By the end of Friday, the Dow Jones (US30) Index added 0.51% (up +0.98% for the week). The S&P 500 (US500) gained 0.01% (up +0.81% for the week). The technology-focused Nasdaq (US100) closed lower by 0.28% (up +0.78% for the week). The US government shutdown continued for a third day, but it had no impact on the indices. The shutdown has led to a delay in the September employment report and the unavailability of economic data ahead of the Federal Reserve’s October meeting. Private data suggested a slowdown in the pace of the labor market, but at the same time, it reinforced expectations for another Fed rate cut this month.
Bitcoin surged to nearly $126,000, setting a new all-time high, as global economic uncertainty and the ongoing US government shutdown spurred demand for leading digital assets as safe-haven assets. The government shutdown resulted in the suspension of key federal operations and the delay of crucial data releases. Expectations of further US Federal Reserve rate cuts also supported sentiment, with markets almost fully pricing in a quarter-point reduction this month and another in December. Strong inflows into US-listed spot Bitcoin ETFs, which recorded a total net inflow of $3.25 billion last week, provided an additional boost.
European stock markets were predominantly higher on Friday. Germany’s DAX (DE40) fell by 0.18% (up +2.28% for the week), France’s CAC 40 (FR40) closed higher by 0.31% (up +2.31% for the week), Spain’s IBEX35 (ES35) gained 0.57% (up +1.32% for the week), and the UK’s FTSE 100 (UK100) closed up 0.67% (up +2.22% for the week).
On Monday, silver prices (XAG/USD) climbed above $48.3 per ounce, reaching their highest level since April 2011, as the ongoing US government shutdown and expectations of further Federal Reserve rate cuts boosted demand for safe-haven assets. Lawmakers again failed to reach a funding agreement, leading to the suspension of key federal programs and the delay of important data releases, including the September employment report, which was originally scheduled for Friday. Beyond macroeconomic factors, silver received support from tightening supply conditions, with the Silver Institute projecting a global market deficit in 2025 for the fifth consecutive year.
WTI crude oil prices rose by 0.7% to reach $60.90 a barrel on Friday, recovering slightly after four consecutive sessions of losses, but still marking a 7% weekly decline. The gain came after US President Donald Trump warned of serious consequences if Hamas rejected his plan to end the war in Gaza, which overshadowed the upcoming OPEC+ decision on crude oil supplies. Despite these geopolitical risks, oil prices had been falling for the past four days, pressured by expectations that OPEC+ might accelerate supply increases. The increase in OPEC+ production and the potential US government closure continued to weigh on the market, offsetting short-term geopolitical tensions.
Asian markets traded strongly last week. Japan’s Nikkei 225 (JP225) surged by 1.45%, China’s FTSE China A50 (CHA50) traded for only one day last week due to holidays, Hong Kong’s Hang Seng (HK50) gained 3.31%, and Australia’s ASX 200 (AU200) posted a positive result of 2.01%.
On Monday, the Australian dollar edged up slightly to $0.66, extending gains from the previous week as investors processed the latest inflation report. The Melbourne Institute’s monthly Inflation Index showed a 0.4% rise in September 2025, recovering from a 0.3% drop in August. This increase reinforces signs that Q3 inflation may come in above expectations, even as the RBA aims to keep price growth within its 2-3% target range. The Central Bank held rates at 3.6% in September but noted that inflation remains persistent, particularly in market services amid a tight labor market. Although the majority of economists still expect a rate cut in November and another in 2026.
The New Zealand dollar traded flat on Monday as investors awaited the Reserve Bank’s monetary policy decision this week. The Central Bank is expected to cut its official cash rate from 3% on Wednesday, with markets fully pricing in a 25-basis point cut and assigning about a 30% chance of a deeper 50-basis point reduction following a series of soft economic data releases. Economists view this as a policy easing, signaling the likelihood of further easing in the future.
Vietnam’s annual inflation rate rose to a three-month high of 3.38% in September 2025. Meanwhile, core inflation, which excludes volatile items, slowed to a five-month low of 3.18% in September, compared to 3.25% in August. On a monthly basis, consumer prices rose by 0.42%, accelerating from a 0.05% increase in the prior month. In the third quarter of 2025, Vietnam’s GDP grew to 8.23% year-on-year, accelerating from a revised 8.19% growth in the previous period. The growth was broad-based, with all sectors demonstrating further progress.
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