1. Ceasefire unravels Just weeks after a tentative truce had calmed nerves, the Middle East returned to the top of investors’ worry list. Speaking at the NATO summit in Turkey, President Trump declared that the ceasefire with Iran was “over”, and renewed hostilities quickly followed. The reaction was swift, with Brent crude jumping nearly 10% to around $78 a barrel while equities sold off, particularly European markets.​

Gold futures surged to a record $4,000 per troy ounce on October 7th, marking the first time the precious metal has breached this milestone.

In 2025, long-term bond yields have risen sharply across developed markets including the US, UK, EU, and Japan.