🗓 Monday, November 17, 2025
► Europe mixed – early gains fade; defense stocks outperform
European markets started the week slightly positive but later turned negative / mixed as sentiment remained cautious. Stoxx 600 -0.3%, DAX -0.5%, CAC 40 -0.4%, FTSE 100 -0.1%, FTSE MIB -0.5%, IBEX 35 -0.8%, SMI -0.4%. Gains in Saab +7.4% after a $3.6B jet deal with Colombia and Airbus +1.2% on reports of a major flydubai order helped offset broader weakness. Elsewhere, traders remained cautious after last week’s sharp AI-led selloff, as Fed rate-cut bets dropped below 50%. UK 10Y 4.54% (-3bps), Bund 10Y 2.70% (-1bps). EUR/USD 1.160 (-0.2%), GBP/USD 1.318 (+0.1%).
► Wall Street steadies – Alphabet jumps; focus turns to Nvidia & Fed speakers
US equities opened the week with modest gains following a volatile stretch dominated by tech valuation fears and uncertainty over the Fed’s next move. S&P 500 +0.3%, Nasdaq 100 +0.5%, Dow flat. Alphabet +5% surged after Berkshire Hathaway disclosed a $4.9B stake, helping lift broader sentiment. Futures stabilized as investors looked ahead to Nvidia’s earnings (Wednesday) and upcoming retail results from Walmart & Target. Fed policymakers Williams, Jefferson, Kashkari, Waller are due to speak later today, with markets now pricing only a 45% chance of a December rate cut. US 10Y 4.13% (-2bps), dollar slightly stronger (DXY +0.1%).
► Asia mixed – Kospi rebounds; China & Japan cautious
Asian markets showed a mixed picture as investors weighed improved risk appetite against lingering uncertainty over Fed policy. Nikkei -0.1%, Kospi +1.9%, Hang Seng -0.7%, Shanghai -0.5%, Shenzhen -0.1%, ASX flat. The Kospi led gains after last week’s selloff, with chip and internet stocks rebounding. Sentiment in China and Japan stayed subdued amid weak data and growing Beijing-Tokyo tensions, after China issued travel warnings to citizens heading to Japan. USD/JPY 154.8 (+0.2%), USD/CNY 7.11 (+0.1%), AUD/USD 0.652 (-0.3%).
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