US Jobs Surprise, Europe’s Weak Data, and Crypto’s Global Push: PALvatar Market Recap, November 06 2025

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1:16Imagine this. You're in a beautiful location, the weather is sunny, and you're surrounded by like-minded, brilliant and interesting people who all want to learn and make money in crypto. If you like the sound of that, join us at our crypto gathering in Miami from January 22nd to 25th. You can find all the details and buy your tickets at realvision.com forward slash crypto gathering. But before you get to sip cocktails and talk banana zone with fellow DGens, we've got a job to do here. I'm about to equip you with a fresh set of key market moving headlines and data. Of course, I'm not Raoul. I'm Palvatar, his AI alter ego.

1:55So just bear in mind that these aren't Raoul's opinions. For his real takes and deep dive analysis, check out Real Vision, such as The Last Journeyman with Geordie Visser. OK, onto today's recap. US equity traders have no fucking clue which way to go today if futures are any indication. In other words, we're flat as of lunchtime in Europe. Asia had a strong session, thanks in particular to the Hang Seng, up more than 2%, and Shenzhen Composite, which closed 1.7 % higher. It was a good day for Chinese stocks, as the Shanghai Composite reclaimed the key psychological level of 4 ,000. Europe is a lot more mere, as it grapples with some poor data, which I'm going to get into in a second.

2:40Gold is back above$4 ,000, and crypto is mixed. The market is trying to determine whether the US's good economic news is too good for the Fed. For now, the verdict is not, as the odds of a rate cut in December increased to 67 % from 62 % yesterday. This is after the release of strong private sector employment figures, which showed an increase in jobs for October that exceeded expectations, alongside a return to expansion by the service sector. ADP reported 42 ,000 private sector jobs were added in October, versus 25 ,000 expected, while the service's PMI from the ISM hit 52.4 last month. This was a much stronger than expected rebound in activity compared to the flat reading of 50 in September and the highest level in eight months.

3:29The final October reading from the S &P Global was revised slightly lower but remained firmly in expansion territory at 54.8. Japan's services sector activity also came in strong at 53.1, despite the slowest growth in new orders in 16 months. In Europe, as I mentioned, stocks are generally lower following disappointing industrial production and construction activity numbers. Industrial output in Germany rose only 1.3 % month over month in September, a significant miss, while French construction PMI fell sharply into contraction territory in October. All of this reflects ongoing challenges within the manufacturing and construction sectors amid high costs and weak demand.

4:14The picture is even more dismal in the UK, where construction activity fell at its fastest since the pandemic, with civil engineering the biggest drag. S &P Global's construction PMI fell to an abysmal 44.1 last month. Speaking of the UK, the Bank of England has held rates unchanged at 4 % as expected in a tight decision, as lingering concerns about elevated inflation prevailed. However, this makes a December cut more likely. In other news, there's significant interest in US Supreme Court proceedings regarding President Trump's tariffs. Justices, including the conservative ones, expressed scepticism about their legality during a hearing yesterday.

4:56This has raised hopes among traders that some duties may be rolled back if ruled against by the court later this year. It's not the only action by the US president that's in the spotlight today. at a business summit in, you'll never guess it, Miami again. He said crypto had been under siege, but not anymore, and vowed to continue making the US the Bitcoin superpower and the crypto capital of the world. Robinhood stock closed 4 % higher on Wednesday after it reported a 100 % surge in revenues year over year in the third quarter, driven primarily by a 4x increase in crypto trading revenue. Another company celebrating today is Ripple Labs, which raised$500 million at a valuation of$40 billion.

5:41The company has also announced is teaming up with Mastercard, WebBank and Gemini to test using RippleUSD stablecoin to settle fiat credit card transactions on the XRPL blockchain. Meanwhile, Coindesk reports that Franklin Templeton has launched a tokenized money market fund in Hong Kong and the Financial Times says Switzerland opened a public consultation last month about regulating stablecoin issuers under its financial law. As ever, lots to digest, but I think you've just saved yourself a couple of hours of research, right? Palvatar out. I'll see you again tomorrow.