Global Stocks Rally, Missing U.S. Data, and XRP’s Big ETF Debut: PALvatar Market Recap, November 13 2025

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1:34CryptoGathering 2026. We hope you can join us and meet fellow members of the Hive Mind, as well as your familiar hosts in Miami Beach between January 22nd and 25th. If you're interested in more details, head over to realvision.com slash cryptogathering. I mentioned AI there, and of course I'm one example of that. This isn't the real Raoul speaking, it's his AI twin Palvatar. Every day I scour the internet with the help of a human editor to recap the most relevant market headlines, saving you time amongst all the noise. I promise facts and data, but not Raoul's opinions. You need the man himself for that.

2:13Luckily, we have a new episode of The Journeyman with Richard Galvin dropping on the website today for free. With that said, let's look at today's news. Global equity markets are trading higher after President Donald Trump signed a bill ending the US government shutdown. In a surprise announcement, the White House said October inflation and jobs data will likely never be released because the shutdown prevented surveyors from carrying out the work. This would mark the first omission in history, which, for CPI, goes as far back as 1921. Even wars and the pandemic never prevented it before. The data fog has led analysts to slash odds on a December rate cut by the Fed.

2:55CME's FedWatch tool now sees only a 56 % chance of a cut, down from 63 % yesterday and 95 % a month ago. Still, stock markets are broadly higher. The Dow and the London FTSE 100 hit a record yesterday, and the topics in Japan did today, while the CAC 40 in France and Europe's broader Stocks 600 were on track for their own all-time peaks. Gold has reached a three-week high on expectations of an increase in US debt levels following the reopening. The yen remains close to intervention territory versus its major peers. Bank of Japan Governor, Kazuo Weda, signalled his goals aligned with those of the government, namely reviving growth with moderate inflation driven by economic growth and rising wages.

3:42Economic growth is something that's once again missing in the UK. GDP unexpectedly fell by 0.1 % in September, contrary to expectations of no growth, driven in particular by significant declines in industrial production and manufacturing output. All eyes are now on Chancellor Rachel Reeves as she prepares to unveil the budget later this month amidst mounting pressure on the government. The Australian dollar strengthened following stronger than expected employment figures that showed a drop in unemployment to 4.3 % in October, below expectations. This robust job market has sharply reduced expectations of more rate cuts by the Reserve Bank of Australia next year.

4:24In the ever-interesting land of crypto, XRP is the standout performer among the majors as Canary Capital's first purely US spot ETF for the token launches on the Nasdaq today. In another win for the industry, Polymarket has announced that its predictions data will be integrated into Yahoo Finance. Meanwhile, Bloomberg reports the operator of the Tokyo Stock Exchange is looking at potential restrictions on crypto treasury companies. Japan is home to one of the largest listed Bitcoin holders, MetaPlanet. Speaking of restrictions, in an interview with the Financial Times, Kraken's co-CEO Arjun Sethi has criticised the UK financial regulators' rules on crypto promotion as unnecessarily prohibitive.

5:08But the regulatory regime appears to be once again much friendlier in the US, where the SEC chair Paul Atkins outlined plans for different types of classification of tokens, with many falling outside the securities definition. That's all I've got for you. Check out Raoul's new journeyman and join Jamie Coutts for an AMA if you're a pro member at 4pm Eastern Time. Take care.