Weekly Recap: Markets Rally on Strong Earnings and Steady Global Data (October 20 – 24, 2025, Recap)

The week of October 20–24, 2025, mainly brought positive economic and market developments. Inflation data from New Zealand, Canada, and the UK showed steady or easing trends, while PMI readings from Germany, the UK, and the US signaled improving business activity.

Oil prices surged over 7%, but gold and silver fell. US equities advanced, with the Dow Jones and S&P 500 both gaining more than 1%.

Earnings season was strong overall: GE Aerospace, Coca-Cola, GM, and Ford beat expectations and raised outlooks, while Netflix missed on profit. Tesla and Blackstone posted solid results but faced headwinds, and AT&T reported steady performance. Overall, sentiment stayed broadly positive amid signs of economic resilience.

Major Economic Indicators and Events in Review

Monday, October 20

12:45 am – New Zealand: CPI q/q (NZD)

New Zealand’s Consumer Price Index (CPI) rose 1.0% in the September 2025 quarter and 3.0% annually, reaching the top of the Reserve Bank’s target band. Housing and utilities were the main drivers, with electricity up 11.3%, rents up 2.6%, and local authority rates up 8.8%. Quarterly inflation was boosted by higher local rates and vegetable prices, while petrol and some consumer goods fell in price.

The NZDUSD pair rose 0.4% on the day.

Tuesday, October 21

15:30 – Canada: CPI m/m (CAD)

Canada’s Consumer Price Index (CPI) rose 2.4% year over year in September 2025, up from 1.9% in August, mainly due to smaller declines in gasoline prices and higher grocery costs. Food purchased from stores rose 4.0%, driven by fresh vegetables, sugar, and confectionery. On a monthly basis, the CPI edged up 0.1%. Rent prices increased 4.8% nationally, led by sharp rises in Quebec, while clothing prices slowed and tuition fees rose modestly.

The USDCAD edged down 0.1 percent compared to the previous daily session.

Wednesday, October 22

09:00 am – UK: CPI y/y (GBP)

UK consumer inflation remained steady in September 2025. The CPIH rose 4.1% year over year, unchanged from August, while the CPI held at 3.8%. Monthly inflation was flat, with transport adding upward pressure, offset by lower prices for recreation, culture, and food. Core inflation eased slightly, with core CPIH at 3.9% and core CPI at 3.5%.

The GBPUSD pair ticked 0.1% lower on the day.

Friday, October 24

10:30 am – Germany: Flash PMI (EUR)

Germany’s private sector saw its fastest growth in over two years in October, with the Flash PMI rising to 53.8 from 52.0. The services sector led the expansion, hitting a 29-month high at 54.5, while manufacturing output softened to 52.3. New orders and backlogs increased, signaling improving demand, though employment continued to edge lower. Rising input and output costs pointed to renewed inflation pressures, while business confidence eased amid concerns over high costs and weaker global competitiveness.

Following the data release, the EURUSD pair edged 0.07% higher on the day.

11:30 am – UK: Flash Manufacturing PMI (GBP)

UK private sector activity grew at a faster pace in October, with the Flash Composite PMI rising to 51.1 from 50.1. Services and manufacturing both expanded, with factory output hitting a 13-month high. New orders increased modestly, and job losses eased to the slowest rate since May. Cost pressures weakened to an 11-month low, helping temper output price inflation. Business confidence improved slightly, though growth remained modest amid weak exports and cautious sentiment ahead of the November Budget.

GBPUSD decreased by 0.13% from the previous session.

16:45 – USA: ISM Services PMI (USD)

US business activity strengthened in October, with the Flash Composite PMI rising to 54.8 from 53.9 — the second-fastest pace this year. Services led growth, while manufacturing output also improved amid stronger domestic demand. Job creation picked up modestly, but confidence weakened due to tariff concerns. Input costs remained high, though firms raised prices at the slowest rate since April.

USDJPY rose 0.2% on the day.

