October 2025

• Global markets delivered mixed performance in October as investors balanced improving liquidity conditions against ongoing concerns regarding global growth and elevated geopolitical risks.
• Technology and artificial intelligence-related sectors remained major market leaders despite increased volatility.
• Central banks continued easing monetary policy gradually as inflation remained broadly under control.
• Bond yields stabilised following several months of declines.
• Chinese economic conditions improved modestly following continued stimulus efforts.
• Commodity prices strengthened slightly amid stabilising industrial demand and geopolitical uncertainty.

Asia (ex. Japan)

Asian markets outside Japan delivered generally positive performance during October as additional Chinese support measures and resilient semiconductor demand improved investor sentiment across the region.

Taiwan and South Korea remained strong performers due to continued artificial intelligence infrastructure investment, while Chinese equities benefited from improving credit conditions and policy easing measures.

Europe

European equities delivered mixed results during October as lower interest rates supported financial conditions while weak manufacturing activity continued affecting industrial sectors.

Investors remained focused on the pace of future European Central Bank easing and the outlook for consumer demand heading into 2026.

United States

U.S. equities experienced periods of volatility during October as investors reassessed elevated valuations within technology sectors following another year of strong gains.

However, artificial intelligence-related companies continued supporting broader market performance through strong earnings growth and infrastructure investment demand.

United Kingdom

UK equities delivered relatively stable performance during October as lower borrowing costs and moderating inflation supported domestic financial conditions.

Consumer confidence improved modestly, though overall economic growth remained relatively subdued compared with historical averages.

Japan

Japanese equities advanced during October as technology demand, improving domestic activity and continued foreign investor interest supported market sentiment.

Investors continued monitoring gradual Bank of Japan policy normalisation and currency market developments.

Emerging Markets

Emerging markets delivered positive performance during October as improving liquidity conditions and stabilising Chinese growth expectations supported capital inflows.

Technology-oriented Asian economies remained among the strongest-performing regions due to sustained semiconductor demand growth.

Commodities

Commodity prices strengthened modestly during October as stabilising manufacturing activity and geopolitical risks supported energy and industrial raw materials markets.

Oil prices rose moderately due to supply concerns and improving demand expectations, while industrial metals benefited from infrastructure investment and recovering manufacturing sentiment. Gold prices remained elevated amid continued geopolitical uncertainty and central bank purchases.