🗓 Monday, December 8, 2025
► Europe flat to slightly higher – cautious tone as Fed week begins
European equities traded mixed in a slow start to a decisive macro week. Investors remained cautious with the Fed, BoC and RBA all set to decide on rates mid-week. Stoxx 600 -0.04%, DAX +0.18%, CAC 40 -0.16%, FTSE 100 flat, FTSE MIB -0.02%, IBEX 35 -0.17%, SMI +0.44%. Gains were limited as markets consolidated after the strong late-November rebound that carried indices back toward record highs. Eurozone GDP was revised up to +0.3% QoQ, offering a mild sentiment boost. EUR/USD 1.165 (+0.07%), GBP/USD 1.332 (-0.07%), EUR/GBP 0.875 (+0.17%).
► Wall Street cautious – S&P 500 near ATH; Fed cut nearly priced in; Tech steady
US futures were little changed as markets entered a pivotal Fed week with rate-cut expectations close to 90%. S&P 500 futures +0.10%, Nasdaq 100 +0.25%, Dow +0.05%. Stocks hovered near all-time highs after last week’s soft (but dated) September PCE readings and resilient risk sentiment. Traders expect the Fed to cut on December 10, while uncertainty remains on how aggressively Chair Powell will guide for 2026. Treasuries stayed under pressure (US 10Y ~4.15%), extending their worst week since June as supply concerns and BoJ policy risks weighed. Netflix +1.5% premarket rebounded slightly after Trump flagged potential antitrust concerns around its $72B WBD acquisition. CRH, Carvana and Comfort Systems rallied after news they will join the S&P 500 on December 22.
► Asia mixed – China leads; Japan steady; sentiment constructive ahead of Fed
Asian markets delivered a mixed but overall constructive session as traders positioned for Wednesday’s Fed decision. Shanghai +0.54%, Shenzhen +1.39%, Kospi +1.34%, Taiwan +1.15%, Nikkei +0.18%, Nifty -0.86%, HSI -1.23%. Mainland China led gains after the Politburo made domestic demand a top priority for 2026, supporting growth-sensitive sectors. Japan traded stable despite GDP contraction concerns, with BoJ-related uncertainty capping upside. Broader Asian sentiment remained firmly risk-on, supported by crypto resilience and expectations of global monetary easing into early 2026.
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