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An Edinburgh institution

W Armstrong in Edinburgh is a true institution. There are several locations, but the Grassmarket spot is a treasure trove. Frequented by locals, students and tourists alike, there is a price point for all. Whether I’ve been on the hunt for vintage cashmere, denim, fabulous 1950s dresses, garb for a fancy dress party or even a kilt, this store has sorted me out. It is always a favourite for when friends visit the city, and whether you are looking to buy or not, it is worth a visit just to see its eclectic collection.
Amy

An Erasmus exchange took me to Budapest, where I discovered a city full of vintage shops and flea markets. The city is dotted with Humana shops for staple wardrobe finds; there’s the Ecseri flea market for the more unusual (interspersed with the occasional plastic Stalin bust); plus chic, rambling stores like Szputnyik and Retrock Vintage – think racks of leather jackets and tulle tops among giant monstera plants. Antiques shops are also found tucked away, their contents spilling on to the pavements outside. A particularly favourite find was a set of intricate hand-painted embroidery layouts on kraft paper from the 1930s, each signed by the artist.
Katie

Lyon’s canalside treasure trove

Travel expert Neil Atkinson has revealed the best Christmas markets in the UK – perfect for those who want a festive break without the huge crowds

With the festive season rapidly drawing near, Christmas markets will soon be springing up throughout Britain. From the hugely popular Winter Wonderland in London to more intimate Christmas fairs, there’s undoubtedly something to suit all tastes – and occasionally it’s the less celebrated venues that turn out to be the most unforgettable.

Neil Atkinson, proprietor of Luxury Group Stay, has shared his favourite picks of under-the-radar Christmas markets delivering genuine festive atmosphere without the packed crowds found in Manchester, Birmingham or Edinburgh.

He commented: “Some of the best Christmas events are tucked away in smaller spa towns and cathedral cities. They’re often more personal, better value, and filled with genuine local craftsmanship rather than mass-produced souvenirs.”

Underrated UK Christmas markets, according to a travel expert

Winchester Cathedral Christmas Market – Hampshire

Championing Winchester Cathedral’s Christmas market, Neil remarks: “Set in the shadow of the magnificent Winchester Cathedral, this market has become a southern secret for those who want European-style charm without leaving the UK.”

Running from November 21 through to December 22, Winchester’s market provides visitors with opportunities to buy handcrafted presents, artisan food, and premium crafts, all beneath sparkling lights that turn the Cathedral Close into a festive scene.

With the cathedral choir delivering multiple performances throughout this time, it genuinely is pure Christmas enchantment.

Worcester Victorian Christmas Fayre – Worcestershire

From December 4 to 7, Worcester takes a nostalgic trip back in time, with the streets brimming with Victorian-garbed traders, a classic carousel and the enticing aroma of roasting chestnuts for the Victorian Christmas Fayre.

Expect to encounter local artisans peddling crafts, street food and festive beverages, while carol singers and buskers maintain a lively atmosphere.

Durham Christmas Festival – County Durham

Recommending the Durham Christmas Festival, which runs for a mere three days, from December 5 to 7, Neil added: “Few settings are as striking as Durham Cathedral at Christmas.”

This brief festival features a Craft & Producers’ Marquee on Palace Green, a vibrant outdoor market and a Children’s Lantern Parade culminating at the cathedral.

Canterbury Christmas Market – Kent

From November 12 to December 24, Canterbury adds a cathedral-city sparkle with one of the South East’s most scenic markets.

Visitors can anticipate over 170 stalls offering handmade gifts, candles, crafts and festive foods lining the streets under the glow of the city’s ancient cathedral.

The Canterbury Christmas Market strikes an ideal balance between atmosphere and size, showcasing robust local craftsmanship and an abundance of family-friendly activities.

Harrogate Christmas Fayre – North Yorkshire

The Harrogate Christmas Fayre, running from December 5 to 14, is perfect for those who prefer a more leisurely pace when soaking up the festive spirit.

The Harrogate Christmas Fayre, with its approximately 40 adorned chalets scattered throughout the spa town, is a chic, compact and naturally festive option.

Neil commented: “It is beautifully curated, easy to explore, and perfect for a festive weekend with a touch of class. Expect artisanal gifts, gourmet treats, and mulled wine breaks between boutique shops and cosy tearooms.”

European benchmarks began the week with gains. Oil and gold prices increased, but the euro weakened against the dollar. Sentiment was influenced by OPEC+’s decision to pause production hikes in the first quarter of next year, which led to a modest rise in oil prices as fears of oversupply eased. Gains were, however, mostly lost by late morning.

The international benchmark, Brent crude futures, traded at $64.76, while US West Texas Intermediate cost $60.92 a barrel.

Alongside pauses in the new year, OPEC+ countries agreed on Sunday to increase output by a small 137,000 barrels per day in December, maintaining the pace set for October and November.

Meanwhile, investors expect fresh Western sanctions on Russia, targeting Rosneft and Lukoil, to hinder the country’s ability to boost production further.

At the same time, major Western oil companies are benefitting from the disrupted supply of Russian refined fuels due to attacks and sanctions. Refining margins have risen substantially, giving the oil majors a boost. Both BP and Shell share prices were slightly up on Monday before noon in Europe.

