From Fear to Fundamentals: How Global Markets Are Finding Their Footing

Ahmad Mortazavi
Nov 15, 2025
4 min read

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🌍Big Picture

Global markets extended their cautious optimism this week as the U.S. government shutdown finally ended after more than six weeks, restoring investor confidence in fiscal stability. The agreement helped ease volatility across bonds and equities, while key inflation data continued to suggest a soft landing is within reach.

In the United States, the 10-year Treasury yield held near 4.1 %, with markets now fully pricing in an extended pause from the Federal Reserve into early 2026. The dollar index (DXY) settled around 99, reflecting reduced safe-haven demand as the global growth outlook stabilised.

Europe remained a bright spot, with the STOXX 600 hitting record highs mid-week. Investors were encouraged by falling inflation expectations and renewed capital inflows into undervalued European assets. The Bank of England maintained its cautious tone, while the ECB reiterated that its next moves would depend on sustained disinflation.

In Asia, the yen remained under pressure near 155 per dollar, supporting exporters and driving further strength in Japanese equities. Meanwhile, emerging markets continued to attract inflows amid a weaker dollar and rising confidence in global demand recovery.

Gold stabilised around US$4,150/oz, providing portfolio ballast amid geopolitical concerns, while Brent crude recovered to US$64–65/barrel, reversing earlier declines on fresh supply-risk headlines. Bitcoin traded between US$96,000 and 103,000, reflecting persistent volatility tied to shifting risk sentiment.

Overall, markets are transitioning from an environment driven by policy tightening to one anchored in stability and selectivity, where the focus is shifting from chasing growth at any cost to identifying value and resilience across global sectors.

📊 Assets at a Glance

Equities

U.S. consumer data remain robust, with e-commerce sales reaching US $ 88.7 billion in October, up 8.2 % year-on-year, reinforcing spending resilience even amid higher borrowing costs. The STOXX 600 achieved a fresh record as European investors embraced the weaker dollar and improving trade dynamics. Emerging markets, led by India and Brazil, gained further momentum as global liquidity conditions improved.

Fixed Income

Yields were steady, reflecting the growing belief that inflation is under control. The U.S. 10-year Treasury yield held close to 4.1 %, while European spreads narrowed modestly. The environment remains favourable for duration exposure, with moderate credit spreads suggesting continued risk appetite but limited room for complacency.

Commodities

Gold traded above US$4,000/oz, underpinned by low real yields and persistent demand from central banks. Oil prices climbed back to US$64–65/barrel, supported by OPEC+ production discipline and supply concerns. Broader commodity indices remained steady, as gains in energy offset weaker prices in agriculture.

Currencies

The U.S. dollar index stayed around 99, enabling emerging-market currencies to appreciate further. The euro remained firm above 1.16, while the Swiss franc strengthened modestly.

Crypto

Crypto remains volatile but continues to draw growing institutional interest. Bitcoin fluctuated in a wide $96k–$103k band this week; dipped to a six-month low near $96k late Friday.

📅 Key Events Next Week

Mon 17 Nov — Canada CPI (Oct) & U.S. Empire State Manufacturing (Nov)

Soft Canadian CPI: Strengthens rate-cut expectations; CAD weakens; bond markets rally.
Firm U.S. manufacturing data: Yields rise modestly; USD firms; equities consolidate.

Tue 18 Nov — U.S. Industrial Production (Oct) & Trade Price Index (Oct)

Weaker readings: Reinforce disinflation narrative and soft-landing optimism; risk assets advance.
Stronger data: Pushes inflation back into focus; yields rise; growth stocks lag.

Wed 19 Nov — U.K. CPI (Oct) & Eurozone Current Account (Sep)

Soft U.K. inflation: Bolsters BoE rate-cut bets for H1 2026; gilts and domestic equities gain.
Robust Eurozone data: Supports EUR and cyclical European equities.

Thu 20 Nov — U.S. Philadelphia Fed Survey (Nov) & Japan CPI (Oct)

Weak U.S. survey: Confirms slowing momentum; bonds bid; risk appetite improves.
Sticky Japan CPI: Adds mild pressure on the BoJ; yen firms; exporters ease.

Fri 21 Nov — U.S. University of Michigan Consumer Sentiment (Nov final) & U.K. Retail Sales (Oct)

Strong U.S. sentiment: Supports consumption narrative; yields steady; equities gain modestly.
Weak U.K. sales: Revives rate-cut expectations; sterling softens; FTSE supported by defensives.

💡 Investment Idea: Prosus N.V. (AMS: PRX)

Prosus N.V., one of Europe’s most globally connected internet companies, offers investors an opportunity to capture long-term digital expansion at a discounted valuation. Trading around 11.8 × forward earnings, the stock remains undervalued relative to global tech peers, despite holding high-growth assets across e-commerce, fintech, food delivery, and online classifieds.

Macro alignment: With inflation easing and global rates stabilising, investors are rotating into undervalued quality names. Prosus benefits directly from this trend, as its diverse portfolio spans fast-growing markets in Asia, Africa, and Latin America — all regions now benefiting from a weaker U.S. dollar and improved liquidity conditions.

Growth drivers:

Expanding penetration in digital payments and consumer tech sectors.
Ongoing share buybacks are reducing its discount to NAV.
Streamlined corporate structure and improved transparency, enhancing investor confidence.

Valuation & outlook: Analysts forecast mid-to-high single-digit earnings growth for 2026–27, supported by portfolio rebalancing and margin recovery. The combination of discounted valuation and structural growth exposure positions Prosus as a long-term compounder.

Risks: Currency fluctuations, regulatory pressures in China, and macro shocks in emerging markets could affect short-term performance, but the diversified portfolio mitigates concentration risk.

Bottom line: Prosus N.V. provides Europe-based exposure to global digital growth with an attractive risk–reward profile. For investors seeking value and structural growth, it represents one of the most compelling long-term opportunities within the STOXX 600.

Prepared by the Scientia Capital Management Team. This publication is based on verified market data and analysis. The views expressed are for informational purposes only and do not constitute investment advice. Scientia Capital Management combines market expertise with AI-driven intelligence to empower investors worldwide.