Global Markets Deliver Mixed Signals (November 10 – 14, 2025, Recap)

Last week’s economic calendar delivered a mix of labour, growth, and energy data across major economies, alongside notable moves in commodities, equities, and corporate earnings. From rising UK jobless claims and steady Australian employment to a second consecutive GDP decline in the UK and shifting US oil inventory dynamics, markets responded with measured currency and commodity movements. Meanwhile, earnings from Cisco and Disney highlighted diverging corporate fortunes as AI demand surged and media headwinds persisted.

Major Economic Indicators and Events in Review

Tuesday, November 11

09:00 am – UK: Claimant Count Change (GBP)

UK unemployment benefit claims jumped by 29,000 in October 2025 — the biggest rise since July 2024 — following a small, revised increase of 0.4 thousand in September.

The GBPUSD pair edged lower by 0.15% on the day.

Thursday, November 13

02:30 am – Australia: Employment Change

Australia’s labour market held steady in October 2025, with unemployment at 4.3–4.4%, participation at 67%, and employment rising by over 40,000. Hours worked increased, driven by a jump in full-time jobs and a small decline in part-time roles.

The AUDUSD ticked down 0.19% compared to the previous day.

09:00 am – UK: GDP m/m (GBP)

UK monthly GDP fell 0.1% in September 2025, marking its second decline in three months. Production dropped sharply by 2.0%, driven by a 28.6% plunge in motor vehicle manufacturing, while services and construction each grew 0.2%. The motor-vehicle sector alone knocked 0.17 percentage points off monthly GDP.

The GBPUSD increased by 0.41% from the previous day.

19:00 – USA: Crude Oil Inventories (USD)

US refineries processed more crude last week, running at 89.4% capacity as inputs rose to 16 million barrels per day. Gasoline and distillate fuel production both increased. Crude imports fell to 5.2 million barrels per day and remain well below last year’s levels.

Commercial crude inventories rose by 6.4 million barrels but are still about 4% under the five-year average. Gasoline and distillate inventories both declined and also sit below typical seasonal levels. Overall, petroleum stocks increased slightly.

Demand indicators were mixed: total product use was down 0.9% from a year ago, with gasoline and distillate demand lower, while jet fuel demand grew by nearly 4%

US crude oil ticked up 0.2% on the day.

Commodities

1. Crude Oil
   Crude oil prices increased by 0.18% over the past week
2. Brent Oil
   Brent was up 0.96% compared to the previous week
3. Gold
   The precious metal Gold (XAUUSD) concluded the week on Friday with a 2.11% weekly increase
4. Silver
   XAGUSD increased by 4.68% from last week

Stock Market

1. S&P 500 decreased by 0.06%
2. DJIA was up 0.28%
3. NASDAQ 100 decreased by 0.26%

Top Gainers

1. Cypherpunk Technologies Inc. (CYPH) 500.04%
2. Galecto, Inc. (GLTO) 442.02%
3. HCM III Acquisition Corp. (HCMA) 334.49%

Top Losers

1. Gaotu Techedu Inc. (GOTU) -89.86%
2. VisionSys AI Inc. (VSA) -88.76%
3. Kaixin Holdings (KXIN) -82.53%

Company Earnings (November 10 – 14)

Wednesday, November 12: CSCO (Cisco Systems, Inc.)

Thursday, November 13: DIS (The Walt Disney Company)

Cisco raised its annual revenue and profit outlook, boosted by strong cloud and AI infrastructure demand. The firm secured over $2 billion in AI-related orders for fiscal 2025—mostly from hyperscalers—and reported $1.3 billion in hyperscaler AI orders last quarter. Cisco now expects fiscal 2026 revenue of $60.2–$61 billion, supported by a growing $2 billion pipeline for high-performance networking products as major tech companies ramp up data-center spending.

CSCO stock price climbed more than 9.5% from the previous week.

Disney reported weaker-than-expected quarterly results, with adjusted earnings of $1.11 per share and revenue of $22.46 billion, down 0.5% from last year. Entertainment operating income fell 35% due to softer TV advertising and box-office performance, though Disney+ added 3.8 million subscribers and theme-park operating income rose 13%. The company reaffirmed its outlook for double-digit EPS growth in 2026–27 but warned of a $400 million hit to entertainment income next quarter.

DIS shares fell by 4.46% from the previous week.

Conclusion

Overall, last week’s data painted a picture of uneven momentum across global markets. Labour trends in the UK and Australia diverged, UK growth softened again, and US energy dynamics signalled mixed demand conditions. Commodity markets gained broadly, while equities were largely flat with sharp moves in select stocks. Corporate earnings underscored the contrast between sectors, with Cisco benefiting from strong AI-driven demand while Disney continued to grapple with media and box-office headwinds. As markets look ahead, attention will remain on whether these early signals point to stabilisation or further volatility in the weeks to come.