“The decision by producers’ cartel OPEC+ to pause further output hikes at the start of next year, amid concerns about a glut of supply, helped give oil prices a lift and, in turn, boosted UK market heavyweights BP and Shell,” said AJ Bell investment director Russ Mould.

The movements also came as BP announced it had agreed to divest stakes in US shale assets to Sixth Street investment firm on Monday.

Winners in Europe

At 11:00 CET, the UK’s FTSE 100 was up by a few points. The DAX in Frankfurt was leading the gains, up 0.8% after an initial stutter. The CAC 40 in Paris started climbing, reaching gains of nearly 0.2%. The lift in France came despite national budget uncertainties and the release of negative PMI data, which showed that the country’s manufacturing sector was still contracting in October.

US futures were positive around the same time, rising between 0.1% and 0.5%.

Meanwhile, the earnings season continues. A number of European companies are reporting this week, including AstraZeneca, BP, BMW, and Commerzbank.

Ryanair opened the week by posting stronger-than-expected results for the first half of its financial year, spanning April to September. Revenues rose 13% to €9.82bn, as traffic grew 3% and fares increased by 13%. Over the same period, profit rose by 42% year-on-year to €2.54bn, driven by a strong Easter season.

The airline’s shares were up 2.90% in Dublin at around midday.

Looking ahead, Ryanair’s outspoken CEO Michael O’Leary criticised countries in Europe where airlines face high taxes, including environmental duties. In an interview with CNBC, he threatened to move capacity outside the UK should the new budget include such a levy.

“Ryanair is also one of several airline operators with an eagle eye on taxes and costs. It is no longer putting up with unfavourable tax systems, preferring to switch flights and routes to less punitive locations,” Mould commented.

In other markets, the euro weakened against the US dollar by more than 0.2%, hitting a rate of $1.1517 by 11:00 CET. At the same time, the Japanese yen and the British pound were also losing ground against the greenback, with the dollar trading at ¥154.15 and the pound costing $1.3136.

Gold traded just above $4,000, rising slightly by 0.3%.

Global markets were buoyed on Monday morning by expectations of another Fed rate cut and growing optimism that the US and China are moving closer to a trade deal, following comments from President Donald Trump.

The optimism wiped out gains in safe-haven assets such as gold futures and boosted stock exchanges across the globe.

Yet, leading European benchmark indexes opened mostly flat, except for Milan’s FTSE MIB, which was up by 0.61%. Madrid IBEX 35 also gained 0.37% by around 11:00 CEST.

At the same time, European benchmark STOXX 600, as well as the FTSE 100 in London, remained nearly flat. The DAX in Frankfurt gained 0.15% while Paris’ CAC 40 lost less than 0.1%. This came after credit rating agency Moody’s changed France’s outlook from stable to negative on Friday.

Investors in Europe are closely watching for signs of economic health, with one of the strongest indicators — the first reading of the eurozone’s third-quarter GDP — due on Thursday.

On the same day, the European Central Bank (ECB) is scheduled to hold its monetary policy meeting. Given that inflation in the bloc has remained around the bank’s 2% target, the ECB is expected to hold interest rates steady this week for its third straight meeting. The key deposit rate has been at 2% since June.

US-China relations

Across the globe on Monday, US futures were mostly up in pre-market trading. This came as Asian shares rallied too, with Japan’s benchmark Nikkei 225 topping 50,000 for the first time.

Later this week, the US President has a scheduled meeting with the Chinese leader Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation forum (known as APEC), to discuss the trade deal between the world’s two strongest economies.

US and Chinese officials confirmed on Sunday that they had reached an initial consensus for Trump and President Xi Jinping to finalise during a meeting later in the week.

“I have a lot of respect for President Xi,” Trump told reporters after visiting Malaysia for a summit of Southeast Asian nations, where he reached preliminary trade agreements with Malaysia, Thailand, Cambodia, and Vietnam.

“I think we’re going to come away with a deal,” Trump said.

And investors see it as a strong signal. According to Stephen Innes of SPI Asset Management: “This isn’t just photo-op diplomacy. Behind the showmanship, Washington and Beijing’s top trade lieutenants have quietly mapped out a framework that might, just might, keep the world’s two largest economies from tearing up the field again.”

The enthusiasm brought about a shift in risk-taking among investors, demonstrated by a fall in gold futures. The safe-haven asset’s continuous contract fell by almost 2% on Monday morning, as an ounce was priced at $4,055.50.

The euro and Japanese yen remained flat against the US dollar. One euro was traded at $1.1638, while the greenback cost ¥152.8070. The British pound climbed 0.26% against the US dollar, and the rate was at $1.3345.

Crude oil prices fell after European markets opened, with both benchmarks trading nearly 1% lower. The US benchmark WTI crude’s price was $61.06 a barrel, and Brent was at $65.47.

In other dealings, leading cryptocurrencies were up. CoinDesk’s Bitcoin Price Index (XBX) gained 4.86% and climbed to $115,395.34. Ethereum cost $4,171.84, up by 4.82% on Monday morning in Europe.

Another Fed rate cut on the cards, coupled with Big Tech reports

Wall Street hit record highs on Friday, after lower-than-expected inflation numbers from the US fuelled further hope that the Federal Reserve is about to cut interest rates further this Wednesday.

