317 stories from 10 sources
The month in Global Markets
Longest running story: 28 days
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Strong US data, inflation, and energy costs shifted markets from expected cuts toward possible Federal Reserve hikes and longer restrictive policy. The hawkish repricing spread through European policy expectations, Treasury yields, the dollar, and global borrowing costs, even as ECB tightening expectations later moderated.
The AI rally faltered after weak technology guidance, then SpaceX's debut reset valuation expectations with a $2.2 trillion implied value. Its post-listing surge and ETF-related flows extended the frenzy before a broader technology selloff and warnings about spillovers into credit and financial stability widened the risk.
Indonesia and other Asian authorities responded to currency weakness and capital outflows with policy and market defenses, while regional equities briefly benefited from geopolitical relief. The rebound proved fragile, culminating in Korea's leveraged-ETF forced selling, circuit breakers, and a breakdown in normal price discovery.
Geopolitical disruption initially pushed oil, yields, and inflation risks higher while raising fears of a global slowdown. Proposed US-Iran agreements and possible reopening of the Strait of Hormuz then lowered oil and supported risk assets, but markets remained exposed to renewed conflict.
Large redemption requests at semi-liquid private-credit funds turned valuation concerns into direct liquidity restrictions. A later fund honored less than 40% of requests, reinforcing doubts about how easily investors could exit private-market exposures.
Weak household spending and softer investment data turned concern about China's economy into a broader loss of confidence in its recovery. The deterioration raised risks for commodities, regional supply chains, and global growth expectations.
Week’s Recap