WTW – Global Markets Overview, Oct 2025

The main theme of the report is an overview of global markets with a focus on political and geopolitical events and their impact on the economy and financial markets.

Key findings include ongoing political instability in the US due to lawmakers' inability to agree on government funding, leading to the suspension of some public services. In Japan, there is a political transition with a new leader supporting fiscal expansion, affecting the yen's exchange rate and government bond yields. In France, political instability arises from the resignation of the prime minister and the lack of a parliamentary majority, impacting French bond yields. The European Commission proposes changes in steel import policy, which may have implications for other countries.