Last week, markets remained steady. US equities rebounded, the dollar stayed strong and Nvidia’s Q3 results had minimal impact. Bond markets held firm, awaiting new economic data, while currency markets saw increased volatility as expectations for global rate cuts faded.
Europe. The ECB faces uncertainty before its December meeting. Chief Economist Philip Lane warned against tight policies, while Martins Kazaks called for a rate cut due to a slowing economy. A -0.25% cut is expected, with a larger move possible if inflation data disappoints, impacting expats in France.
United States. Markets eased as Mike Gaetz withdrew from the Attorney General race. Scott Bessent’s Treasury appointment was welcomed with his focus on tax cuts and tariffs. Bessent’s commitment to the dollar’s reserve currency role boosted global currencies.
UK. The UK property market remains cautious, with Knight Frank downgrading its 2025 house price growth forecast to 2.5%, citing higher financing costs and stamp duty changes.
France. Budget talks are heating up, with Marine Le Pen’s National Rally threatening a no-confidence vote. PM Barnier is pushing for a €60 billion fiscal consolidation, with tensions rising.
Markets. UK and European indexes rose +0.30%, Japan’s Nikkei gained +1.3%, while Chinese and Hong Kong markets dipped by -0.40%. Bonds are in demand, with yields on US Treasuries and UK Gilts falling.
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