Market Developments - CME Group markets have resumed trading after a technical outage, with U.S. gold futures up 0.3% at $4,215.3/oz and WTI futures opening at $58.90, up 0.43% from the previous close [3][7] - The German Bundestag has approved a 2026 federal budget that includes €98 billion in net new borrowing, raising total net debt to nearly €182 billion, a level not seen since the COVID-19 pandemic [4][7] - Canada's economy grew by an annualized 2.6% in Q3, significantly exceeding the 0.5% forecast and reversing a previous contraction of -1.6% [5][7] Consumer Spending Trends - Adobe Inc. forecasts record online spending for the holiday season, predicting $11.7 billion for Black Friday (an 8.3% increase year-over-year) and $14.2 billion for Cyber Monday (a 6.3% increase) [6][7]

Core Insights - Gold prices reached record highs, driven by investor demand for safe-haven assets amid the first government shutdown in nearly seven years, although the broader economic impact is expected to be minimal [1][3][6] - Bitcoin also saw a significant rally, with prices increasing nearly 7% over the past five days, indicating a shift in investor sentiment towards perceived less risky assets [1][3][5] Gold Market - U.S. gold futures hit an all-time high of approximately $3,922 per troy ounce before settling around $3,900 [3] - Goldman Sachs and UBS strategists suggest that gold is favored during periods of economic uncertainty, with expectations of potential interest rate cuts by the Federal Reserve contributing to rising prices [4] Bitcoin Market - Bitcoin's price rose from just over $109,000 to around $117,200, reflecting a 2.8% increase on the day of reporting [3] - Despite being a risk asset, Bitcoin is perceived as a less risky investment compared to traditional equities during times of economic uncertainty [5] Economic Impact of Government Shutdown - Historical data indicates that government shutdowns tend to have a short-lived and minimal impact on the economy, with an average duration of eight days [6] - Previous shutdowns have resulted in temporary market rallies, such as a 10% increase in the S&P 500 following a 34-day shutdown in late 2018 [6] Upcoming Economic Data - The government shutdown may delay the release of key economic data, including nonfarm payrolls and inflation reports, which are critical ahead of the Federal Reserve's policymaking meeting [7]