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The World in a Week: How Major Markets Moved
United States | Stocks ended lower as tech weakness snapped a three-week rally. The Nasdaq fell the most, while concerns over AI valuations and the prolonged U.S. government shutdown hurt sentiment. October layoffs hit a 20-year high, and consumer sentiment dropped to its lowest since 2022.
Europe | The STOXX 600 declined 1.2% as AI-related stocks corrected. The BoE kept rates at 4% but hinted at cuts, while Eurozone retail sales fell for a third straight month. German output remained weak despite modest improvement.
Asia | Japan’s Nikkei dropped 4.1% on profit-taking in AI and chip stocks. The yen strengthened to 153/USD, while China’s CSI 300 rose 0.8% after a U.S.–China trade truce lifted sentiment.
India | The Sensex and Nifty slipped 0.7% as foreign investors sold ₹98.4 billion in equities. SBI and PSU banks gained, but consumer durables fell. Mahindra & Mahindra rose 5.8%; Bharti Airtel declined 4.5%.
Commodities | Brent crude held near $66, while gold eased to about $4,000/oz as risk appetite improved.
Stock market closing data for the week of Nov 3 to Nov 7, 2025
Index information: STOXX 600 (tracks 600 large, mid- & small-cap EU firms), DAX (top 40 German blue chips), CAC 40 (leading French stocks), Nikkei 225 (225 top Japanese stocks), CSI 300 & SSEC (mainland China A-shares), and Hang Seng (large-cap Hong Kong-listed firms). For these indices, we track 1-week returns to capture how global sentiment is shifting.
News Summaries
U.S. Holiday Sales to Cross $1 Trillion
American consumers are set to spend more than ever this holiday season, but their confidence is clearly more fragile. The National Retail Federation expects sales in November and December to exceed $1 trillion for the first time, even as the pace of growth slows to around 4%.
Behind the milestone is a more selective shopper. Households are prioritizing essentials and waiting for bigger discounts on non-essentials. Retailers are expected to respond with aggressive promotions, accepting thinner margins to keep foot traffic strong. The shift is already visible in hiring trends, with stores expected to add up to 365,000 seasonal workers, far fewer than last year.
Economists say the consumer is still resilient, supported by steady wages and low unemployment, but inflation and political uncertainty from tariffs to the government shutdown are clouding sentiment. As a result, this year’s holiday rush may look less like a spending spree and more like a search for value.
Japan’s Biggest Tech Fund Backs AI Boom, Says “No Bubble Yet”
Japan’s largest tech-focused fund sees more upside for artificial intelligence stocks, dismissing concerns that the sector is overheating. Yasuyuki Fukuda, who manages Nomura Asset Management’s Information Electronics Fund, said the AI market is “only in its second act,” not in a speculative phase.
The fund has returned nearly 49% in 2024, more than double the broader Topix Index, driven by positions in SoftBank Group, Tokyo Electron, Sony, and Furukawa Electric. Fukuda believes the current investment cycle is backed by profitability and strong balance sheets, unlike the dot-com era that collapsed under unprofitable startups.
He expects the next phase of AI growth to come from traditional industries like telecommunications and power utilities as they expand data infrastructure, a move that could further benefit Japanese component manufacturers. Fukuda also credited SoftBank’s surge from below ¥10,000 to over ¥27,000 earlier this year as one of his best calls. Still, he warned that markets driven by only a handful of stocks, such as SoftBank and Fast Retailing, could be at risk of uneven growth.
Washington Expands Its “Critical Minerals” List as Supply Risks Rise
The U.S. has widened its definition of “critical minerals,” adding copper, silver, and metallurgical coal to a list that shapes trade policy and access to federal support. The updated list from the U.S. Geological Survey highlights materials seen as vital to national security and industrial growth.
The move strengthens Washington’s strategy to safeguard supply chains as demand for metals used in clean energy and technology accelerates. Analysts say it also gives the government greater flexibility in applying tariffs under national security rules. Silver’s inclusion surprised markets, given the U.S. already imports two-thirds of its supply and uses it heavily in electronics and solar manufacturing.
Anticipation of potential tariffs has led to record silver inventories in New York and temporary shortages in London. Prices recently touched all-time highs above $50 per ounce.
The list, updated every three years, now spans 50 minerals, including uranium, lead, and silicon. Officials say it sends a clear signal that mineral independence has become a central pillar of America’s economic and defense agenda.
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Theme of the Week: Startups Stay Private, IPOs Lose Shine
America’s next generation of tech giants is staying off Wall Street. Private funding rounds above $1 billion are outpacing large U.S. IPOs by more than two to one this year, as deep-pocketed investors continue to write massive checks for fast-growing startups.
So far, 21 private deals have raised over $100 billion in total, while only 10 IPOs have crossed the same threshold, together raising just $13 billion. The change marks a sharp reversal from 2021, when going public was the default path for any promising company.
For many founders, remaining private offers room to invest aggressively, pursue acquisitions, and avoid quarterly scrutiny. OpenAI’s $500 billion employee share sale and Databricks’ latest mega-round show how far private valuations can stretch.
Still, most insiders believe the biggest names like Stripe or OpenAI will eventually list when markets turn favorable. For now, though, growth capital is plentiful, and the opening bell can wait.
Key Headlines of the Week
U.S. Job Market Tightens for Foreign Graduates | Visa-sponsored jobs in the U.S. have plunged from 10.9% in 2023 to 1.9% in 2025, as tougher H-1B rules and a new $100,000 fee deter employers. Indian students, who receive over 70% of H-1B visas, are among the worst hit.
Google Unveils Ironwood AI Chip | Google launched its most powerful TPU yet – Ironwood that is capable of linking 9,216 chips in a single pod. Anthropic plans to use 1 million units for its Claude models, as Google boosts AI spending to $93 billion this year.
Wells Fargo Predicts Record Corporate Borrowing | Wells Fargo expects U.S. companies to issue up to $1.85 trillion in bonds next year, led by tech giants funding AI investments. Alphabet and Meta sold $55 billion in debt last week alone.
