UK House Prices Fall for First Time Since 2023 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
OPEC+ Expected to Hold October Oil Output Steady 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Asian Stocks Rally as AI Optimism Fuels Chipmaker Surge 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
South Korea GDP Surges on Chip and AI Boom 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Gold Holds Near $4,400 as Fed Hike Bets Rise 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Yen Rebounds as BOJ Rate Hike Bets Rise 
Oil Prices Rise as Hormuz Tensions Threaten Supply 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
China to Inject $45 Billion Into State Financial Institutions 
China Expands Influence in Global Gold Market 
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Global equities ended the week under pressure as hawkish comments from Federal Reserve officials dampened hopes for another interest rate cut in December. MSCI’s global stock index slipped, while Wall Street posted a muted performance, weighed down by rising U.S. Treasury yields and renewed inflation concerns.
The S&P 500 rebounded from early losses thanks to bargain hunters, even as major markets from Tokyo to Paris closed sharply lower. Investors were also rattled by uncertainty surrounding Britain’s upcoming budget, adding to the strain on UK markets.
Several Fed policymakers struck a cautious tone, citing persistent inflation and a stabilizing labor market after two rate cuts earlier this year. Kansas City Fed President Jeffrey Schmid warned that inflation remains “too hot,” suggesting he could dissent if the Fed moves forward with a December cut. Dallas Fed President Lorie Logan also signaled opposition, echoing her stance from October.
Following the record-long U.S. government shutdown—now 43 days without official data—traders adjusted expectations, pricing in a roughly 46% chance of a December rate cut, down from nearly 67% last week, according to the CME FedWatch tool.
Despite market jitters, the tech-heavy Nasdaq managed to close slightly higher, supported by renewed interest in high-performing tech stocks. Nvidia gained 1.8%, while the S&P 600 tech index inched up 0.3%. Investors are bracing for a busy week ahead featuring earnings from major retailers and Nvidia, key indicators of consumer strength and AI demand.
The Dow fell 0.65% on the day, while the S&P 500 dipped 0.05% and the Nasdaq rose 0.13%. Global markets mirrored the cautious mood, with European and Asian indexes retreating.
In commodities, oil prices jumped over 2% after a Ukrainian drone attack disrupted exports at Russia’s Novorossiisk port. Meanwhile, gold prices fell sharply as Treasury yields climbed, with spot gold dropping over 2%.
Crypto markets also retreated, with bitcoin down nearly 4% and ethereum slightly lower.
