November 2025 – A seesaw month on the markets

November was an unusually volatile month on the global financial markets. After a difficult start due to concerns about the technology sector and the prolonged U.S. government shutdown, they bounced back in the second half of the month. The upturn was fuelled by weaker-than-expected economic data leading to stronger expectations that the Federal Reserve will cut rates in December. Despite the fluctuations, risk appetite gradually recovered as investors revised their expectations for U.S. monetary policy.