Between the partial reopening of the U.S. government and a selective reassessment of technology narratives, global markets adopted a more cautious stance this week, favoring quality and fundamentals in an environment marked by reduced economic visibility.

The end of the U.S. government shutdown provided immediate stability, but it also left meaningful consequences, most notably the permanent loss of October labor and inflation data, creating a blind spot for the Federal Reserve as it navigates the interest rate cycle.

Technology saw a natural correction after months of strong gains. The long-term AI thesis remains intact, but the market is increasingly distinguishing ambition from execution. In healthcare, significant M&A activity highlighted the race for strategic pipelines that will shape growth in the decade ahead.

In Europe, the Euro Stoxx 600 posted solid gains supported by energy and industrials, while Japan saw modest advances driven by exporters and a stable yen.