Key Financial Rates, Indices, and Product Pricing – 19 November 2025
Global Market Update – Key Financial Rates, Indices, Commodities & Product Pricing (19 November 2025)
This market update provides a comprehensive overview of global financial conditions as of 19 November 2025, covering interest rates, equity and credit markets, commodities, South Africa–specific data, and structured product pricing trends. It is designed for professional investors seeking timely insights into market movements and cross-asset dynamics.
Interest Rates Overview – GBP, USD and EUR Yield Curves
Global interest rate markets were stable to slightly firmer across major currencies, with central bank policy expectations continuing to influence yield curve shapes.
Policy Rates and Swaps
GBP | USD | EUR
- Policy Rate: 4.00 | 3.88 | 2.00
- O/N Rate: 3.97 | 4.00 | 1.93
- 1-yr swap: 3.62 | 3.58 | 1.90
- 2-yr swap: 3.54 | 3.36 | 1.93
- 5-yr swap: 3.67 | 3.38 | 2.18
- 10-yr swap: 4.02 | 3.68 | 2.55
These levels reflect expectations of more stable policy paths, with GBP remaining the steepest curve among the three currencies.
Global Equity Indices and Credit Market Performance
Equity markets experienced mixed performance over the past month, with the FTSE 100 holding firm while US and European benchmarks softened. Credit spreads were marginally wider across both investment grade and high yield markets.
Equity Index Levels & One-Month Change
- FTSE 100: 9546.67 (+1.52%)
- S&P 500: 6617.32 (–1.75%)
- Euro Stoxx 50: 5517.84 (–2.87%)
Volatility Indicators
- IVI UK: 18.12
- VIX: 24.24
- V2X: 22.90
Credit Spread Snapshot
- iTraxx Main 5Y: 56.74 bp
- iTraxx Xover 5Y: 271.68 bp
- CDX IG 5Y: 55.28 bp
- CDX HY 5Y: 345.86 bp
Credit markets remain orderly, with moderate widening reflecting increased risk aversion.
South Africa Market Update – Rates, Currency and Equity Trends
South African markets were relatively stable month-on-month, with modest moves in swap rates and FX crosses.
ZAR Rates (Today vs 1 Month Ago)
- Policy Rate: 7.00 | 7.00
- 1-yr swap: 6.63 | 6.70
- 5-yr swap: 6.75 | 6.80
- 10-yr swap: 7.55 | 7.79
Currencies
- USDZAR: 17.17 (from 17.23)
- GBPZAR: 22.53 (from 23.09)
Equities (1-Month Change)
- JSE Top 40: –0.29%
- JSE ALSI: –0.23%
- Capped ALSI: –0.19%
ZAR modestly strengthened, while equities saw slight consolidation.
Commodity Market Trends – Energy, Metals and Emissions
Commodities saw varied performance, with energy prices rising sharply, metals mixed, and precious metals lower.
Energy
- WTI Crude: 60.51 (+5.20%)
- Brent Crude: 60.39 (+5.87%)
Base Metals
- Aluminium: –0.85%
- Copper: +0.64%
- Nickel: –3.18%
- Zinc: –1.08%
Precious Metals
- Gold: –5.44%
- Silver: –2.90%
Emissions Markets
- EU Allowances: 80.54 (+0.90%)
- UK Allowances: 56.42 (–1.82%)
Energy strength reflects supply concerns, while gold softened following interest rate stability.
Asset Class Performance – 1, 3 and 12-Month Returns
Performance varied widely across equities, bonds, and commodities, reflecting divergent macro conditions.
Examples:
- Global equities (MSCI World):
- 1M: +0.17%
- 3M: +5.26%
- 1Y: +11.85%
- Eurozone equities (Euro Stoxx 50 NR):
- 1M: –1.30%
- 1Y: +25.48%
- Gold (GSCI Gold TR):
- 1M: –4.39%
- 1Y: +48.45%
- Broad commodities (S&P GSCI TR):
- 1M: +5.71%
- 1Y: +7.98%
This section highlights meaningful dispersion between regions and asset classes.
Structured Product Pricing Trends – Autocallable Notes
Structured product pricing remained stable, with typical variations based on index volatility, issuer funding levels, and rate movements.
6-Year FTSE 100 Autocall (GBP)
Shows historical pricing levels (average, min, max) based on semi-annual observations and a 70% final barrier.
3-Year S&P 500 Autocall (USD)
Reflects the exit level history for USD-denominated autocalls with similar parameters.
3-Year Euro Stoxx 50 Autocall (EUR)
Tracks the pricing environment for Euro-based structured notes.
These pricing series illustrate how volatility and rates influence product terms month-to-month.
This update is intended for professional clients and eligible counterparties, providing insights into current market conditions and structured product opportunities.
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