The data on inflation was encouraging because it could mean less pain for lower- and middle-income households struggling with still-high increases in prices. Even more importantly for Wall Street, it could also clear the way for the Federal Reserve to keep cutting interest rates in hopes of giving a boost to the slowing job market.

The Fed just cut its main interest rate last month for the first time this year, but it’s been hesitant to promise more relief because lower rates can make inflation worse, beyond boosting the economy and prices for investments.

Meanwhile, a flood of big tech companies’ earnings is on its way this week, with Microsoft, Meta and Google-parent Alphabet reporting on Wednesday. Apple and Amazon’s numbers are due to be released on Thursday.

Better-than-expected profits could fuel hopes for steady growth in the US. Information is scarce about the current state of the world’s biggest economy due to the prolonged government shutdown.

THERE is a charming, small Italian city that hosts a quiet Christmas market for less than the cost of visiting one in the UK.

The tiny city of Arezzo located in the Tuscan hills of Italy features the country’s largest Christmas market that is themed like an Alpine village.

Each winter, according to Visit Tuscany, Arezzo becomes a “Christmas City” in the medieval centre, Piazza Grande, with stalls selling handmade gifts.

In fact, the gifts come from all over, with exhibitors travelling from the Tyrol, Germany and Austria to the market to sell wood carvings, ceramics, and hand-painted Christmas decorations.

You can expect over 640,000 LED lights, a Ferris wheel that offers amazing panoramic views and Santa’s house too.

For something to drink, opt for a steaming mug of glühwein – a traditional German hot mulled wine with cinnamon, cloves, star anise and citrus fruits.

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A mug usually costs around €4 to €5 (£3.47 to £4.34).

You can step it up a notch too by having a Feuerzangenbowle – the fiery version where a sugarloaf soaked in rum is set on fire and drips into the mulled wine.

In the Prato – a large green space that dominates the city – there are more wooden huts selling local street food, such as sausages for around €5 to €8 (£4.34 to £6.95).

Families can have some fun skating at the ice rink as well.

For the duration of the Christmas market, there will also be a number of events and shows.

For example, for €10 (£8.68) per person, you could see Brick House Art – a three-floor exhibition of different Lego artworks.

The market will run between November 16 and January 6, every Thursday, Friday, Saturday and Sunday.

And for this year, visitors can travel on a limited-edition Christmas train to Arezzo, from Rome.

Called The Assisi Espresso, each carriage on the train will be decked out with festive decorations and passengers will each be given a gift.

Other stops along the route include Terni, Spoleto, Foligno, Spello, Assisi, and Perugia.

The train will operate every Sunday from November 30 to January 11, departing Rome at 8:30am and arriving in Arezzo at 12:10pm.

The train will then leave Arezzo at 5:30pm and arrive back in Rome at 10:42pm.

Passengers can book either first class or second class, and there is a dining carriage onboard too – expect mulled wine, roast chestnuts and traditional treats.

Return tickets on the train cost just €62 (around £54).

And with cheap flights to Rome, you can head to Arezzo’s Christmas market for cheaper than a UK staycation.

Prices for a full stay and the Christmas train cost from just £250, which is 44 per cent less than heading to Edinburgh around the same period, according to First Choice.

But travellers don’t need to stay in Arezzo – they could opt to stay in Rome instead.

Kevin Nelson, managing director at First Choice said: “Rome might not be the first place you think of for a Christmas break, but that’s exactly what makes it such a smart choice.

“Pairing the city’s festive charm with a proper Alpine-style market in Arezzo gives you two authentic experiences for the price of one – it’s the ultimate festive hack.”

First Choice’s Rome package starts from just £184 per person for three nights this December, and this includes return flights to the city and a central hotel, such as Rome Garden.

Add in the cost of the train to Arezzo and back, the holiday costs just £238 per person.

And if you were planning the trip on your own, return flights from Birmingham, Manchester and London all cost around £27 in December.

A hotel in the centre of Rome then costs as little as £38 per night, so if you stayed for two nights, you’d spend around £238.

Both of these options would cost less than heading to the Birmingham‘s Frankfurt Christmas Market for a weekend, where a return train ticket costs about £35 from London and a hotel will set you back around £100 a night.

And that’s before battling the prices of the market – a pint cost £7 last year and a bratwurst around £10.

Before you know it, you’ve spent over £250.

Unless you’re staying in a hostel, a mid-range weekend away for two, anywhere in the UK usually costs £350 to £500.

So why not head to the charming Italian city instead?

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In other Christmas market news, is this England’s most beautiful Christmas market? The 100-stall festive event in the middle of a palace courtyard.

Plus, the cheapest Christmas market in the UK with quaint stalls, bargain food and hardly any crowds.

Global stock markets kicked off the week on a strong note after data showed China’s economy performing better than expected despite ongoing trade tensions with the United States. Investor optimism was also buoyed by expectations of Japanese stimulus and a strong outlook for artificial intelligence (AI) companies during the U.S. earnings season.

Why It Matters

China’s stronger-than-forecast GDP growth (1.1% in Q3) and industrial output gains (6.5%) helped calm fears about a global slowdown triggered by U.S.-China trade frictions.
Meanwhile, optimism surrounding AI-driven tech earnings particularly Nvidia continued to lift global equities, reinforcing investor belief in the sector’s long-term profitability.
At the same time, expectations of further U.S. Federal Reserve rate cuts kept global borrowing costs lower and strengthened risk appetite.

