Central Bank Decisions, U.S.–China Trade Truce, and Big Tech Earnings: PALvatar Market Recap, October 30 2025

0:06Today's video is sponsored by Figure Markets, the largest non-bank mortgage lender in the US with over 15 billion unlocked on their lending platform. They've just lowered rates on their Bitcoin and ETH-backed loans even more to 8.91%, which is 9.999 % APR, improving their already industry-low fixed-rate 50 % LTV loans. They keep building as well, having also just launched decentralized MPC Custody, the only place to get that amongst the major loan providers, and removed interest deferral fees entirely. What is MPC Decentralized Custody, you might ask? Well, it's a Bitcoin or ETH on-chain wallet with multiple key shards to protect you from a single-entity custody failure.

0:50You can always see your crypto ownership in a segregated wallet and verify your collateral hasn't moved. Whether you're funding a major purchase, like a down payment on a home, investing in new opportunities, or even buying more Bitcoin, FIGURE makes it straightforward and transparent. Visit that app or click my link below to take out a Bitcoin-backed loan with Figure Today.

1:34If you then want some more in-depth analysis or the views of the real Raoul, check out Real Vision, such as the post-FOMC analysis by Jamie Coutts and Ash Bennington on Alpha. Now let's jump into it. The central bank bonanza enters its second day with decisions by officials in Tokyo and Frankfurt. The European Central Bank has held interest rates unchanged at 2%, as expected, for a third consecutive meeting. the Bank of Japan also took no action, keeping its rate at 0.5 % and offering few hints on when the next hike might come, despite calls for more from US Treasury Secretary Scott Besant earlier in the week.

2:13The BOJ reiterated its commitment to continue raising borrowing costs if the economy develops in line with its projections. The yen weakened following the meeting. This follows a 25 basis point rate cut by the Federal Reserve yesterday. However, global markets got a little spooked after Chair Jerome Powell said a widely expected cut in December was, quote, Far from it. This has slashed the odds on CME's FedWatch tool from 91 % last week to less than 70 % today. A few hours before the Fed, the Bank of Canada also cut its rate by 25 basis points, down to 2.25%, and signalled that would be it for now.

2:56We'll hear from the Bank of England and the Reserve Bank of Australia next week. There's also the not-so-small matter of an extended trade truce between the US and China. The leaders of the two countries have met in South Korea, and the result is lower US tariffs on China, down from 57 % to 47%, and the threat of an extra 100 % levy next week has been removed. In exchange, Beijing will crack down on fentanyl trade, resume soybean purchases from American farmers, and pause restrictions on rare earth exports for a year. Still, the outcome has failed to lift the mood in global markets. We also have a mixed bag when it comes to mega-cap tech earnings.

3:39Metastock plunged in pre-market trading despite a revenue beat because earnings in the third quarter fell well below expectations due to a hefty one-time tax charge. Microsoft also started the day in the red after an Azure outage yesterday, and some concern about its spending forecasts, but the top and bottom lines both beat expectations. Alphabet Stock is doing the best of the trio after its latest revenues and earnings came in ahead of forecasts. The company had its first ever quarter of more than$100 billion in revenues. Two other MAG7 companies, Apple and Amazon, report their results after the bell.

4:19On the economic data front, preliminary GDP figures revealed that Germany's economy stagnated in the third quarter as expected, following a contraction in the previous quarter. However, France experienced stronger-than-expected growth at 0.5 % quarter-on-quarter compared to forecasts of only 0.2 % and the wider Eurozone slightly exceeded expectations with an annual increase of 1.3%. And when it comes to blockchain, every day brings a plethora of new headlines about mainstream adoption. Axios reports that Metamask creator ConsenSys is working on an IPO in conjunction with JP Morgan and Goldman Sachs.

5:01Elsewhere, sources have told Fortune that Mastercard is poised to acquire stablecoin infrastructure startup ZeroHash for up to$2 billion. Sources cited by Fortune add that Mastercard is making the move after apparently losing a bidding war for another startup, BVNK, with Coinbase. In other news, Coindesk has brought a juicy projection from Standard Chartered. The bank thinks the size of real-world tokenized assets will reach$2 trillion in 2028, a staggering rise from$35 billion right now. Oof, OK, told you it was a busy day, but now you know everything that you needed to know to make sense of all the market moves today.

5:43Take care and see you tomorrow.