478 stories from 12 sources
The week in Global Markets
Click on a headline to see stories that shaped it.
Threads
8 threads
The AI correction escalated from valuation concerns into the largest US technology selloff since the Covid-era turmoil, then spread across Asian and European markets. The repricing now includes doubts about future demand, regulation, and the earnings support for crowded technology positions.
The election first triggered a risk-off reaction as investors priced greater regulatory and fiscal uncertainty, then produced a rally when the result reduced fears of political turmoil and unfunded spending. Treasuries strengthened, the dollar weakened, and political expectations began redirecting positioning across equities and bonds.
Stronger job openings and October payrolls pushed back against expectations of rapid labor-market cooling and revived the possibility of another Federal Reserve rate increase. Higher yields continued to pressure rate-sensitive assets, borrowing costs, and precious metals.
Oil shifted from disruption fears toward a supply surplus as regional shipments recovered and signals of reduced US-Iran conflict risk lowered the geopolitical premium. Prices fell through the week, while the market remained vulnerable to renewed Strait of Hormuz tensions.
Stress at a major state-linked conglomerate and a highly rated company challenged assumptions about implicit support and the reliability of credit assessments. Beijing responded with cheaper short-term funding and limits on new listings and yuan appreciation, but weaker services demand and unstable price signals kept the outlook fragile.
The AI correction expanded beyond listed technology shares as investors questioned debt-funded data-center construction, permits, power access, and demand. Technology bond issuance and related commercial property and credit exposure now add financing risk to the infrastructure buildout.
Silver's sharp fall from its earlier peak and gold's subsequent weakness showed how higher yields, a stronger dollar, and rate expectations had displaced momentum as the main price drivers. Central-bank buying offered support for gold, but did not overcome near-term US rate pressure.
Copper initially lost its policy and AI-infrastructure premium as the election weakened demand and tariff expectations. Physical tightness then reasserted itself, with falling Asian inventories and large purchases driving regional premiums to records.
Day’s Recap