Asia: Japan’s Nikkei surged 2.8% to a record high amid hopes of stimulus under likely new Prime Minister Sanae Takaichi.

Europe: The Stoxx 600 rose 0.7% in early trade.

U.S.: Futures pointed to gains of 0.4–0.5% for the S&P 500 and Nasdaq.

Bonds & FX: Treasury yields dipped to 4.02%, while the euro climbed to $1.1662 on a softer dollar.

Commodities: Gold stayed elevated around $4,266/oz, reflecting persistent geopolitical caution, while Brent crude slipped 0.4% to $61.02 on OPEC+ supply signals.

Jason da Silva (Arbuthnot Latham): “There’s still enough scope for healthy returns from big tech; I’m not selling the AI theme yet.”

Kevin Thozet (Carmignac): Warned of “froth” in some AI stocks but said it’s too soon to exit the trade.

Lorenzo Portelli (Amundi): Predicted gold could rise to $5,000 as central banks diversify reserves and the dollar weakens.

What’s Next

Looking ahead, investor attention will pivot to major U.S. corporate earnings that could shape the market’s next moves. Reports from Tesla, Netflix, Procter & Gamble, and Coca-Cola will offer a clearer picture of consumer demand and how well companies are weathering tariffs and inflation pressures. On the policy front, traders expect the Federal Reserve to deliver two more rate cuts by December, a move that could further support equities, weaken the dollar, and sustain global liquidity. However, the upcoming U.S.–China tariff truce deadline on November 10 looms large, and any breakdown in talks could quickly reverse market optimism. Investors will also watch for fresh data on inflation and labor markets to gauge how long central banks can maintain their dovish stance.

With information from Reuters.

I LIVE between four of the biggest Victorian Christmas markets in the UK, and this year they all take place over one weekend – with a brand-new one popping up nearby for the first time.

The Midlands mecca of Christmas Markets are Worcester, Lichfield, Matlock and Stratford-Upon-Avon.

To make the most of the Midlands markets, I would suggest checking out Lichfield on Thursday December 4.

It’s the first year for this four-day event and takes just 10 minutes by train from Tamworth, so you could do a couple of hours in the evening there to kickstart your weekend of wandering the street stalls. 

Tamworth has two Premier Inns, which make a great budget base with double rooms starting at £41.

There’s also a Travelodge within walking distance in the railway station, with double rooms for £57 that weekend.

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Tamworth’s got plenty of other Christmas attractions too if you need a break from shopping. With the chance to enjoy sledging, a mini panto and snow trail at Santa’s Winter Wonderland at the SnowDome indoor ski slope.

Tamworth Castle will also be hosting Father Christmas fun, with tickets costing £17 for children and £12.50 for adults, which includes a gift and a bespoke keepsake.

Plus it has easy rail access to Birmingham’s German market, one of the biggest in the UK, if you just can’t get enough of the festive shopping vibe. 

The next day, head to Worcester, 50 minutes from Tamworth by train.

Established in 1992, this is the longest running of the fairs with more than 200 stalls to peruse.

It has costumed characters including Sherlock Holmes and Scrooge roaming the streets, as well as stilt walkers, live music and a carousel, and after dark it feels like you’ve stepped into the pages of a Christmas Carol.

If you’re after something a little bit different, check out the Gin Lane immersive experience on either the Friday or Saturday evening to see the dark side of Victorian street life.

Then take a drive down to Stratford-upon-Avon on Saturday 6, with Morris dancers and live entertainment aplenty.

Car parking does get full up quickly, but there’s a park and ride scheme at Bishopton.

You can pop into some of the Shakespeare houses while you’re in town, catch a play or take a stroll along the river to get away from the crowds.

If you’re relying on public transport to get you around, you’d be best to head to Matlock on Sunday December 7, as it takes an hour by rail from Tamworth, which is quicker than the train on other days.

There’s also a grand finale Christmas fireworks display on the Sunday at 5.30pm, which would be the perfect way to celebrate the end of your market marathon if you’ve managed four days of bagging bargains, while tucking into festive treats like roasted chestnuts and mulled wine.

You can even arrive in style if you’re taking the car, as you can park free at Rowsley South station and then take a heritage train run by Peak Rail to get to the Victorian market.

Chatsworth House is just half an hour away from Matlock by bus or car and will be dressed to impress as it hosts its own Christmas attractions, including a festive market, throughout November and December.

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So you could even squeeze in an extra outing while you’re in Matlock if you’re in the mood.

If feeling like you’ve stepped into the pages of a Dickens story is your ideal start to the season, get planning your trip to the merry markets in the Midlands to get your festive fix.

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European stocks rose on Wednesday morning after a string of strong corporate results a day earlier, while equities were also boosted by remarks from Federal Reserve Chair Jerome Powell. In Philadelphia on Tuesday, Powell suggested that another interest rate cut could come later this month in the US.

In Europe, shares in Netherlands-headquartered ASML, which makes equipment used in the production of AI chips, jumped after the company posted promising results on Wednesday.

The shares rose more than 4%, after Europe’s largest company by market value reported third-quarter earnings fuelled by the AI boom. ASML’s stocks have rallied by almost 50% since August.

Meanwhile, on Wednesday, French multinational luxury group LVMH said its organic growth re-entered positive territory in the third quarter. The luxury giant’s shares jumped by more than 14% by 13.00 CEST.

