The week that was

Global equity markets moved modestly higher last week buoyed by the end of the US government shutdown and positive developments on trade. In the US, the S&P 500 finished broadly unchanged as weakness in both AI and consumer cyclical names was more than offset by strength in the Healthcare space.

The sector was also the main contributor to European equities moving 1.8% higher on the week as investors were increasingly attracted to its resilient earnings profile as was seen in Q3 and attractive relative valuations.

Global bond markets were largely unchanged on the week however US 10-year yields did move marginally higher for the third consecutive week as several Fed members grew more hawkish. Global commodities rose by close to 2% as both Gold and Oil prices trended higher, the latter was buoyed by the increased prospect of fresh sanctions against Russia’s Lukoil and optimism of the strength of the Thanksgiving holiday season.

Summary of economic releases   

The week ahead

Markets in Asia have started the week on the back foot following soft economic data and rising geopolitical tensions. A Chinese warning for its citizens not to travel to Japan amid ongoing tension over Taiwan combined with a contraction in quarterly GDP for the first time in six quarters resulted in equities in Tokyo trending modestly lower.

This also weighed on sentiment in Hong Kong where investors were also digesting news that the US Senate is readying legislation to sanction countries like China and India due to their Russian business ties. Oil prices opened lower this morning despite reports that analysts are increasingly expecting OPEC+ not to increase supply next year.

With Q3 earnings season now in its final stages, a handful of high-profile releases will be key to market direction in the week ahead, none more so than the AI bellwether, Nvidia. Due to strong demand for the Blackwell/Rubin chips, expectations are for a beat, in line with the last eleven prints however its scale along with commentary by CEO Jensen Huang on the demand trajectory for CY26/27 will be key for the stock and sector given recent weakness.

Over the course of the week, investors will also get updates from a raft of US retailers including Walmart, Lowe’s and Home Depot, which will act as a key temperature check on the strength of the US consumer, ahead of the key Thanksgiving holiday season. Closer to home, Greencore will have full year numbers where investors will focus on the 2026 outlook along with any update on the Bakkavor acquisition where the CMA agreed in principle to let it proceed earlier this month.

With market participants looking for clarity on the strength of economic data particularly in the US, post the government reopening, the macro will also be a sentiment driver this week. Tuesday is likely to bring confirmation that UK inflation cooled in October, a data point that will carry weight when the BoE formulates its next rate decision.

On Wednesday, FOMC minutes will likely indicate growing caution among Fed members in relation to the necessity for rate cuts before year end, however despite markets only pricing a 40% chance of a cut, it is still likely in our view given recent labour market weakness.

Thursday should see the release of September’s delayed non-farm payroll print, which should indicate 50K jobs were created in a month in which the unemployment rate held steady at 4.3%. Friday should confirm that industrial activity in the Eurozone and US continued to expand in November and remain relatively stable on a MoM basis. Investors will also keenly await Eurozone wage growth data for the last quarter, with the scale of moderation relative to Q2 likely to be key for ECB rate setters when they next meet.

Key Market-Moving Events This Week

• Macro: Fed Minutes, US Employment, Global PMI’s and Eurozone Wage Growth
• Corporate updates: Nvidia, Walmart, Lowe’s and Greencore
• Political developments: China-Japan-Taiwan tensions, potential US-Russian sanctions

This is an extract from the Weekly Markets Report by Cantor Fitzgerald Ireland. For more detail on individual securities, or to discuss how we can support your investment needs, please get in touch.

Written by John Mullane, CIO, Cantor Fitzgerald Ireland