The Market Call: Week Ending 24th October 2025

This week, Progressive's Gareth Evans and Jeremy McKeown discuss the fragile peace in hot wars and trade wars.

There is a sense of finality about Trump's latest attempts to get Putin and Zelensky to agree on ceasefire terms. Trump is losing patience with both parties. The choice of Budapest as the location for Trump and Putin's meeting was no coincidence.

Meanwhile, Trump's on-and-off talks with Xi seem to be on again. The prospect of an emergent Grand Bargain remains on the table, giving equity markets hope.

Asset markets saw a significant rotation on Tuesday, with a dramatic collapse in precious metals prices and a spike in bond prices, leading to a decline in key sovereign yields. Helpful for both Rachel Reeves and Scott Bessent.

However, it remains unclear if this is just a short-term price correction in gold or a longer-term structural shift. Should investors, still fearful of the pending fiat collapse, buy the dip in precious metals?

Similarly, one needs to ask why bond yields are falling. Jeremy doesn't think there is any reassessment of governments' fiscal responsibility, but rather that it reflects worries about slowing economies or worsening credit quality in private markets.

Regarding the ongoing debate on the AI bubble, they discuss whether former UK deputy PM Nick Clegg can add any value to the issue. What do you think?

Looking ahead, Jeremy covers imminent US and Japanese inflation data and also notes the prospect for updates from the Mag Seven NASDAQ giants over the coming few weeks.