The mood in France also shifted on news that the government had significantly improved its chances of surviving a looming no-confidence vote on Thursday.

On Tuesday, Prime Minister Sébastien Lecornu won the much-needed support of the Socialist Party in France’s National Assembly, in exchange for suspending a pension law that raises the retirement age. The CAC 40 in Paris jumped over 2% by 13.00 CEST.

The main European benchmark stock exchanges were also in the green, except for London’s FTSE 100, which lost 0.43%. Meanwhile, the DAX in Frankfurt gained less than 0.1%. Milan’s FTSE MIB was up by 0.36%, Madrid’s Ibex 35 gained 0.71% and the STOXX 600 saw a 0.6% gain.

Gold continued its rally, hitting a high of $4,217 per ounce. Gold has soared over 60% in 2025 as investors seek a safe haven during a period of uncertainty, notably driven by US tariffs and trade tensions.

Global markets are on the rise after the Fed Chair’s words

Federal Reserve Chair Jerome Powell signalled on Tuesday that the Fed is slightly more worried about the job market, raising expectations that the central bank will come through with another rate cut.

“Rising downside risks to employment have shifted our assessment of the balance of risks,” he said at a meeting of the National Association of Business Economics in Philadelphia.

Traders took his words to heart, particularly as the US government shutdown has prevented the release of fresh economic data.

“[Investors were] reading Powell like a haiku — every pause, every syllable weighed for hidden meaning,” Stephen Innes of SPI Asset Management said in a commentary.

“The message, once decoded, was clear enough: two rate cuts aren’t just a possibility, they’re the main course,” Innes said.

The central bank cut its benchmark interest rate by a quarter of a percentage point in September amid worries that unemployment could worsen.

“Markets have been lifted by the rekindling of rate cut expectations in the US after comments from Fed chair Jerome Powell, which highlighted sluggish hiring were taken as an indication that not one, but two further cuts were very much on the table for 2025,” said Danni Hewson, AJ Bell head of financial analysis.

“Buoyed by continued deal-making in the frothy AI sector, investors seem prepared to overlook the growing number of warnings about the potential for a market correction at the moment, but this earnings season will be crucial if that optimism is to continue.”

S&P 500 futures rose 0.64% during the early afternoon in Europe, while Dow Jones Industrial Average futures gained 0.41%. Nasdaq futures were up by 0.79%.

On Tuesday, US markets closed a mixed trading day, with the S&P 500 giving up 0.16% and the Dow climbing 0.44%. The Nasdaq composite dropped 0.76%.

Markets remain volatile as the US and China exchange threats of new trade sanctions and tariffs.

Technology stocks are hypersensitive to trade issues since big chipmakers and other companies rely on China for raw materials and manufacturing. China’s large consumer base is also important for its sales growth.

In other dealings early Wednesday, US benchmark crude oil was circling around $58.65 per barrel (€50.43) and Brent crude, the international standard, was traded around $62.24 (€53.52) per barrel.

The US dollar slipped 0.25% against the Japanese yen, while the euro rose 0.19% against the dollar. The British Pound gained 0.35% against the greenback.

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There has been a huge wave of relief across European and US markets after Friday proved to be a dark day for investors.

Leading European stock indexes started the week in the green, as well as the US futures, while bitcoin, silver and gold rallied.

After leading stock indexes on the Wall Street dropped between 1.9 and 3.6% on Friday, Asian indexes followed the lead on Monday morning, and unanimously lost between 1% and 1.7%.

US stocks skidded on Friday after US President Donald Trump threatened to crank tariffs higher on China, signalling more trouble ahead between the two biggest economies. He was responding to restrictions Beijing is imposing on exports of rare earths, which are materials that are critical for the manufacturing of everything from consumer electronics to jet engines.

However, by the European opening on Monday, investors appeared to be cheered by the US president’s promising words, as he commented on the mounting US-China trade tensions on social media, saying, “Don’t worry about China, it will all be fine!”

Stock markets appear to reverse the losses from the end of last week, the FTSE 100 in London was up by 0.3% at around 10h CET on Monday, the Paris CAC 40 cheered the promise of a new government by gaining 0.7% and the Dax in Frankfurt joined the crowd by rising 0.5% by this time.

The Ibex 35 in Madrid also gained 0.8% and the European benchmark Stoxx 600 was up by nearly 0.5%.

Crypto rallies after Friday’s sharp decline

Bitcoin approached $115,000 on Monday, while Ethereum exceeded $4,200.

“The crypto market capitalisation stood at $3.9 trillion on Monday, up 4.4% from the previous day but down 6% from pre-Friday crash levels,” Alex Kuptsikevich, the FxPro chief market analyst, said.

Gold was up by more than 2.3%, trading at $4,092 an ounce, nearing 11h CET, while oil prices were also climbing, the US benchmark crude was up by nearly 0.9% at 59.85 a barrel, whereas the international benchmark Brent cost $63.69 a barrel, 1.5% increase in the price.

Meanwhile, US futures advanced, with the contract for the S&P 500 gaining 1.1% while that for the Dow Jones Industrial Average gained 1.5% and Nasdaq futures were climbing 2% by 10.30 CET.

In other dealings early Monday, the dollar rose 152.22 Japanese yen from 151.89 yen late Friday. The euro fell to $1.1605 from $1.1614.

