WEEKLY MARKET REVIEW

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Get the latest insights on global financial markets with our Weekly Market Review. In it we discuss the key financial headlines from the U.S, Europe, UK, Ireland, and Asia-Pacific, along with in-depth analysis of major asset classes, including:

Equities – U.S, Europe, and UK market trends
Bonds – Interest rate movements and fixed-income insights
Commodities – Oil, gold, and other key market drivers

Stay ahead of market trends with our expert insights. Read the latest update now!

Weekly Market Review: 09th November 2026

The Week in Numbers

Equity Markets

Equity Indices	Value	Weekly Change	YTD Change
S&P 500	7,353.73	-3.52%	+7.42%
NASDAQ	24,135.00	-4.60%	+4.62%
EuroStoxx50	6,145.58	+0.02%	+6.12%
EuroStoxx600	643.74	-0.28%	+8.71%
FTSE 100	10,547.34	-1.46%	+6.20%
ISEQ	14,636.64	+2.16%	+11.73%

Central Bank Interest Rates

Interest Rate	Current Rate	Direction	Rate Change
FED	4.00%	—	0
ECB	2.65%	—	0
BOE	4.00%	↑	+0.25

Government Bonds

Fixed Income	Yield	Weekly Change	YTD Change
US 10YR	4.86	-0.98%	+15.95%
US 2YR	4.49	-2.28%	+29.29%
German 10YR	3.25	-1.27%	+11.94%
UK 10YR	5.17	-0.34%	+14.05%
Irish 10YR	3.40	-1.99%	+10.68%

Foreign Exchange Currency Movements

FX	Value	Weekly Change	YTD Change
EUR/USD	1.117	+0.15%	-4.86%
EUR/GBP	0.833	+0.06%	-4.34%
GBP/USD	1.339	+0.07%	-0.54%

Key Events

10/11/2026 – US inflation data
11/11/2026 – UK GDP data

Stay Informed with Our Seaspray Private Weekly Financial Market Review

Equities – U.S, Europe, and UK market trends
Bonds – Interest rate movements and fixed-income insights
Commodities – Oil, gold, and other key market drivers

Stay ahead of market trends with our expert insights. Read the latest update now!

FINANCIAL HEADLINES

United States

Democrats won control of both the House of Representatives and the Senate in Tuesday’s midterm elections, taking charge of Congress for the final two years of President Trump’s term. The party made gains across the country, including in several traditionally Republican states and districts, with the cost of living and the war with Iran among the main concerns raised by voters. The new Congress will take office in January. With majorities in both chambers, Democrats will be able to pass legislation and open investigations more easily, and are expected to seek votes on healthcare costs, tariffs and the war with Iran. However, the President retains the power to veto legislation, and Democrats will not hold the two-thirds majorities needed to override him, pointing to a period of divided government. Markets responded positively to the clear outcome, with the Dow Jones recording its strongest day after a midterm election since 1982 on Wednesday, while government bond yields and oil prices fell.

Europe & UK

In Europe, Revolut completed a funding round that confirmed its valuation at $115 billion, making the London-based digital bank Europe’s most valuable start-up and worth more, in the eyes of its private investors, than established lenders such as Barclays and Société Générale. Launched just over a decade ago as an app offering cheaper currency exchange, Revolut now has around 80 million customers worldwide and says 80% of Irish adults hold an account. It is expanding into markets from Mexico to Australia. However, it earns far less from each customer than traditional banks, and its lending business remains small, with loans equal to just 6% of deposits at the end of 2025.

In the UK, the Bank of England raised interest rates for the first time in more than three years, lifting Bank Rate by a quarter point to 4%. Eight members of the committee voted for the increase, while one preferred a larger rise. The Bank expects inflation to reach around 5% by the middle of next year as higher energy costs feed through, and Governor Andrew Bailey said further increases were possible but not inevitable.

Ireland

Exchequer figures showed that corporation tax receipts rose by 23.4% in the first ten months of the year to €23.9 billion, paid mainly by multinational companies. The Department of Finance said the increase was partly due to the timing of payments, and that receipts over the rest of the year would be lower than in the same months of 2025 as a result. Overall tax revenue was 10.3% ahead of last year, with income tax and VAT receipts also rising, reflecting a strong jobs market and resilient consumer spending. Excise duty, however, fell after the Government introduced temporary cuts to fuel taxes in response to the rise in oil prices. Government spending was 7.4% higher than a year earlier, with both day-to-day and capital spending increasing.

