Friday

• Global markets experienced significant turbulence on October 17, 2025, with the VIX volatility index surging above 27 to its highest level since April. This volatility was triggered by fraudulent loan exposures at regional banks Zions Bancorp and Western Alliance, raising broader credit market stability concerns.
• The ongoing US government shutdown entered its 16th day, delaying key economic data releases. Bank of England Chief Economist Huw Pill called for more cautious future rate cuts due to stubborn inflation, while Fed Governor Christopher Waller advocated for continued quarter-point rate cuts.
• Cryptocurrency markets faced $1.2 billion in liquidations over 24 hours as Bitcoin dropped below $105,000. Gold reached new record highs above $4,379 per ounce while Brent crude fell 0.9% to $60.51 per barrel for a third consecutive weekly loss.

Thursday

• US-China trade tensions escalated over rare earth export controls, with President Trump declaring a “trade war” against China. South Korea’s Kospi hit record highs on trade deal optimism and Japan’s Nikkei gained 1.27% on political stability hopes.
• Precious metals continued their record-breaking run, with gold surging to new all-time highs above $4,250 per ounce and silver reaching $53 levels. Oil prices recovered from five-month lows after Trump claimed India agreed to halt Russian oil purchases, though no official confirmation emerged from New Delhi.

Wednesday

• Federal Reserve Chair Jerome Powell’s dovish comments sparked global market rallies as he signaled potential end to balance sheet reduction and hinted at further rate cuts. Asian markets surged with Japan’s Nikkei up 1.8% and Hong Kong’s Hang Seng climbing 2.1%.
• Gold broke above $4,200 per ounce for the first time amid geopolitical tensions and rate cut expectations. Oil prices declined as the International Energy Agency warned of potential 4 million barrel per day supply surplus in 2026.
• The U.S. dollar weakened broadly following Powell’s monetary easing signals. Fresh U.S.-China trade tensions emerged with both nations imposing reciprocal port fees on shipping vessels.

Tuesday

• Stock futures retreated with Dow futures down 0.6%, S&P 500 futures falling 0.9%, and Nasdaq futures declining 1.2%.
• Beijing imposed sanctions on U.S. subsidiaries of South Korean shipbuilder Hanwha Ocean while both nations began charging additional port fees on shipping firms.
• Major U.S. banks reported strong third-quarter earnings with JPMorgan Chase, Wells Fargo, and Citigroup beating expectations on robust investment banking activity. Goldman Sachs also exceeded estimates though expenses climbed higher than anticipated.
• Gold reached new record highs above $4,100 per ounce while silver hit record levels near $52 per ounce before retreating

Monday

• Gold prices surged to new all-time highs above $4,000 following President Trump’s renewed tariff threats against China. Trump threatened 100% tariffs on Chinese goods before moderating his stance over the weekend.
• Global equity markets posted steep declines on Friday after the tariff announcements before recovering Monday on Trump’s more conciliatory tone. Asian markets remained weak as trade war concerns persisted.
• Cryptocurrency markets faced $19 billion in liquidations during the crash, though Bitcoin has since recovered above $115,000.
• The U.S. government shutdown continues into its third week, delaying key economic data releases including inflation reports. The Israel-Hamas ceasefire agreement has moderated geopolitical risk premiums in energy markets.