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Global stock markets ended the week mixed as investors weighed Middle East developments, expectations for US Federal Reserve policy and the outlook for technology company earnings. Attention now turns to inflation figures due worldwide, led by the United States, alongside central bank speeches at the International Monetary Fund and World Bank annual meetings in Thailand.

Escalating conflict across the Middle East and slower tanker traffic through the Strait of Hormuz intensified supply concerns, keeping oil prices elevated and stoking fears of faster inflation. President Donald Trump said he agreed with Russian President Vladimir Putin on diesel deliveries to the US and global markets — more than 300,000 tonnes initially, 500,000 tonnes in November and then 1 million tonnes. A Treasury buyback of $6 billion also eased bond market selling pressure.

Fed minutes from the September 15-16 meeting pointed to one more rate increase before year-end, and Governor Christopher Waller said hikes need not occur at consecutive meetings but should come within a reasonable period. Money markets assign an 83% chance the Fed holds rates steady this month. US consumer confidence fell to 46.3 in October and the ISM services PMI slipped to 54.9, while gold rose 1.3% to $4,194 and Brent crude gained 2.12% to $104.4.

European bourses were mostly negative, except the UK, as fiscal concerns eased after reassurances from French Finance Minister Roland Lescure. Bank of England Governor Andrew Bailey warned that the global financial system must prepare for larger shocks, saying fragilities in sovereign bond, credit and asset markets could surface.

Key Takeaways

• Investors focus on worldwide inflation releases that analysts say will guide central bank rate policies
• Middle East tensions and slower Strait of Hormuz tanker traffic keep oil prices and inflation fears elevated
• Fed minutes and Governor Waller signal a possible year-end rate hike, though markets expect no move this month