Asia-Pacific

The Reserve Bank of Australia (RBA) raised interest rates by a quarter point to 4.85%, taking its cash rate to its highest level in around 18 years. The decision followed figures last week showing that inflation rose more than expected to 4.3% in the year to September. The RBA said inflation was now expected to remain above 3% over the coming year, and warned of an increasing risk that higher inflation expectations could become embedded. The decision was not unanimous, with six members of the board voting for an increase and three preferring to leave rates unchanged.

ASSET CLASS REVIEW

Equities

In the United States, technology shares remained under pressure as money moved out of artificial intelligence and chip stocks and into other parts of the market. The NASDAQ fell on Monday as the technology sector dropped more than 10% from its recent high. Apple reported record September-quarter revenue of $114.5 billion on Monday, helped by strong early demand for its new iPhone 18 Pro models, but its shares fell about 2% on Tuesday after it forecast lower profit margins for the holiday quarter as memory-chip costs rise. AMD reported a 45% rise in revenue to a record $13.4 billion on Tuesday, as sales from its data centre business almost doubled, and forecast fourth-quarter revenue well ahead of expectations. McDonald’s shares rose more than 6% on Wednesday after profit beat forecasts, even though sales at its US restaurants fell slightly as fewer customers visited. Elsewhere, CVS plans to create two independent publicly traded companies, with the separation expected in the first half of 2028. Shares rallied on Wednesday after the midterm elections, with the S&P 500 recording its biggest daily gain since August, although chip stocks fell further on expectations of closer scrutiny of data centres. This continued on Thursday, with the NASDAQ dropping 6% as AI stocks declined. For the week, the S&P 500 and NASDAQ closed 3.52% and 4.60% lower, respectively.

In Europe, the STOXX Europe 600 came close to a record high on Thursday, helped by stronger-than-expected company results. Shares recorded their strongest day since May on Wednesday after the US elections, led by banks, while defence companies lagged. Novo Nordisk raised its full-year sales and profit forecasts on Wednesday after sales of its Wegovy weight-loss pill, launched in January, comfortably beat expectations, and its shares rose more than 5% in Copenhagen. Third-quarter sales rose 4% at constant exchange rates, although impairment charges, including on a drug in development, reduced reported operating profit. For the week, the Euro Stoxx 50 closed 0.02% higher, while the Euro Stoxx 600 closed 0.28% lower, respectively.

In the United Kingdom, shares rose to their highest level in three months, led by banks and mining companies. Defence companies, including BAE Systems and Babcock, fell on Wednesday on expectations that the US election result would lead to lower defence spending. Marks & Spencer reported a sharp rise in half-year profit as it recovered from last year’s cyber attack. On Thursday, Diageo rose about 5% after first-quarter sales beat expectations, while BT Group gained after agreeing a new pension funding plan. For the week, the FTSE 100 closed 1.46% lower.

Bonds

US government bond yields fell over the week, with the ten-year yield at about 4.86% on Friday, its lowest level in almost two months, compared with 5.05% a week earlier. Yields fell sharply on Wednesday after the midterm elections, as oil prices dropped. Weekly jobless claims fell to 189,000, matching the lowest level since 1969. In the UK, the ten-year gilt yield fell to its lowest level since late August ahead of the Bank of England’s decision, before edging up to about 5.17% after the Bank raised rates, while the two-year yield rose slightly.

Commodities

Brent crude fell by more than 10% over the week to around $96 a barrel, close to its lowest level in two months. Prices dropped more than 7% on Monday after the presidents of the United States and Iran signalled they were open to a diplomatic solution to the conflict that has disrupted energy supplies for eight months. They fell almost 9% on Wednesday as the midterm results added to expectations that a further escalation of the conflict had become less likely, before recovering slightly on Thursday. Gold rose about 2% to around $4,115 an ounce, its highest level in two weeks, after recording its biggest daily gain since August on Wednesday as the dollar and US government bond yields fell after the elections. Figures from the World Gold Council showed that central banks bought 321 tonnes of gold in the third quarter.

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