Stocks Log Longest Winning Streak in a Month, Finish at Record High

The global trading system is closing out one of the most transformative years it has experienced in decades, reshaped by geopolitical shifts, policy changes, and evolving supply chains. As markets look ahead, the system enters the next phase facing renewed questions around stability, resilience, and long-term growth, even after navigating a period of extraordinary adjustment.

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Despite these headwinds, global merchandise trade has shown notable durability through 2025. This resilience has come even as US President Donald Trump moved forward with policies that effectively raised trade barriers around the world’s largest economy, reviving concerns about protectionism and its potential impact on cross-border commerce.

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While the expansion of tariffs added friction to international trade flows, overall activity held up better than many analysts had anticipated.

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Recent data suggest that shipping volumes, a closely watched proxy for global trade health, remained on a steady upward path. Figures cited this week by shipping industry veteran John McCown indicate that worldwide container traffic rose 2.1% in October compared with the same period a year earlier.

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The increase points to ongoing demand for goods moving through global supply chains, even as companies and governments adjust to a more fragmented trade environment.

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For investors, the ability of global trade to absorb policy shocks without a sharp slowdown has been a key theme this year. Businesses have continued to adapt by rerouting supply chains, diversifying production hubs, and managing inventory more strategically.

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These adjustments have helped soften the impact of higher tariffs and geopolitical uncertainty, allowing trade volumes to remain relatively stable rather than contract sharply.

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At the same time, the data underscore the uneven nature of the current global expansion. While trade growth has avoided a collapse, the pace remains modest by historical standards, reflecting lingering pressures from higher financing costs, shifting trade alliances, and cautious corporate investment.

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As a result, markets remain alert to signs that trade momentum could either strengthen or falter as policy risks evolve.

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Looking ahead, the durability of global commerce will likely depend on how governments balance domestic economic priorities with the need for open markets. With trade policy once again a central issue for major economies, investors will continue to monitor shipping data, tariff developments, and supply-chain trends for clues about the direction of global growth.

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For now, the latest figures suggest that while the global trading system is under strain, it remains operational and more adaptable than many feared.

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