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Rare earth stocks climbed in the US after Beijing tightened its control over these critical materials, used in the vast majority of electronic devices, from smartphones and cars to ballistic missiles.

Across the Atlantic, European markets opened in a mixed mood while the Middle East peace deal progresses, brokered by US President Donald Trump.

With investors also watching political uncertainty in France, the pan-European STOXX 600 was up around 0.1% at 11.45 CEST, and Paris’ CAC 40 also gained 0.1%.

Frankfurt’s DAX and London’s FTSE 100 both slipped 0.1%, after an earlier rise for the DAX.

“The FTSE 100 was stuck in the mud as the rest of Europe ploughed ahead at the end of the trading week,” said Russ Mould, investment director at AJ Bell.

“Strength in consumer stocks and utilities was offset by weakness in miners and healthcare,” he said — adding: “it was also notable that defence stocks were being sold down, including Babcock, which has rocketed this year.”

In other news, oil prices were down on Friday morning. The US benchmark crude cost around 0.4% less than at the previous close, and traded at $61.26 per barrel at around 11.45 CEST. The international benchmark Brent lost 0.49% and cost $64.90 per barrel at the same time.

Gold prices also rose after hitting new records recently, trading at $4,018.00 on Friday morning in Europe.

US futures were up slightly, the euro gained against the dollar at $1.1575, and the greenback slipped against the Japanese yen, to ¥152.7950. The British pound also fell against the dollar and cost $1.3290.

Rare earths companies gained overseas

As mining stocks led losses in Europe on Friday amid developments in Beijing, the STOXX Europe Basic Resources index shed 0.78%.

This follows a rally in the US, where rare earth stocks rose considerably after China announced that it would tighten control over its exports of these materials.

The country is dominating the market for rare earths. The world’s second-largest economy accounts for 70% of the global supply of these assets that are hugely significant for defence and technological infrastructure.

Following the news, investors in the US placed their hopes on American alternatives. US rare earth and critical mineral miners’ share prices surged on Thursday, partially due to market speculation that Washington will invest more in building out a domestic supply chain.

Many of these companies have seen their prices increase for months now, with several doubling or tripling since the beginning of the year.

USA Rare Earth Inc., a firm building a domestic rare earth magnet supply chain, gained nearly 15% on Thursday. Since January, it has risen 151%.

MP Materials Corp, an American rare-earth materials company headquartered in Las Vegas, Nevada, also gained more than 2.4% on Thursday, while it is up 341% since January.

Another company, Denver-based Energy Fuels Inc., gained 9.4%, bring its year-to-date rise to 284%.

NioCorp Developments, which benefits from Pentagon support, gained more than 12%, Rare Element Resources Ltd gained more than 10%, and Texas Mineral Resources Corp. gained 9.6% on Thursday.

Meanwhile, Australian rare-earth mining company Lynas Rare Earths lost nearly 3.8% in the Asian trade, and Australia’s Iluka Resources lost 3.22%.

Chinese Shenghe Resources, a partly state-owned rare earths mining and processing company listed on the Shanghai stock exchange, lost 5%.

Beijing’s measures mean that companies need to apply for a licence to export products containing certain Chinese-sourced rare earth metals.

Data by YCharts

The S&P 500 (^GSPC 0.58%) rose 0.58% to 6,753.72, while the Nasdaq Composite (^IXIC 1.12%) jumped 1.12% to 23,043.38. The Dow Jones Industrial Average (^DJI -0.00%) was essentially flat, slipping 0.0026% to 46,601.78. Technology strength drove broader gains even as yields held relatively firm.

In commodities, gold surged past $4,000/oz for the first time, fueled by safe-haven buying amid the ongoing government shutdown and rising hopes for Fed rate cuts.

The government shutdown continues to cast a shadow on economic visibility, elevating the role of inflation data and central bank signaling in driving markets. Meanwhile, rate cut expectations remain alive, supported by dovish cues in Fed minutes and underlying macro softness.

Looking ahead, traders will be watching whether the shutdown delays key releases like CPI or PCE, which in turn could ripple into timing for future Fed moves and even impact things like the Social Security cost-of-living adjustment (COLA) announcement.

Market data sourced from Google Finance on Wednesday, Oct. 8, 2025.

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Gold prices continue to climb as investors look for a safe place to park their capital during a moment of geopolitical uncertainty, with the US government shutdown entering its second week.

The precious metal has gained more than 55% this year, and market analysts say investors aren’t solely focused on its ability to protect against inflation.

“While stock markets have generally done well this year, gold has been a superstar,” said Russ Mould, investment director at AJ Bell.

“Traditionally, investors would load up on the shiny stuff when markets look gloomy, not when they’re motoring ahead. It shows that investors are hedging their bets, particularly as there are growing concerns that euphoria around AI has gone too far and the bubble could burst at some point.”

Gold sales often rise sharply when investors seek secure investments for their money and can’t find viable options in the stock market.

Even before the government shutdown in the US, gold saw dramatic gains as President Donald Trump’s barrage of tariffs threw the global economy into limbo.

More recently, falling interest rates have further boosted gold’s attractiveness, as interest-bearing investments promise lower returns.

Other precious metals have also risen in value amid the uncertainty. Silver futures are up over 65% since January, trading above $48 per ounce on Wednesday morning in Europe.

