U.S. Indices closed mixed following a volatile trading that witnessed plenty of two-way price action. Equity futures started the day in the red with a lot of weakness in the tech sector, once again following a soft handover from Asia into Europe, with European indices closing well in the red. Pressure was attributed to further AI valuation concerns with Baidu (BIDU) tumbling overnight after its latest AI model failed to impress investors. However, a revival was seen in the risk tone after the US open, taking global indices off lows. Europe still closed red, but the US managed to pare the majority of its losses with both the S&P and NASDAQ 100 closing flat, while the Russell outperformed, but the Dow and RSP lagged. Sectors were predominantly lower, with outperformance seen in Energy, Tech and Real Estate. Elsewhere, markets broadly tracked the risk tone with T-notes rallying when it was risk off, but paring the upside as sentiment improved. The Dollar was flat with the Yen initially rallying but to close the week flat around 154.50 after hitting a trough earlier of 153.63. The Swiss Franc also pared initial gains. NZD was the clear outperformer as AUD/NZD gave back some of its recent run higher. The Pound was the focus after the Chancellor U-turned on income tax hikes thanks to improved forecasts, which saw Sterling lower, hitting a low of 1.3109 but now has pared to 1.3165 at pixel time. Gilts remained pressured throughout UK trade. Energy prices were bid amid continued attacks on Russian oil and Hormuz tanker troubles. We have started to get some of the data released, with the BLS scheduling the September NFP for Thursday, 20th November 2025. Fed Member Schmid the Fed hawk and dissenter said the rationale for October dissent continues to guide him as he heads towards December, noting policy is modestly restrictive, which is where it should be. On the inflationary footing, he remarked that further rate cuts won’t patch job market cracks and could do damage to inflation. Kansas City President noted concerns on inflation ‘much broader’ than tariffs alone, and he prefers to focus on the overall inflation rate when setting policy; no room to be complacent on inflation expectations. Schmid, on the balance sheet, supported the decision to stop shrinking it, saying the Fed could lower the rate paid on reserves, ease access to the standing repo facility to support a smaller Fed balance sheet and ease liquidity. Schmid concluded the central bank could also shift its balance sheet portfolio to short-duration securities. Logan, the Dallas Fed President, who argued to hold rates at the October meeting, said it would be hard to support another rate cut at the December meeting. Logan says she would need to see convincing evidence of inflation coming down, or the labour market worsening, to support such a decision. Similar to Schmid (2025 voter), Logan said her inflation concerns are not just about tariffs, but she is rather focused on persistent underlying inflation. Logan noted the labour market is cooling and is roughly balanced, with risks looking more balanced on the dual mandate than in September. She described the labour market as gradually cooling, which is appropriate amid the fight against inflation, and further argued that it is not appropriate to deliver more pre-emptive insurance to the labour market via a rate cut. Logan views a modestly restrictive policy as appropriate and sees PCE inflation at ~2.9% at year-end end. Elsewhere, Oil closed higher by 2.39% while profit-taking saw Gold end Friday with a loss of 1.5%.
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For anyone following my Platinum Service it made 547 points on Friday and is now ahead by 2989 points for November, after ending October with a nice gain of 5110 points after closing September with a gain of 3774 points while ending August with a gain of 3362 points after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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