MARKET WRAPS
Watch For:
No major economic updates expected; trading updates from Hannover Re, Vodacom Group
Opening Call:
European stock futures were higher after Asia stocks rose. The dollar and U.S. Treasurys were flat. Gold and oil were higher.
Equities:
European equity futures rose as investors welcomed a tentative U.S. Senate deal that may soon end the government shutdown. After a rare weekend session, the Senate passed a procedural vote Sunday night, 60-40, on a deal to end the shutdown, gaining the support of eight moderate Democrats.
While the deal passed its first procedural hurdle, it will still need a final cloture vote in the Senate, and will also need to win House approval; the entire process could last several more days.
But investors cheered the apparent end of the stalemate.
“This is markets positive since it likely brings clarity to everything from air travel to economic data to SNAP,” Pangea Policy founder Terry Haines said in a note Sunday, adding that it’s a “strong signal” to markets that the Trump’s economic policy vision will continue at least until the 2026 midterms.
Forex:
The U.S. Dollar index was flat, with Bitcoin topping the $106,000 level after a roughly 3% rise in the past 24 hours.
Bitcoin’s brush up against a new bear market could also prove fleeting, and the recent sharp selloff in other speculative corners of the market that began in late October might easily reverse.
Yet this moment seems a bit different–as though markets might be more fragile, and investors could be less inclined to simply stomp on the gas pedal at the first sign of any pullback.
“You aren’t going to get the timing right,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors.
“I’m not trying to guess what’s going to happen over the next week or month.” But the recent pain in areas that have “run a little hotter” is indicating that investors “are taking a little bit more cautious approach to the rally from April’s lows,” he said.
Bonds:
The yield on U.S. Treasurys were flat, as the government shutdown keeps delaying the release of relevant data reports.
Alternative indicators show mixed signals from U.S. jobs markets, while consumer sentiment ebbed.
Fed officials were noncommittal about upcoming moves. Investors keep betting on a Fed cut in December, although odds of a hold inch higher.
Energy:
Oil edged higher amid rangebound trading. Crude oil market is stuck in a supply debate, said Saxo Bank’s Ole Hansen in an email.
On one hand, there are forecasts for a sizeable 2025-2026 inventory increase, driven by strong non-OPEC supply growth and modest demand expectations, the head of Commodity Strategy said.
On the other hand, there are ongoing disruption risks, uneven OPEC+ compliance and refined product tightness, Hansen added.
Metals:
Gold edged higher amid signs of U.S. economic weakness, which typically enhance the safe-haven allure of the precious metal.
Gold is expected to remain in demand as a safe haven and consequently stabilize at its current level, said Commerzbank Research’s commodity analysts.
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Copper rose as upside risks loom over the copper market amid uncertainty over U.S. tariffs, ANZ Research analysts said.
U.S. President Trump has indicated he may revisit copper tariffs, tightening supply in the world excluding the U.S. market.
Still, the metal’s supply-side issues appear to be easing, ANZ added, noting Freeport McMoRan announcing that its Indonesian subsidiary has resumed operations at two mines within its Grasberg complex.
Operations had been temporarily suspended after a deadly mud rush earlier this year.
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Iron ore prices fell amid demand concerns.
Inventories at Chinese ports are rising due to higher imports and weaker steel production, with the country’s steel production plunging to 73 million tons in September, ANZ analysts said.
Meanwhile, iron ore imports have held up well at 111 million tons in October. Furthermore, China’s Hebei province has reintroduced an environmental production cut alert for steel mills, further weighing on iron ore demand, they added.
TODAY’S TOP HEADLINES
Senate Clears Key Hurdle Toward Ending Government Shutdown
WASHINGTON-The Senate late Sunday cleared a critical procedural hurdle in its drive to end the record-long government shutdown, after Democrats provided enough votes to advance a measure designed to end the more than monthlong impasse.
The vote was 60-40 on a measure to take up House-passed spending legislation that required 60 votes under the Senate’s filibuster procedures. Eight members of the Democratic caucus joined almost all Republicans in voting in favor, allowing the bill to move forward after more than a dozen failed votes since September.
Trump Suggests $2,000 Payouts to Americans as He Defends Tariffs
President Trump suggested tariff revenue could be used to fund payments of at least $2,000 to most Americans.
