, with oil prices falling on expectations of a supply surplus and gold retreating after reaching historic highs. Meanwhile, Bitcoin experienced a steep correction as broader risk sentiment weakened.
The report also provides a detailed update on the Cypriot economy, including inflation dynamics, government bond yields, and the strong Q3 results from the Cypriot banking sector. Additional insights cover US and European banking performance and key geopolitical developments, particularly the evolving sanctions landscape around Russia.
The full report, with charts, detailed analysis, and asset-class breakdowns, is available exclusively on the LifeGoals Members Platform. You can also listen to a detailed discussion on our exclusive Market Update Podcast on Apple Podcasts.