Why are prices going up?

Much of the recent economic turmoil stems from Trump’s trade wars.

Since the start of 2025, steep new duties imposed on goods coming into the US from around the world have strained businesses and consumers alike — inflating costs and weakening the job market. Due to higher costs and an uncertain outlook, hiring has plunged, and an increasing number of consumers are expressing pessimism about the US’ economic outlook.

A government shutdown in Washington has added to those anxieties. Key economic data has been delayed, leaving investors in the dark about the true state of the US economy.

Giovanni Staunovo, commodity analyst at UBS Global Wealth Management, also explained gold’s rise by pointing to the continued weakness of the US dollar and renewed rate cuts from the Federal Reserve. Last month, the Fed cut its key interest rate by a quarter-point — and projected it would do so twice more this year.

Gold is priced in US dollars, meaning that when the currency drops in value, the metal becomes relatively cheaper for foreign buyers.

What about jewellery?

Many jewellery merchants and dealers have increasingly reported surges in customers looking to check the value of gold they own — sometimes opting to melt or sell family heirlooms to cash in on the precious metal’s rising price.

At the same time, those in the market for gold jewellery may be feeling “sticker shock” if they can’t afford certain products anymore.

Larger retailers like Pandora and Signet, whose brands include Zales and Kay Jewelers, have acknowledged these headwinds in recent earnings calls.

“If I’m a guessing man here, we will see a general price rise for the category,” Pandora CEO Alexander Lacik said in an August earnings call, pointing to rising costs of gold and silver, as well as tariffs.

Is gold worth the investment?

Advocates of investing in gold call it a “safe haven” — arguing the commodity can serve to diversify and balance your investment portfolio, as well as mitigate possible risks down the road as a hedge against rising inflation. Some also take comfort in buying something tangible that has the potential to increase in value over time.

With high investment demand, Goldman Sachs has raised its forecast for precious metals from €4,300 to €4,900 per ounce by the end of 2026.

“There is a growing trend away from the classic portfolio structure with 60% in stocks and 40% in bonds. In the current environment, it is recommended to invest about 20% in alternatives such as precious metals and cryptos,” said Alex Kuptsikevich, FxPro chief market analyst.

Still, experts caution against putting all your eggs in one basket. And not everyone agrees that gold is a good investment. Critics say gold isn’t always the inflation hedge many claim, and that there are more efficient ways to protect against potential loss of capital, such as derivative-based investments.

“Gold is perceived by many market participants as a safe-haven asset. But investors need to be aware it has a volatility of 10-15%,” Staunovo noted. He added that smaller amounts of physical gold, such as gold coins or 1-gram bars, have larger ranges between buying and selling prices.

The Commodity Futures Trade Commission has also previously warned people to be wary of investing in gold. Precious metals can be highly volatile, the commission said, and prices rise as demand goes up. This means “when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers”.

The commission added that it’s also important to be cautious of potential scams and counterfeits on the market.

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US futures sank, the dollar slipped, and world shares were mixed after a US government shutdown began on Wednesday.

The partial closure of the federal government is feared to have economic implications if it lasts, and Washington is bracing for what could be a prolonged deadlock. This comes after lawmakers missed the deadline to agree on funding for the government.

Equity markets in Europe were volatile in the morning on Wednesday, as investors reacted to the news from across the Atlantic. Major European stock indexes started trading mostly in negative territory, but the picture fundamentally changed by midday.

“The US government shutdown has left investors wondering what might happen next, with a minor pullback on European equity markets and weaker futures prices for Wall Street,” said Russ Mould, investment director at AJ Bell.

At first, the FTSE 100 in London made an exception of the negative trend, rising 0.7% two hours after the opening, “thanks to a surge in pharmaceutical stocks”.

Soon enough, the German DAX turned its initial loss of 0.3% into a gain of more than 0.3%, just like the CAC 40 in Paris. The IBEX 35 in Madrid was down by nearly 0.2% at around midday.

US futures were mostly down at the same time, with the S&P 500 dropping 0.5%, the Dow Jones Industrial Average slipping 0.5%, and the Nasdaq down 0.6%.

Eurozone inflation ticked up in September

The trend in Europe’s equity markets was also influenced by freshly released eurozone inflation data, showing that prices have increased by 2.2% in September. This is slightly above the European Central Bank’s 2% target, where eurozone inflation had been sitting for the previous three months. Core inflation remained stable at 2.3%, despite services edging up modestly.

“The outlook has not changed and still clearly points to inflation descending thanks to cooling wage growth, low energy commodity prices, a stronger euro, and contained demand-side pressures,” said Riccardo Marcelli Fabiani, senior economist at Oxford Economics.

He added that the September rise in inflation will cement the ECB’s conviction that further easing would be overdue. “Only a strong surprise in inflation could spur a cut this year.”

The US shutdown’s impact on the equity markets

While trading activity was expected to slow in the case of a shutdown in the US, many investors didn’t sell off their holdings.

One explanation is that past US government shutdowns have had a limited impact on the economy and the stock market, and investors may be predicting something similar this time around. Many analysts agree that the market is tuning out the political noise and focusing on the economic fundamentals.

However, if the shutdown lasts, it is expected to prevent the Friday release of a monthly labour market report. This is key for investors and for the Federal Reserve to get a pulse check on the US economy and decide whether to cut interest rates again.

