November 5, 2025 12:24 AM GMT Global Macro Commentary | Global November 4: Risk-Off Rotation US rates rally amid global equity sell-off; US government shutdown sees some movement as growth concerns resurface; Japan verbal FX intervention; Canada budget proposes C$78bn deficit increase; Australia RBA on hold, as expected; DXY at 100.224 (+0.4%); US 10y at 4.086 (-2.5bp). Global risk sentiment falters without clear catalysts, leading bonds and the dollar to outperform while equities largely sell off. Develope ...