Photo by Michael Förtsch on Unsplash
 

By Friday’s close, the Dow Jones Index (US30) fell by 0.65% (weekly +0.11%). The S&P 500 Index (US500) slipped 0.05% (weekly -0.76%). The Nasdaq (US100) closed slightly higher at 0.06% (weekly -1.61%). The market managed to recover after a sharp drop at the start of trading, but the final move remained muted. Investors actively bought shares of major tech companies, partially offsetting the heavy sector losses from the previous day. The end of the longest government shutdown in US history removed one source of uncertainty but created another: delays in publishing microdata deprived investors of key guidance ahead of the next Fed decision, increasing volatility and forcing traders to reassess positions heading into year-end.

On Friday, Bitcoin (BTC/USD) fell nearly 5% to around $95,000, extending its decline for the fourth consecutive session amid worsening global risk sentiment. Bitcoin has now dropped more than 20% from the record high of $114,000 reached last month. The digital assets market continues to struggle to recover from October’s crash, which triggered record liquidations and widespread reduction of leveraged positions, highlighting growing risk aversion among investors. Additional pressure came from reports that Japan may introduce new rules targeting companies engaged in digital asset custody.

European stock markets declined on Friday. Germany’s DAX (DE40) fell by 0.69% (weekly -0.20%), France’s CAC 40 (FR40) closed down 0.76% (weekly +1.57%), Spain’s IBEX 35 (ES35) dropped 1.40% (weekly +1.69%), and the UK’s FTSE 100 (UK100) closed negative 1.11% (weekly +0.16%). Bayer shares were the day’s worst performer, losing 5.1%. Significant pressure was also seen in the banking and technology sectors.

The Swiss government confirmed reaching an agreement with Donald Trump’s administration on tariffs at 15%. This deal finally resolved the dispute that had dragged on since August, sparked by the unexpected US decision to raise tariffs on Swiss exports to 39%. Against this backdrop, the Swiss franc strengthened to 0.79 per dollar, its highest level since 2011. Additional support came from expectations of rising inflation in Switzerland. Representatives of the Swiss National Bank (SNB) expressed confidence that inflation will “accelerate somewhat” in the coming quarters.

The US natural gas prices fell more than 4% on Friday to $4.45 per MMBtu, retreating from highs last seen in December 2022 after the Energy Information Administration (EIA) reported larger-than-expected inventory builds. At the same time, gas production in the 48 US states reached a new record in November – 109 billion cubic feet per day, keeping inventories about 4% above seasonal norms and adding pressure on prices.

Asian markets traded under pressure last week. Japan’s Nikkei 225 (JP225) fell by 0.53%, China’s FTSE China A50 (CHA50) dropped 0.66%, Hong Kong’s Hang Seng (HK50) declined 1.85%, while Australia’s ASX 200 (AU200) posted a five-day loss of 1.79%.

In Q3 2025, Hong Kong’s economy grew 3.8% year-on-year, exceeding the previous quarter’s 3.1%. This was the strongest growth since Q4 2023, driven by robust export performance and stable domestic demand.

The New Zealand dollar fell to 0.565 USD, giving back part of last week’s gains. The main pressure came from heightened expectations of an imminent rate cut by the Reserve Bank of New Zealand. At the same time, President Donald Trump canceled tariffs on more than 200 categories of food products from New Zealand. While the tariff removal supports New Zealand’s export sector and improves fundamentals, the currency market remains fully focused on RBNZ policy.

S&P 500 (US500) 6,734.11 −3.38 (−0.06%)

Dow Jones (US30) 47,147.48 −309.74 (−0.65%)

DAX (DE40) 23,876.55 −165.07 (−0.69%)

FTSE 100 (UK100) 9,698.37 −109.31 (−1.11%)

USD Index 99.27 +0.12% (+0.12%)

News feed for: 2025.11.17

• Japan GDP (q/q) at 01:50 (GMT+2);
• Switzerland GDP (q/q) at 10:00 (GMT+2);
• Canada Consumer Price Index (m/m) at 15:30 (GMT+2).

More By This Author:

Investors Moved To Profit-Taking, Assessing The Consequences Of The Official End Of The US Shutdown
Oil Prices Fell Sharply Following OPEC’s Revised Expectations
WTI Crude Oil Prices Rose To $61 Per Barrel