Weekly Outlook
What Happened This Week?
● The government shutdown in the U.S. entered its 38th day as negotiations in Congress continue with no breakthrough.
● U.S. factory activity contracted for the eighth straight month in October, with the PMI slipping to 48.7. Production, new orders, and jobs weakened again, with only food and transport sectors expanding.
● The services sector expanded at its fastest pace since February in the U.S., as the ISM index rose to 52.4 from 50.0. New orders and business activity strengthened, though hiring remained weak.
● U.S. private-sector employment rose by 42,000 in October, beating forecasts, mainly due to gains at large companies. Small and mid-sized firms continued to trim jobs.
● Bank of Canada Governor Tiff Macklem said current monetary policy remains “appropriate” to balance inflation and growth risks.
● The Bank of Canada kept its rate unchanged as policymakers assess the impact of past tightening on the slowing economy.
● The Bank of Mexico cut its benchmark rate for the 11th consecutive time to 7.25%, signaling room for further easing to support the economy.
● The Bank of England held its key rate steady at 4%, pausing after several cuts despite weak growth and a soft labor market.
● Eurozone retail sales slipped 0.1% in September for the second month in a row, though consumer confidence in October hit its highest level since February. Economists still expect spending to improve gradually as real incomes rise.
● German industrial production grew 1.3% in September, boosted by a 12.3% jump in auto manufacturing. However, third-quarter output fell 0.8% from the previous quarter.
● German exports rose 1.4% in September, helped by a 12% rebound in trade with the U.S. after new EU-U.S. tariff agreements. Exports to the U.S. are still down 14% year-over-year.
● Swiss inflation fell to 0.1% in October, the lowest in over a year. The stronger franc and U.S. tariffs on Swiss goods continue to weigh on the economy.
● Sweden’s Riksbank left its policy rate unchanged at 1.75% as inflation continued to ease and early signs of recovery appeared.
● Norway’s central bank kept rates steady at 4%, confirming that monetary easing will be gradual in the coming years.
● China’s exports fell 1.1% in October from a year earlier, reversing September’s 8.3% gain. Imports rose 1.0%, slowing sharply from 7.4% in September. The trade surplus narrowed slightly to $90.07 billion.
● Malaysia’s central bank held rates unchanged at 2.75% for a second straight meeting, citing easing global risks.
● The Reserve Bank of Australia kept its cash rate at 3.60%, signaling caution amid persistent inflation pressures.
● New Zealand’s unemployment rate climbed to 5.3% in Q3, the highest since 2016, as the economy shrank 0.9% in Q2. The central bank has cut rates by 300 basis points over the past year to support growth.
This Week’s Market Movers
Forex
● The NZD/USD is down more than 2.25%.
● The NZD/GBP is down more than 2.65%.
● The JPY/NZD is up more than 2.80%.
● The EUR/NZD is up more than 2.05%.
● The USD/SEK is up more than 1.65%.
● The NOK/JPY is down more than 1.70%.
Commodities
● Natural Gas Futures are up more than 7.80%.
● Diesel prices are up more than 5.50%.
● Sugar prices are flat after 4 weeks down.
Indices
● The VIX index is up more than 19%.
● The Brazilian index Bovespa is up more than 3.10%.
● South Korea's Kospi index is down more than 3.15%.
● The French CAC 40 index is down more than 2.65%.
● Japan’s Nikkei 225 index is down more than 2.60%.
Shares
Tops
● Datadog: +23.11%
● Western Digital: +18.76%
● DuPont de Nemours: +15.63%
● Incyte: +15.17%
● First Solar: +14.69%
● IDEXX Laboratories: +13.71%
● Expeditors International of Washington: +12.96%
● Coterra Energy: +12.93%
● Vamos Locacao de Caminhoes: +12.70%
● Biogen: +11.88%
● Rede D’Or Sao Luiz: +11.57%
Flops
● DoorDash: -25.63%
● Axon Enterprise: -22.83%
● Super Micro Computer: -22.28%
● Marcopolo: -21.32%
● WPP: -19.77%
● Arista Networks: -17.51%
● Hikma Pharmaceuticals: -16.88%
● Norwegian Cruise Line Holdings: -16.79%
● Kimberly-Clark: -16.51%
● Zoetis: -16.06%
● Edenred: -15.70%
● DexCom: -15.13%
● JD Sports Fashion: -14.53%
● Legrand: -12.61%
● Siemens Healththineers: -10.07%
Important Events to Follow
Monday 10 November
● 11:30 PM - Australian Westpac Consumer Confidence Change (November)
○ Previous: -3.5%
○ Forecast: 2.8%
Tuesday 11 November
● 12:30 AM - Australian NAB Business Confidence (October)
○ Previous: 7
○ Forecast: 8
● 07:00 AM - UK Unemployment Rate (September)
○ Previous: 4.8%
○ Forecast: 4.7%
● 10:00 AM - German ZEW Economic Sentiment Index (November)
○ Previous: 39.3
○ Forecast: 34
Thursday 13 November
● 07:00 AM - UK GDP Growth Rate YoY Prel (Q3)
○ Previous: 1.4%
○ Forecast: 1.3%
● 07:00 AM - UK GDP MoM (September)
○ Previous: 0.1%
○ Forecast: 0.2%
● 07:00 AM - American Core Inflation Rate YoY (October)
○ Previous: 3%
○ Forecast: 3.0%
● 07:00 AM - American Inflation Rate YoY (October)
○ Previous: 3%
○ Forecast: 3.1%
Friday 14 November
● 02:00 AM - Chinese Industrial Production YoY (October)
○ Previous: 6.5%
○ Forecast: 5.8%
● 02:00 AM - Chinese Retail Sales YoY (October)
○ Previous: 3%
○ Forecast: 3.2%
● 02:00 AM - American PPI MoM (September)
○ Previous: -0.1%
○ Forecast: 0.3%
● 02:00 AM - American PPI MoM (October)
○ Forecast: 0.4%
● 02:00 AM - American Retail Sales MoM (September)
○ Previous: 0.6%
○ Forecast: 0.4%
● 02:00 AM - American Retail Sales MoM (October)
○ Forecast: 0.2%
Major Earnings Reports to Watch
Monday 10 November
● Tyson Foods
● Hannover Rueck
Tuesday 11 November
● Phoenix
● Sony
● Muenchener Rueckversicherungs
Wednesday 12 November
● CISCO
● ABN AMRO
● E.ON
● Bayer
● RWE
● Sonae
● Infineon Technologies
Thursday 13 November
● WALT DISNEY
● Poste Italiane
● JD.com
● Virgin Galactic
● KBC Group
● Deutsche Telekom
Friday 14 November
● Sumitomo Mitsui Financial
● Mizuho Financial
● Mitsubishi UFJ Financial
● Alibaba
● Allianz
● Swiss Re
Source: The Wall Street Journal, Trading Economics, Reuters, TradingView and ActivTrades’ Data as of 7 November 2025
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