Global assets retreat this week as profit-taking hits the AI-driven rally.
This week @ 1500 – Friday 21st November 2025 – London.
Markets:
- FTSE 100 fell 1.91% to 9,513, as energy and mining stocks weakened on lower commodity prices and global growth concerns.
- S&P 500 dropped 2.71% to 6,552, as profit-taking hit tech despite strong results from Nvidia.
- Nasdaq Composite declined 3.61% to 22,073, led by weakness in semiconductors after a strong run.
- Euro Stoxx 50 fell 2.23% to 5,570, pressured by soft PMI data and uncertainty over ECB policy.
Bonds:
- UK 10-year gilt yield fell about 5 bps to 4.53%, remaining elevated on sticky services inflation despite renewed expectations for early BoE cuts.
- U.S. 10-year Treasury yield fell 8 bps to 4.06%, as Fed speak on Friday suggested that Fed could cut rates again in December.
Commodities:
- Brent crude fell ~2% to $62.29, on signs of oversupply and easing geopolitical tensions.
- Gold slipped to $4,073/oz, as dollar strength and higher yields weighed on demand.
- Copper eased 0.7% to $5.00/lb, amid mixed industrial demand signals and cautious sentiment on China stimulus.
FX:
- GBP/USD edged up to 1.3095, supported by softer U.S. rate expectations and stable UK data.
- EUR/GBP dipped to 0.8798, as euro weakness followed disappointing eurozone growth indicators.
Macro:
- UK CPI slowed to 3.6% y/y, reinforcing expectations for BoE cuts in 2026.
- Eurozone CPI at 2.1%, still above target but trending lower.
- U.S. initial jobless claims steady, signalling U.S. labour market resilience.
- No major central bank decisions this week; focus shifts to December meetings.
Companies:
NVIDIA posted record Q3 revenue of $57 billion, up 62% year-on-year, driven by surging demand for AI GPUs. Data centre sales hit $51.2 billion, and Q4 guidance was raised to $65 billion, underscoring continued ‘hyperscaler’ investment in AI infrastructure.
What we will be keeping an eye on next week:
w/c 24th November
- U.S. PCE inflation (28 Nov): Key gauge for Fed policy; a softer print could revive rate-cut expectations.
- Eurozone PMI flash (25 Nov): Early read on manufacturing and services activity; critical for ECB outlook.
- UK retail sales (26 Nov): Indicator of consumer resilience amid slowing inflation.
- Fed and ECB speakers scheduled throughout the week; comments may shape rate expectations.
Markets move constantly and the numbers in this update will change. This is a snapshot only, pulled together from a range of sources, and is meant as a quick guide rather than a precise record. It’s not investment advice and shouldn’t be used to make trading or investment decisions. If you need more accurate or specific data over a defined period, please get in touch with a member of the team who will be happy to help.
Important Information
This article is for information only and does not constitute advice or recommendation and you should not make any investment decisions based on it. The views and opinions of this article are those of Casterbridge at the time of writing and may change without notice. Any opinions should not be viewed as indicating any guarantee of return from investments managed by Casterbridge nor as advice of any nature. It is important to remember that past performance and the value of an investment, and any income from it, may go down as well as up and the investor may not get back the original amount invested.