Global Markets Steady Amid Inflation Pressures and Policy Shifts (November 24 – 28, 2025, Recap)

This week featured a mix of key economic data from the U.S., Australia, and New Zealand, alongside notable corporate earnings and market movements. Inflation remained in focus as producer and consumer price reports from major economies shaped market sentiment. In the U.S., wholesale and retail data pointed to moderate inflation and steady consumer spending, while jobless claims reflected a resilient labor market.

In the Asia-Pacific region, Australia’s inflation rose faster than expected, reducing hopes for near-term rate cuts, and New Zealand’s central bank lowered its policy rate amid signs of a gradual recovery.

Commodity markets were volatile, with gold and silver posting strong gains, while oil prices were mixed. Global equities rallied, led by solid performances in U.S. indices. On the corporate side, Alibaba and HP released earnings that highlighted mixed trends in profitability and demand, with investors reacting accordingly.

Overall, the week’s data underscored a theme of steady but uneven global growth, persistent inflation pressures, and cautious optimism in financial markets.

Major Economic Indicators and Events in Review

Tuesday, November 25

15:30 – USA: PPI m/m (USD)

In September, U.S. producer prices, which measure what businesses receive for their goods and services, rose 0.3 percent after a 0.1 percent drop in August. Over the past year, the Producer Price Index (PPI) has increased 2.7 percent, showing that inflation pressures at the wholesale level remain moderate.

The rise in September mainly came from a 0.9 percent jump in goods prices, such as energy and raw materials, while service prices stayed flat. When excluding the more volatile food, energy, and trade categories, prices rose just 0.1 percent in September and are up 2.9 percent over the year, suggesting a modest underlying inflation trend.

The EURUSD pair advanced 0.37% on the day.

15:30 – USA: Retail Sales m/m (USD)

U.S. retail sales rose 0.2 percent in September, showing that consumers continued spending but at a slower pace after strong gains earlier in the summer. Much of the increase came from higher prices at gas stations and grocery stores, while sales at clothing and electronics stores declined.

Economists expect the economy to have grown about 3 percent in the July–September quarter, though hiring has weakened and unemployment has edged up to 4.4 percent. Inflation remains elevated but is easing, raising hopes the Federal Reserve could cut rates soon.

The USDJPY pair declined by 0.47% compared to the previous day.

Wednesday, November 26

02:30 am – Australia: CPI y/y (AUD)

Australia’s consumer inflation rose 3.8 percent in October from a year earlier, the fastest pace in seven months and higher than economists expected. The increase was driven mainly by housing costs, which jumped 5.9 percent as rents and electricity prices surged.

Underlying inflation, which excludes volatile items, rose slightly to 3.3 percent. On a monthly basis, prices were flat compared to September.

The data suggest inflation remains stubborn, making it less likely the Reserve Bank of Australia will cut interest rates soon.

The AUDUSD pair rose 0.78% on the day.

03:00 am – New Zealand: Official Cash Rate (NZD)

New Zealand’s annual inflation rose to 3 percent in the September quarter but is expected to ease to around 2 percent by mid-2026 as the economy slows.

Economic activity has been weak but is starting to recover, helped by lower interest rates and a stabilizing job market. A weaker exchange rate is also boosting export earnings.

Globally, growth has been supported by AI-related investment but may slow next year due to rising trade barriers.

The Reserve Bank of New Zealand cut the Official Cash Rate by 25 basis points to 2.25 percent and said future rate moves will depend on how inflation and growth trends develop.

The NZDUSD pair advanced 1.34% compared to the previous day.

15:30 – USA: Unemployment Claims (USD)

New claims for U.S. unemployment benefits fell by 6,000 to 216,000 in the week ending November 22, showing continued strength in the labor market. The four-week average, which smooths out fluctuations, also edged down to 223,750.

The number of people continuing to receive benefits rose slightly to 1.96 million, keeping the insured unemployment rate steady at 1.3 percent. Overall, the data suggest layoffs remain low and job conditions stable.

The EURUSD pair rose 0.25% on the day.

Commodities

1. Crude Oil
   Crude oil prices increased by 0.86% over the past week
2. Brent Oil
   Brent was down 0.34% compared to the previous week
3. Gold
   The precious metal Gold (XAUUSD) concluded the week on Friday with a 3.71% weekly increase
4. Silver
   XAGUSD increased by 12.74% from last week

Stock Market

1. S&P 500 increased by 3.44%
2. DJIA was up 3.01%
3. NASDAQ 100 increased by 4.66%

Top Gainers

1. SMX (Security Matters) Public Limited Company (SMX) 1,207.07%
2. Pasithea Therapeutics Corp. (KTTA) 402.91%
3. Antelope Enterprise Holdings Limited (AEHL) 155.37%

Top Losers

1. MingZhu Logistics Holdings Limited (YGMZ) -89.20%
2. Smart Digital Group Limited (SDM) -86.60%
3. Clearside Biomedical, Inc. (CLSD) -84.93%

Company Earnings (November 24 – 28)

Tuesday, November 25: BABA (Alibaba Group Holding Limited)

Tuesday, November 25: HPQ (HP Inc )

Alibaba reported mixed results for the second quarter, with revenue beating expectations but profits dropping sharply. The company’s revenue rose 3.3 percent from a year earlier to $34.8 billion, about $570 million above forecasts. Excluding businesses it sold, Alibaba said sales would have grown 15 percent.

Earnings, however, fell short. Adjusted earnings per share dropped 71 percent to $0.61, missing estimates due to higher costs and weaker margins. The bright spot was Alibaba’s cloud division, which saw revenue jump 34 percent year over year, signaling a potential turnaround in the coming quarters.

BABA shares fell by 2.86% over the past week.

HP Inc. reported better-than-expected fourth-quarter earnings, though revenue slightly missed forecasts. The company earned 93 cents per share, beating estimates by 2.2 percent, while revenue rose 4.2 percent year over year to $14.6 billion.

Growth was driven by strong PC sales, with personal systems revenue up 8 percent as both consumer and commercial demand improved. HP expects the upcoming Windows 11 upgrade cycle to further boost sales in 2026.

However, printing revenue fell 4 percent due to weaker demand for supplies and commercial printing. Overall profit margins narrowed slightly, but HP generated strong cash flow and returned $800 million to shareholders through dividends and buybacks.

HPQ shares rose by 1.92% over the past week.

Conclusion

Last week’s economic data painted a picture of resilience amid uncertainty. The U.S. economy continues to show moderate inflation and steady employment, while Australia and New Zealand face contrasting trends — one battling sticky inflation, the other easing policy to support growth. Commodity markets reflected investor caution, with gold and silver outperforming as safe-haven assets. Equity markets remained upbeat, buoyed by strong U.S. performance and selective corporate gains. Overall, global markets appear cautiously optimistic, balancing hopes of easing inflation against the lingering risks of slower growth and policy divergence.