🗓 Thursday, November 13, 2025
► Europe softer again after positive start
European equities edged lower after the end of the longest US government shutdown, with investors adopting a cautious stance as much of the optimism was already priced in. Stoxx 600 -0.2%, DAX -0.6%, FTSE 100 -0.8%, CAC 40 +0.4%, FTSE MIB +0.4%, IBEX 35 flat, SMI -0.3%. Weakness in UK markets followed flat Q3 growth (+0.1%) and renewed concerns about upcoming tax hikes in the Labour government’s budget. Pharma stocks were a bright spot: ALK +12.8%, Zealand Pharma +5%, and Burberry +2.8% gained on better sales (especially in China). Energy shares were mixed after the IEA raised its oil supply outlook – Shell -0.3%, BP -1.8%, TotalEnergies +0.8%. EUR/USD 1.162 (+0.2%), GBP/USD 1.316 (+0.3%), German Bund 10Y 2.67% (+2bps).
► Wall Street moderately lower – profit-taking after shutdown; Fed uncertainty dominates
US stocks eased as investors took profits following the government reopening, while uncertainty over the Fed’s next steps and missing economic data weighed on sentiment. S&P 500 -0.35%, Nasdaq 100 -0.40%, Dow -0.25%. Traders reacted cautiously after FOMC members gave mixed signals on rate cuts, with money markets now pricing even odds for a cut next month. Cisco +7% surged after strong results and raised guidance, while Disney -4% fell after mixed earnings. Alibaba +2% rose on news of a planned AI app overhaul. Treasuries weakened / higher yields (US 10Y 4.10% +3bps). The dollar temporarily edged lower again (DXY -0.15%).
► Asia mixed – China rebound & reopening optimism support sentiment
Asian markets traded mixed to higher, supported by optimism following the US reopening but capped by profit-taking in tech. Nikkei +0.4%, Kospi +0.5%, Hang Seng +0.6%, Shanghai +0.7%, Shenzhen +1.8%, ASX -0.5%, Nifty flat, STI +0.15%. Gains in China A-shares came as investors bet on renewed stimulus ahead of fresh industrial and credit data. Japan’s Nikkei +0.4% benefited from export gains and firm yen levels (USD/JPY 154.7). SoftBank +1.2% rebounded slightly after heavy losses earlier in the week. Regional sentiment improved on expectations that global liquidity could rise again once delayed US data resume. USD/CNY 7.10 (-0.2%), AUD/USD 0.655 (+0.2%), EUR/JPY 179.7 (+0.1%).
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