Weekly Market Recap: November 17-21, 2025
Global markets dipped again last week as signs of slowing growth kept traders cautious. Weak labor numbers, careful central bank talk and soft economic data pushed US indexes lower for the third week in a row, while international markets fell even more.
Equity Markets
Stocks mostly moved lower across the board:
- Dow Jones: -1.9% (YTD +8.7%)
- S&P 500: -1.9% (YTD +12.3%)
- NASDAQ: -2.7% (YTD +15.3%)
- MSCI EAFE: -3.0% (YTD +20.9%)
- 10-Year US Treasury Yield: 4.06% (-0.1 bps)
- Oil: $57.99 (-3.5%)
- Bonds: +0.4%
Tech stocks were weak, foreign selling was noticeable, and hopes for a faster U.S. policy shift faded. US consumer sectors also slowed as retail numbers softened ahead of the holidays.
Macroeconomics
Economic data from around the world reinforced the idea of slower growth. In Japan, Q3 GDP fell 0.4% quarter-on-quarter, confirming contraction, while the trade balance showed a deeper deficit.
Inflation stayed at 3.0% year-on-year, still high for the Bank of Japan to ease aggressively. Canada’s inflation cooled to 2.2%, supporting expectations that the Bank of Canada may hold rates steady.
In the United Kingdom, inflation continued to ease to 3.6% year-on-year, but remained sticky relative to the Bank of England’s target. Retail sales dropped 1.1% MoM, while the manufacturing and services PMIs slowed to 50.2 and 50.5. In the United States, the FOMC Minutes showed a cautious tone with no near-term rate cuts discussed. Non-Farm Payrolls rose 119,000, but more part-time jobs weighed on the details. The unemployment rate increased to 4.4%, and existing home sales stayed at 4.1 million. Germany’s manufacturing sector remained in contraction, with the PMI Flash at 48.4, highlighting continued weakness across the Eurozone industrial base.
Crypto Markets
Crypto faced even heavier pressure than equities:
- Bitcoin (BTCUSD): -7.8% to $88.8K
- Ethereum (ETHUSD): -9.4% to $2,801
Selling was driven by reduced leverage, caution, and thin liquidity over the weekend. No structural problems appeared, but open interest fell across major platforms.
Global Overview
International equities fell faster than US markets, driven by:
- Japanese contraction
- Weak Euro-area PMIs
- Soft UK retail and services
- Lack of positive catalysts from China
Oil resumed its slide as demand expectations cooled further.
Conclusion
Last week confirmed a broad shift toward caution in global markets. Slowing global growth, cautious central banks and weakening labor data left little reason for risk-taking. US indices held up slightly better than Europe and Japan, but all major risk assets, especially tech and crypto came under pressure. With liquidity thinning ahead of December, the macro backdrop remains fragile and highly sensitive to incoming data.
Disclaimer: This content is for informational purposes only and is not financial advice.