Days after the Supreme Court appeared skeptical of the legal backing for many of his tariffs, the president on social media Sunday lauded the revenue they have brought in and said the government would soon begin paying down the country’s debt. He also said a payment of at least $2,000 would be made to everyone but high-income earners.
Corporate Earnings Were Great This Quarter. Wall Street Is Still Not Impressed.
American companies are turning in one of their best quarters in years. Wall Street has just shrugged.
Of the 446 S&P 500 companies to report third-quarter results so far, more than 80% of them beat analysts’ estimates, according to LSEG I/B/E/S data. That is the biggest crop of outperformers since the spring of 2021. But no matter how many times those analysts might have uttered the words, “great quarter, guys,” in recent weeks, the message hasn’t reached stock investors.
The Nord Stream Investigation That’s Splintering Europe Over Ukraine
BERLIN-For three years, a crack team of detectives gathered each weekday morning around a whiteboard at the German Federal Police headquarters in Potsdam, near Berlin. Now their investigation into who was behind the greatest act of sabotage in modern history-the bombing of the Nord Stream pipelines-is threatening to splinter support for Ukraine, the country they hold responsible.
Poland already has refused to extradite one of the suspects to stand trial in Germany. It instead views him a hero for destroying a vital source of revenue for Russian President Vladimir Putin’s war machine. Polish Prime Minister Donald Tusk, who has long questioned Germany’s dependence on Russian energy, ridiculed the investigation. The problem isn’t that the pipeline was blown up, he said. The “problem is that it was built.”
The Power of Gen Z Protesters Meets Lethal Force in Tanzania
The wave of antigovernment protests that has seen young Gen Z protesters rise up against their countries’ old ruling classes this year has hit a roadblock in Tanzania: a government willing to use lethal force to stop them in their tracks.
Political activist David Nyakakye last month hoped to unseat an unpopular government, just as demonstrators have already done this year in Madagascar and Nepal. A presidential election was under way, and the 25-year-old and other activists took to the streets in Arusha in northern Tanzania, furious over their diminishing economic opportunities and the way two of President Samia Suluhu Hassan’s main challengers were barred from the vote.
Visa and Mastercard Near Deal With Merchants That Would Change Rewards Landscape
Visa and Mastercard are nearing a settlement with merchants that aims to end a 20-year-old legal dispute by lowering fees stores pay and giving them more power to reject certain credit cards, according to people familiar with the matter.
Under terms being discussed, Visa and Mastercard would lower credit-card interchange fees, which are often between 2% and 2.5%, by an average of around 0.1 percentage point over several years, the people said. They would also loosen rules that require merchants that accept one of a network’s credit cards to accept all of them.
Pfizer and Metsera Reach Deal Expected to Top $10 Billion
Pfizer has agreed to buy the weight-loss drug startup Metsera in a deal that could be worth more than $10 billion, besting Novo Nordisk following a heated bidding war.
Under the terms of the cash deal, Pfizer will pay $65.60 a share upfront and a contingent value right worth up to $20.65 a share, Metsera said Friday.
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Expected Major Events for Monday
05:30/NED: Sep Manufacturing output
05:30/NOR: 4Q Consumer Confidence
06:00/FIN: Sep Industrial Production
07:00/SWE: Sep New orders & deliveries in industry
07:00/SWE: Sep Industrial Production Index
07:00/ROM: Sep International trade
07:00/DEN: Sep Balance of payments (provisional figures)
07:00/DEN: Sep External trade (provisional figures)
07:00/NOR: Oct CPI
07:00/NOR: Oct PPI
07:00/DEN: Oct CPI
07:00/TUR: Sep Industrial Production Index
08:00/SVK: Sep Industrial production
08:00/AUT: Sep Production Index
09:00/CZE: Oct Unemployment data
09:00/BUL: Sep Industrial Production
10:00/CRO: Oct PPI
10:00/GRE: Sep Industrial Production Index
10:00/GRE: Oct CPI
10:00/LUX: Sep Industrial Production
10:00/CYP: Sep Foreign Trade (provisional)
10:00/MLT: Sep International Trade
11:00/POR: Sep International trade statistics
11:00/IRL: Sep Industrial Production and Turnover
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November 10, 2025 00:15 ET (05:15 GMT)
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