🌏 What’s Been Moving the Markets?

Adon Beddoes
Oct 31
3 min read

Markets have had a restless couple of weeks — a mix of politics, profits, and policy-shocks leaving investors wondering whether we’re nearing the end of this year’s rally or just pausing for breath.

*Global markets cooled in late October as investors balanced mixed tech earnings, trade uncertainty, and shifting rate expectations.*

📉 Tech stumbles, confidence wobbles

Big Tech’s earnings season started strong but ended on a softer note. U.S. stocks pulled back late October after companies like Meta and Alphabet reported decent numbers but weaker-than-expected outlooks for 2026. The S&P 500 slipped around 1%, and the Nasdaq dropped 1.6%, snapping a multi-week run of gains.

Investors seem less convinced that growth stocks can carry the load alone — a sign that the market wants breadth, not just brilliance from Silicon Valley.

🇺🇸🤝🇨🇳 Trade thaw or temporary truce?

Geopolitics stole the spotlight as Donald Trump and Xi Jinping agreed to a one-year trade deal focused on rare-earth exports and semiconductors. The news briefly boosted sentiment but fell short of the “big-bang” resolution some hoped for.

Asian equities reacted with caution — the Shanghai Composite dipped 0.3% — and most regional markets followed suit. For global investors, it’s another reminder that trade peace in headlines rarely means policy certainty on the ground.

💰 Banks shake, gold shines

Mid-October saw renewed nerves in the banking sector. Concerns over U.S. regional lenders triggered a bout of volatility that quickly spread to Europe and the UK — wiping nearly £11 billion off British bank stocks in a day.

As fear crept in, investors did what they always do: rushed for cover. Gold rallied to a record high as demand for safe-havens surged. It’s a reminder that diversification isn’t just theory — it’s what cushions portfolios when confidence cracks.

🏦 Central banks stand still but stay watchful

Central banks mostly sat tight. The European Central Bank kept rates at 2%, striking a cautious tone about inflation that still hasn’t fully settled. The U.S. Federal Reserve, meanwhile, signalled that cuts could come — but probably later than markets would like.

That combination of “higher for longer” policy and patchy global growth is forcing investors to reassess what “normal” returns really look like.

🛢️ Commodities cool, but diesel spikes

Energy markets saw short-term disruption after new Western sanctions hit Russia’s diesel exports, briefly pushing refining margins 20% higher. Analysts expect the effect to fade as alternative supplies come online, but it added another jolt to already-fragile inflation dynamics. Oil prices eased about 2% in the final week of October, helping keep a lid on headline inflation — for now.

🌍 What it all means for global and expat investors

For internationally focused investors — especially expatriates managing wealth across borders — the message is simple: stay nimble.

Quality matters more than momentum. Stick with companies and funds that generate real cash flow and can weather slower growth.
Currency exposure counts. Diverging policies between the U.S., Europe, and Asia mean exchange-rate swings could make or break returns.
Review your fixed income. Bond yields may have fallen lately, but structural debt risks remain — so stress-test income projections.
Don’t ignore the defensive layer. Gold, inflation-linked bonds, and other low-correlation assets can steady portfolios when risk assets stumble.

🔭 The month ahead

Looking forward, investors will watch for three big signals:

Central-bank clues — especially any shift in the Fed’s tone on rate cuts.
Follow-through on the U.S.–China deal — tariff relief or renewed friction could sway sentiment fast.
Banking-sector stability — any fresh signs of credit stress could reignite volatility.

Bottom line: the global economy is still growing, but slowly. Inflation is easing but not gone. Markets are nervous but not broken.

For investors — especially those living and worki

ng across borders — this is a time to balance opportunity with prudence. Keep portfolios globally diversified, cash-flow resilient, and ready to adapt.