Commodities

1. Crude Oil
   1. Crude oil prices increased by 7.32% over the past week
2. Brent Oil
   1. Brent was up 7.09% compared to the previous week
3. Gold
   1. The precious metal Gold (XAUUSD) concluded the week on Friday with a 3.29% weekly decrease
4. Silver
   1. XAGUSD decreased by 6.26% from last week

Stock Market

1. S&P 500 increased by 1.78%
2. DJIA was up by 2.12%
3. NASDAQ 100 increased by 2.00%

Top Gainers

1. HCM III Acquisition Corp. (HCMA) 307.23%
2. Beyond Meat, Inc. (BYND) 238.45%
3. Scienture Holdings, Inc. (SCNX) 193.40%

Top Losers

1. Gaotu Techedu Inc. (GOTU) -86.12%
2. MingZhu Logistics Holdings Limited (YGMZ) -84.89%
3. Obook Holdings Inc. (OWLS) -68.10%

Company Earnings (October 20 – 24)

Tuesday, October 21: NFLX (Netflix, Inc.)

Tuesday, October 21: GE (GE Aerospace)

Tuesday, October 21: KO (The Coca-Cola Company)

Tuesday, October 21: GM (General Motors Company)

Wednesday, October 22: TSLA (Tesla, Inc.)

Wednesday, October 22: T (A&T Inc.)

Thursday, October 23: BX (Blackstone Inc.)

Thursday, October 23: F (Ford Motor Company)

Netflix reported third-quarter 2025 earnings that missed expectations, with earnings per share at $5.87 versus the expected $6.96. Revenue met forecasts at $11.51 billion, up nearly 15% from a year earlier. Despite the profit miss, the stock inched up 0.23% in after-hours trading, supported by growth in advertising and new product launches.

NFLX shares fell 8.73% over the past week.

GE Aerospace reported a strong third quarter, with revenue up 26% and earnings per share rising 44%. The company also achieved over 130% free cash flow conversion and raised its full-year guidance. CEO H. Lawrence Culp Jr. credited strong engine and services demand, along with ongoing investments in innovation and efficiency.

GE stock gained 1.24% compared to the previous week.

Coca-Cola reported strong third-quarter results, with net revenue up 5% to $12.5 billion and earnings per share rising 30% to $0.86, beating estimates. Operating income jumped 59%, and margins improved to 32%, reflecting effective cost control and strategic pricing in a challenging global market.

KO shares were up 1.86% for the week.

General Motors reported strong third-quarter 2025 results, beating Wall Street expectations and raising its full-year outlook. Adjusted earnings per share rose to $2.80 versus $2.31 expected, and revenue reached $48.6 billion. GM also cut its projected tariff impact, signaling confidence in its outlook.

GM shares surged 19.32% over the past week.

Tesla struck an upbeat tone in its latest update, saying it expects to achieve unsupervised Full Self-Driving soon, with robotaxi operations in 8–10 metro areas by year-end. Management highlighted major AI advances with its new AI5 chip and plans to scale vehicle production toward 3 million units annually. The company posted record Q3 results, including $4 billion in free cash flow, but warned of rising capital spending and tariff-related costs. Energy and robotics projects remain promising but face technical and competitive challenges.

TSLA shares fell 1.27% over the past week.

AT&T reported third-quarter 2025 earnings in line with expectations, posting an EPS of $0.54. Revenue rose 1.7% year over year to $30.71 billion, slightly below forecasts. The company has a trailing EPS of $3.08 and a P/E ratio of 8.17, with earnings projected to grow about 6% next year to $2.27 per share.

T shares fell 4.56% over the past week.

Blackstone reported a strong quarter, with distributable earnings up 48% to $1.9 billion and assets under management hitting a record $1.24 trillion. Fundraising momentum remained strong, driven by growth in private wealth and insurance. Management defended its private credit portfolio as low-risk, though retail credit products face short-term pressure following dividend cuts and lower short-term rates.

BX shares fell 1.09% over the past week.

Ford Motor reported strong third-quarter 2025 results, posting earnings per share of $0.45, beating estimates by $0.07. Revenue climbed 9.4% year over year to $50.53 billion, exceeding expectations. The company’s earnings are projected to rise about 5% next year, from $1.47 to $1.54 per share.

F stock jumped 16.11% during the week.

Conclusion

The week ended on a broadly positive note, marked by resilient economic data and strong corporate earnings. Global inflation remained stable, while PMI readings pointed to expanding business activity in major economies. Commodity markets saw oil rally sharply, contrasting declines in precious metals. Most major U.S. stock indexes posted solid weekly gains, supported by upbeat results from key companies such as GE, GM, Ford, and Coca-Cola. Although some firms like Netflix and AT&T underperformed, overall sentiment stayed optimistic, reflecting confidence in continued economic stability heading into the final quarter of 2025.