Global equity markets paused after strong recent gains, with investors looking ahead to key central-bank decisions and tech-earnings releases. At the same time, gold prices fell sharply—slipping below $4,000 an ounce and down more than 10% from this month’s peak. Equity volatility indices (VIX and MOVE) dropped to multi-week lows, suggesting investor complacency. Asian currencies such as the Chinese yuan and Japanese yen strengthened amid geopolitical and policy developments. The mixed signal in risk assets reflects cautious optimism ahead of next week’s policy watershed.