Markets show clear signs of speculative excess and uneven fundamentals, suggesting caution rather than certainty about whether we’re in a bubble or a lasting boom.

The primary trend in equities is still up, but some growing divergences raise the specter of a short-term shakeout in the 4-7% range.

October was a month of contradictions. On the surface, markets finished the month strong.

Affordability in the German real estate market remains strained.

Global stock markets began November positively, suggesting that the seven-month rally in risk assets may continue, supported by strong tech earnings and signs of reduced tensions between the US and China.

A data-heavy week lies ahead with three key impulses: the U.S. ISM Manufacturing PMI, the Bank of England (BoE) rate decision, and Germany’s trade balance release.