Market update: 11 November 2025
The Australian share market fell this week, with the ASX 200 down 1.3%. The RBA held interest rates steady at 3.6% in its Melbourne Cup Day meeting, but Governor Michele Bullock reiterated that near-term inflation risks remain, tempering expectations for future rate cuts. While the decision was expected, the cautious tone from the RBA board contributed to a softer mood across local equities.
US markets also pulled back, snapping a three-week winning streak. The Nasdaq led the decline, down 3.0%, as stretched tech valuations and increased scrutiny of AI-related spending triggered a sharp sell-off in growth stocks. Despite this, the Q3 earnings season delivered impressive results – over 80% of S&P 500 companies beat earnings forecasts – but markets largely overlooked this strength, choosing instead to focus on macroeconomic concerns. A record-long government shutdown is beginning to affect consumer behaviour, with analysts warning it could shave half a percentage point from November spending.
In Europe, markets finished the week lower as well. The Bank of England left rates unchanged in a narrow vote, with inflation remaining stubbornly high ahead of the UK’s upcoming Budget. ECB officials signalled they’re in wait-and-see mode, noting that current data is still aligned with their outlook. Across the region, investor caution is growing as policymakers juggle slowing growth and lingering inflation.
One of the few bright spots was Greater China, where markets edged higher amid easing US-China trade tensions. The Shanghai Composite and Hang Seng both finished the week in the green, helped by a lift in risk appetite. However, longer-term strategic competition between the two countries remains a backdrop for investors. In Japan, markets gave back some recent gains, with the Nikkei falling 4.1% as profit-taking hit the AI and semiconductor sectors that had driven the October rally. New Prime Minister Sanae Takaichi signalled plans for fiscal spending aimed at boosting household income.
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