Global Market Recap: November 09–14, 2025

This week brought significant economic developments across major regions. The UK faced worsening labor and output data, Japan continued to experience elevated producer prices, Australia saw improvements in employment, and the Eurozone held steady with moderate industrial and GDP performance. Meanwhile, the U.S. government reopened, although key October economic data will not be released, setting the stage for a volatile week ahead.

Below is the complete and refined breakdown.

Table of Contents

1. United Kingdom: Labor, GDP & Manufacturing
2. Japan: PPI & Policy Outlook
3. Australia: Labor Market Update
4. Eurozone: Output & GDP
5. United States: Fed & Government
6. What to Expect Next Week

1. United Kingdom: Labor, GDP & Manufacturing

The UK faced another difficult week as multiple indicators pointed toward weakening economic momentum.

Labor Market Declines

• Unemployment rate rose to 5%;
• Claimant Count Change increased by 29k;

GDP Shows Stagflation Risk

• QoQ GDP grew only 0.1%
• Monthly GDP contracted to –0.1%

With weak output and elevated inflation, stagflation concerns continue to build.

Manufacturing & Industrial Output Slump

• Both manufacturing and industrial production fell sharply below –2%

This broad-based decline highlights growing recession risks and intensifies pressure on policymakers to cut rates in the next meeting.

2. Japan: PPI & Policy Outlook

Japan’s Producer Price Index remained elevated:

• PPI rose 2.7% YoY, slightly lower than 2.8% prior

Despite the slowdown, inflation remains above the Bank of Japan’s 2% target, supporting ongoing policy normalization and the potential for future rate hikes.

3. Australia: Labor Market Update

Australia posted stronger-than-expected employment data:

• Unemployment fell to 4.3%
• Employment Change increased by 42.2k

The improvement supports the Reserve Bank of Australia’s likely hold on interest rates as inflation remains a concern.

4. Eurozone: Output & GDP

The Eurozone delivered a mix of softer production figures and steady growth.

Industrial Output Moderates

• 1.2% vs 2.1% forecast, but slightly above the prior 1.1%

Despite missing expectations, the trend shows stability rather than deterioration.

GDP Holds Steady

• YoY GDP grew 1.4%
• QoQ GDP remained at 0.2%

With inflation near the ECB’s 2% target and growth stable, the ECB is expected to maintain current rates.

5. United States: Fed & Government

Federal Reserve Maintains a Cautious Stance

Officials emphasized:

• Commitment to price stability;
• A marginally restrictive stance;
• Ongoing concerns over sticky inflation;
• Lower odds of a December rate cut;

The Fed remains data-dependent with little room to adjust policy.

Government Reopens — But No October CPI or Jobs Data

After Wednesday’s vote and the President’s signature, operations resumed. However:

• October CPI will not be released
• October labor report will not be released

After the CPI data did not get released marekt futures started to increase the bet of a possible rate hold in December which saw the return of a risk off environment.

Updated Data Schedule

The US Commerce Department released the new schedule for the PCE and the GDP data for next week:

• PCE Price Index: November 26 at 10:00 AM EST
• GDP Second Estimate: 8:30 AM EST (unchanged)

6. What to Expect Next Week

Now that the U.S. government has reopened expect:

• Releases of the US data as usual;
• Higher trading volume and volatility;

Stay locked in with MRKT to follow every major market-moving development in real time.