Stocks Slide and Gold Shines as Rate Hikes Shake Global Markets (November 2 – 6, 2026, Recap)

Overview

Global financial markets experienced a volatile week from November 2–6, 2026, driven by major central bank decisions, employment reports, and corporate earnings. Interest rate hikes in Australia and the UK, mixed labor market data, and ongoing inflation concerns influenced investor sentiment. Meanwhile, stock markets declined, oil prices fell sharply, and precious metals recorded strong gains. This weekly market review highlights the key economic developments, market movements, and company earnings that shaped financial markets throughout the week.

Major Economic Indicators and Events in Review

Tuesday, November 3

05:30 am – Australia: Cash Rate (AUD)

On November 3, 2026, the Reserve Bank of Australia raised interest rates by 0.25 percentage points to 4.85% to tackle stubbornly high inflation. Rising fuel prices, the Middle East conflict and increasing business costs are pushing prices higher. Inflation is now expected to remain above 3% for another year, longer than previously predicted. Higher interest rates are already slowing the economy, reducing house prices and increasing unemployment. However, the Bank believes further action is needed to control inflation. The decision was supported by six board members, while three preferred to keep rates unchanged. The Bank will monitor economic conditions before making further decisions.

AUD/USD fell 0.45% on the day.

23:45 – New Zealand: Employment Change q/q (NZD)

New Zealand’s labor market weakened slightly in the September 2026 quarter, with unemployment rising from 5.6% to 5.7%. Around 174,000 people were unemployed, while the employment rate fell from 66.7% to 66.4%, showing that fewer people were working. The number of people wanting more work or unable to find suitable jobs remained high at 13.8%. However, wages continued to grow, increasing by 2.1% over the past year. Average weekly earnings rose to $1,743, while average hourly pay reached $44.86. Overall, the figures suggest that finding work is becoming harder, although employed workers are generally earning more.

NZD/USD declined by 0.14% on the day.

Wednesday, November 4

17:30 – USA: Crude Oil Inventories (USD)

US oil refineries increased production during the week ending October 30, 2026, operating at 94.5% capacity. Crude oil imports remained steady at around 6.4 million barrels per day. Oil and fuel inventories fell, with total petroleum stocks dropping by 8.2 million barrels. Diesel and heating oil supplies were particularly low, sitting 13% below their five-year average. Meanwhile, overall demand for petroleum products increased by 4.2% compared with last year. Gasoline demand fell slightly, while diesel demand rose significantly. Overall, the figures suggest strong fuel demand and tightening supplies, which could put upward pressure on fuel prices.

EUR/USD gained 0.34% on the day.

Thursday, November 5

14:00 – UK: Official Bank Rate (GBP)

The Bank of England raised interest rates from 3.75% to 4% on November 4, 2026, to tackle rising inflation. Eight committee members supported the increase, while one wanted a larger rise. UK inflation reached 3.5% in September and is expected to climb to around 5% by mid-2027. Rising energy prices, driven by the ongoing Middle East conflict, are a major cause. Although higher energy costs have not yet significantly affected wages and other prices, the Bank is concerned about future inflation. The UK economy has also performed better than expected. The Bank will monitor conditions and adjust interest rates to bring inflation back to its 2% target.

GBP/USD fell 0.17% on the day.

Friday, November 6

15:30 – Canada: Employment Change (CAD)

Canada’s job market remained weak in October 2026, with employment falling slightly by 4,700 jobs to 21.1 million. The unemployment rate rose to 6.7%, while the proportion of Canadians working dropped to 60.5%. Young people were particularly affected, with youth unemployment reaching 13.7%. Retail and wholesale businesses lost 29,000 jobs, while construction and education gained workers. Alberta experienced significant job losses, while British Columbia recorded gains. Average hourly wages increased by 2.2% over the past year to $37.89. Overall, the figures suggest that finding a job is becoming more difficult, particularly for younger workers and those unemployed for longer periods.

USD/CAD rose 0.8% on the day.

