Global markets experienced a volatile week. Strong U.S. labor data reshaped expectations for the Federal Reserve, especially as the absence of October figures leaves policymakers with reduced visibility ahead of December’s decision. In Japan, persistent inflation, a large fiscal package, and rising expectations of monetary tightening revived concerns about capital repatriation and global liquidity pressure.

Despite solid corporate results, markets faced one of the sharpest intraday reversals of the year. A mix of valuation concerns, uncertainty surrounding the AI investment cycle, and fragile positioning drove major global indices into negative territory.