Weekly Market Recap: November 10-14, 2025
Global markets slow for a second week as weaker economic data, soft numbers from China and pressure on tech stocks led investors to shift toward safer areas. Even though headline US indexes held up, the tone beneath the surface showed a clear move toward caution.
Equity Markets
Global equities saw mixed but mostly softer performance:
- Dow Jones: +0.3% (YTD +10.8%)
- S&P 500: +0.1% (YTD +14.5%)
- NASDAQ: -0.5% (YTD +18.6%)
- MSCI EAFE: +2.8% (YTD +26.1%)
- 10-Year US Treasury Yield: 4.15%
- Oil: +0.4% to $59.96
- Bonds: -0.2%
While the major US indexes looked stable, large tech names continued to pull back. Europe and Japan outperformed slightly thanks to cheaper valuations and lighter positioning. Trading conditions thinned toward the end of the week, adding to the cautious tone.
Macroeconomics
Economic data from several major regions pointed to slower momentum:
Australia saw mixed sentiment figures, with consumer confidence bouncing from low levels while business confidence eased.
The United Kingdom reported unemployment rising to 5% from 4.8%. GDP came in flat month-over-month and up 0.1% for the quarter, confirming a sluggish economy.
Germany’s ZEW sentiment reading slipped to 38.5, reflecting growing concerns about weaker global demand.
China reported softer numbers, with industrial production slowing to 4.9% from 6.5% and retail sales easing slightly. Together, these indicators pointed to cooling domestic activity.
Overall, the global macro picture leaned weaker, with only small pockets of stability.
Political Context
The earlier resolution of the US government shutdown and a proposal for $2,000 direct payments briefly lifted sentiment. But markets quickly reassessed, as these measures do little to change near-term growth concerns. Inflation remained sticky enough to keep the Federal Reserve cautious, limiting room for policy support.
Crypto Markets
Crypto saw a deeper pullback as risk appetite faded:
- Bitcoin (BTC): -10% to $94.2K
- Ethereum (ETH): -13.7% to $3,092
The drop was driven mostly by traders reducing leverage as liquidity thinned. Funding rates turned sharply negative and weekend trading showed little interest in buying the dip. The move was broad, mechanical and tied more to market conditions than to chain-specific issues.
Global Overview
The MSCI EAFE index outperformed again, supported by Japan and parts of Europe where expectations remain more conservative. The US lagged as large tech names continued to unwind earlier gains.
Conclusion
Last week confirmed a clear shift into a more cautious market environment. Growth data weakened, inflation concerns lingered, and liquidity conditions worsened. US equities held steady on the surface thanks to defensive sectors, but the broader pullback widened. Crypto felt the most pressure as leverage reset across the market. With momentum still soft and global demand easing, markets head into the second half of November on unstable ground.
Disclaimer: This content is for informational purposes only and is not financial advice.
