Financial Markets Daily Report18 novembre 2025
The week began with a risk-off session as investors awaited several US tech mega-cap earnings reports amid concerns about high valuations in the sector. Stocks sold off globally, while sovereign yields edged lower and the dollar strengthened, as President Trump's decision to exempt a large list of agricultural products from reciprocal tariffs barely impacted the market.
Remarks from Federal Reserve officials continued to highlight divisions within the FOMC. Vice Chair Jefferson said the Fed should “proceed slowly” with any further rate cuts, while Governor Waller cited low wage pressures and signs of a stalling labor market as reasons to lower rates next month. The market-implied probability of such a cut stands at 44%.
In commodity markets, oil prices eased (Brent near $64/barrel) after operations resumed at Russia’s Novorossiysk export hub in the Black Sea, following a Ukrainian attack that had led to a two-day halt and pushed prices higher in previous days (Brent around $66/barrel).