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Global markets enter November with better visibility than at any point this year – growth stronger than expected, inflation lower than expected and policy still broadly supportive.

Economic signals remain uneven, data visibility is clouded by the US government shutdown, and inflation is edging higher again.

Since last Sunday (October 5), France has been plunged into a new political crisis — unprecedented under the Fifth Republic. Prime Minister Sébastien Lecornu resigned just a few hours after forming his government, due to partisan deadlock and his inability to build a stable majority.

The global economy approaches the final stretch of 2025 at an inflection point.

From January through the end of May, European equities reclaimed leadership. In local currency, the MSCI EMU beat the MSCI World by roughly six to seven percentage points, and the quality of that advance was unmistakably value-tilted: banks and insurers led from the front, with telecom services, utilities and industrials providing consistent breadth.

Market Matters Podcast is an essential audio source for expert analysis, financial insight, and timely market updates from New York Life Investments.

An irresistible momentum is shaping global markets, as investors face a paradox of rising risk perception alongside rallying assets. Economic data releases, trade tariffs and geopolitical signals remain noisy – yet financial markets continue to advance.

As we write these lines, the US market is approaching its historical peak, last reached in February 2025, and most asset classes have posted positive returns in local currency since the start of the year.