15:30 – USA: Non-Farm Employment Change (USD)

The US job market showed signs of strength in October 2026, adding 165,000 jobs, well above the average monthly increase over the past year. The unemployment rate remained steady at 4.1%, with around 7.1 million Americans unemployed. Job growth was strongest in business services, healthcare, transportation, and manufacturing. Average hourly wages rose to $38.00, an increase of 3.1% over the past year. However, the number of people working part-time because they could not find full-time jobs increased to 4.8 million. Overall, the figures suggest a resilient labor market, although some workers continue to face difficulties finding suitable employment.

EUR/USD declined by 0.68% on the day.

Commodities

1. Crude Oil

1. Crude oil prices fell 12.23% over the past week

2. Brent Oil

1. Brent was down 13.61% compared to the previous week

3. Gold

1. Gold (XAU/USD) ended the week on Friday with a gain of 5.02%

4. Silver

1. XAG/USD gained 5.78% last week

Stock Market

1. S&P 500 fell 2.68%

2. DJIA was down 0.94%

3. NASDAQ 100 declined by 4.94%

Top Gainers

1. Zeta Network Group (ZNB) 160.10%

2. Ohmyhome Limited (OMH) 157.34%

3. Chanson International Holding (CHSN) 155.46%

Top Losers

1. Parabolic Technologies, Inc. (PARA) -96.39%

2. Karyopharm Therapeutics Inc. (KPTI) -91.71%

3. Cenntro Inc. (CENN) -91.54%

Company Earnings (November 2 – 6)

Monday, November 2: AAPL (Apple Inc.)

Tuesday, November 3: PFE (Pfizer Inc.)

Wednesday, November 4: MCD (McDonald’s Corporation)

Apple reported strong financial results for the September 2026 quarter, with revenue rising 12% to a record $114.5 billion. iPhone sales increased 17%, while Mac sales jumped 24%, supported by strong customer demand. The new foldable iPhone Duo also attracted significant interest, although supply remains limited. Apple’s services business reached record revenue of $31.6 billion, but growth is expected to slow. Rising memory costs and increased investment in artificial intelligence could put pressure on profits. Despite these challenges, Apple expects revenue to grow by 7%–10% in the December quarter, potentially making it the company’s strongest quarter ever.

AAPL shares edged down 0.66% over the past week.

Pfizer raised its 2026 financial outlook, expecting revenue of $62 billion–$64 billion and adjusted earnings per share of $2.95–$3.05. Strong sales of newer medicines helped drive growth, with non-COVID products increasing 7% and recently launched or acquired products rising 32%. The company is also making progress in reducing costs and developing new treatments, particularly for cancer and obesity. However, Pfizer faces challenges as patents on several major medicines expire, allowing cheaper competitors to enter the market. Declining COVID-19 product sales and pricing pressures could also affect future earnings. Overall, Pfizer remains optimistic despite these challenges.

PFE shares fell 3.70% over the past week.

McDonald’s reported modest sales growth, with global sales at existing restaurants rising 1.5%, while adjusted earnings per share increased 11% to $3.57. US sales fell slightly but showed signs of improvement in September and October. To attract more customers, McDonald’s is testing cheaper meal deals, with plans for a nationwide rollout in early 2027. Specialty drinks are also performing well, offering opportunities for future growth. However, the company continues to face challenges in France and China. McDonald’s also reduced its restaurant expansion target for 2026 from 2,600 to 2,500 new locations. Overall, the company remains focused on affordability and growth.

MCD shares gained 7.13% over the past week.

Conclusion

Overall, the week of November 2–6, 2026, highlighted the ongoing uncertainty in global financial markets. Persistent inflation, rising interest rates, and mixed employment data continued to influence investor confidence. While major stock indices and oil prices declined, gold and silver benefited from increased market uncertainty. Corporate earnings showed signs of resilience despite broader economic challenges. Looking ahead, investors will closely monitor inflation trends, central bank policies, employment figures, and geopolitical developments for clues about the direction of financial markets. Volatility is likely to remain a key concern as markets adjust to changing economic conditions.