🗓 Monday, November 24, 2025
► Europe mixed – early strength fades as crypto weakness pressures risk appetite
European equities started the week slightly higher but momentum cooled as Bitcoin reversed its weekend recovery and risk sentiment softened again. Stoxx 600 flat, DAX +0.56%, CAC 40 flat, FTSE 100 +0.23%, FTSE MIB -0.90%, IBEX 35 +0.64%, SMI +0.16%. Defense stocks stayed under pressure amid renewed chatter around US–Ukraine peace efforts (Rheinmetall -4.5%, Hensoldt -3.8%, Renk -4%). Bayer +9.4% surged on strong Phase III Asundexian results; AstraZeneca +0.3% after announcing a $2B US manufacturing expansion. EUR/USD 1.154 (+0.25%), GBP/USD 1.309 (flat), EUR/JPY 181.0 (+0.54%).
► Wall Street cautiously higher – tech rebounds but crypto slump weighs; Fed uncertainty persists
US futures traded modestly higher as markets attempted stabilization heading into a holiday-shortened week. S&P 500 +0.30%, Nasdaq 100 +0.50%, Dow +0.05%. Tech recovered slightly (Alphabet +2.5% premarket; NVDA +0.4%) while crypto-related names stayed weak as Bitcoin fell back toward $86K, now on track for its worst month since 2022. Fed rate-cut odds for December remain around ~65% following Friday’s dovish remarks from NY Fed President Williams. Data uncertainty persists as traders learned the October CPI report will now be published after the December Fed meeting (Dec 18 new date for CPI data). Attention turns to September retail sales tomorrow and jobless claims Wednesday. US 10Y 4.05% (-1bps), DXY flat.
► Asia mixed – tech stabilizes; Hang Seng & ASX lead; Japan pressured
Asian markets were mixed as regional sentiment improved but tech and crypto-linked names remained sensitive to Bitcoin’s renewed decline. Hang Seng +1.97%, ASX 200 +1.29%, Kospi -0.19%, Nikkei -2.40%, Shanghai +0.05%, Shenzhen +0.38%, Taiwan +0.26%, Nifty -0.42%. Alibaba +4.7% jumped on a successful AI app launch. Japan lagged as the Nikkei extended last week’s losses, with yen weakness (USD/JPY 156.85) offering limited support. Broader sentiment stayed cautious ahead of Thanksgiving week and the US retail sales print.
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