Market Summary (Oct 10, 2025)

We remain in a safe-haven regime as the U.S. government shutdown drags on, keeping the dollar bid even as gold dips below the 4,000 level on a mid-week pullback. The lack of fresh U.S. data—CPI, NFP and more—is postponing Fed-sensitive catalysts, and when the shutdown ends we expect a volatile backlog release that could shake USD positions. Equities enter a historically strong October–November season (S&P up in 14 of the last 15 years, averaging +4.3%), though geopolitical uncertainty and delayed figures argue for caution. Bitcoin is looking more resilient as a hedge against fiscal gridlock and may outpace the S&P if data remains absent.