But the stubborn positivity among investors may last, continuing the relentless run the US stock markets have been on since hitting a low in April. The bullish market sentiment is fuelled by expectations that President Donald Trump’s tariffs won’t derail global trade and that the Federal Reserve will cut interest rates several times to boost the slowing job market.

Meanwhile, Tuesday brought mixed reports on the US economy. A Conference Board survey showed consumers are feeling less confident than economists expected, with many respondents pointing to the job market and to stubborn inflation.

A second report suggested the job market may be remaining in its “low-hire, low-fire” state. US employers were advertising roughly the same number of job openings at the end of August as the month before. The hope on Wall Street had been for a moderate number, one balanced enough to keep the Fed cutting interest rates.

The central bank just delivered its first cut of the year, and officials have pencilled in more this year.

Bonds, gold and oil

The US shutdown had a limited impact on US Treasury yields, which rose slightly as European markets opened. This could be explained by the fact that the shutdown had been anticipated and it is not expected to last long.

In other news, gold has struck a new record, with the safe-haven asset hitting $3,918.80 before midday in Europe.

Oil prices reflected concerns, meanwhile, with US benchmark crude oil losing nearly 1% to $61.75 per barrel. Brent crude, the international standard, lost nearly 0.9% to $65.44 per barrel.

The US dollar fell to 147.13 Japanese yen from 147.94 yen. The euro climbed to $1.1745 from $1.1734. The British pound gained slightly, coming to $1.3470.

Shares in Japan slid, rising elsewhere in Asia

In Asia, Japan’s Nikkei 225 index shed 0.9% after the Bank of Japan (BOJ) reported a slight improvement in business sentiment among major manufacturers.

The indications from the BOJ’s quarterly tankan survey raise the odds that the central bank will increase its key interest rate to counter inflation that has topped its target range of about 2% for some time.

Political uncertainty is also looming over Japan’s markets, with the ruling Liberal Democratic Party due to choose a new leader and prime minister later this week to replace embattled Prime Minister Shigeru Ishiba.

Markets and offices in mainland China are closed 1-8 October for the National Day holiday. Elsewhere in Asia, South Korea’s Kospi gained 0.9%, while Taiwan’s Taiex added 0.6% on heavy buying of semiconductor-related shares. Australia’s S&P/ASX 200 slipped less than 0.1%. In India, the Sensex rose 0.6%.

Published on
29/09/2025 – 14:05 GMT+2

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The price of gold climbed to a new record on Monday, rising above $3,850 an ounce in the afternoon in Europe, up more than 1% on the day.

Precious metals across the board surged, fuelled by a weak dollar and high uncertainty around funding for the US federal government.

On Monday, US President Donald Trump and the Republican Party are meeting with Democrats to discuss a short-term spending bill to avoid a government shutdown on Tuesday. Republicans need at least seven votes from Democrats to pass the legislation.

Uncertainty is high, which historically sees investors flocking into so-called safe-haven assets such as gold. The precious metal is a more stable option in turbulent times when other asset classes are far more volatile.

So far this year, gold has shown itself to be an investor favourite amid increased geopolitical tensions and trade uncertainties. Since January, the precious metal has gained over 45%, rising from $2,669 an ounce.

Other factors are also supporting gold prices, including expectations of further rate cuts from the Federal Reserve. On 17 September, the Fed lowered its target range for its main lending rate to 4% – 4.25%, and officials indicated that there could be two more rate cuts this year.

Lower rates tend to weaken the US dollar, in which gold is denominated, increasing the metal’s appeal. This is particularly the case when other interest-bearing assets like bonds and savings accounts offer lower yields, following rate cuts.

“Gold prices continue to mark new records, with expectations for further rate cuts from the Fed supportive, given the precious metal does not offer income,” said Russ Mould, investment director at AJ Bell.

“Now above $3,800, gold has also been boosted by central bank buying over several years, weaker demand for traditional safe havens like US government bonds driven by concerns over US deficits and trade policy, dollar weakness and geopolitical tensions, including conflicts in the Middle East and Ukraine,” Mould added.

“The threat of a shutdown in Washington, as policymakers engage in tense negotiations ahead of a deadline at midnight on Tuesday, is yet another factor driving support for gold.”

Disclaimer: This information does not constitute financial advice; always do your own research on top to ensure it’s right for your specific circumstances. Also remember, we are a journalistic website and aim to provide the best guides, tips and advice from experts. If you rely on the information on this page, then you do so entirely at your own risk.

Government shutdowns in the United States, once seen as rare emergencies, have increasingly become recurring features of partisan gridlock. The current risk stems from Congress’s failure to agree on federal funding, with both Democrats and Republicans using budget negotiations as leverage for political gain. A shutdown would immediately halt or scale back many federal operations, furlough staff, and disrupt the work of agencies that provide oversight and produce essential economic data.

What makes this episode more significant is its timing. In 2025, the U.S. economy is already navigating slower growth and persistent inflation pressures, leaving policymakers highly dependent on accurate, timely information. A shutdown that blocks employment or inflation reports would deprive the Federal Reserve and investors of the tools needed to assess economic trends. Beyond the immediate disruption, repeated shutdowns signal deeper institutional fragility, raising concerns both at home and abroad about America’s capacity to govern itself effectively.

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