🗓 Wednesday, November 19, 2025
► Europe steadies – sell-off slows as markets await Nvidia
European equities showed early signs of stabilizing after several sessions of heavy tech-led selling. Markets traded mixed but off their worst levels as investors shifted focus to tonight’s crucial Nvidia earnings. Stoxx 600 +0.1%, DAX +0.2%, CAC 40 flat, FTSE 100 -0.2%, FTSE MIB -0.1%, IBEX 35 +0.5%, SMI +0.7%. Sentiment remains fragile with persistent concerns about AI valuations and slowing momentum in big tech. UK inflation cooled to 3.6%, boosting expectations of a BoE December cut. Sector moves were mixed: travel retail WH Smith +4%, defense and industrials saw small gains, while luxury stocks were pressured after Kering -2.5% flagged a long restructuring period for its brands.
EUR/USD 1.158 (flat), GBP/USD 1.312 (-0.2%), EUR/JPY 180.8 (+0.4%).
► Wall Street firmer – markets stabilize ahead of Nvidia's “make-or-break” report
US stocks attempted a rebound after a multi-day tech sell-off that has pushed the S&P 500 down more than 3% in November. S&P 500 futures +0.3%, Nasdaq 100 +0.4%, Dow +0.2%. Investors paused selling ahead of Nvidia’s earnings, widely seen as a sentiment-setting moment for the entire AI trade. Options markets imply a ~7% (!) earnings-day move. Nvidia shares is up 1.8% in premarket trading. Fed minutes later today are expected to show a divided committee, with markets pricing <50% chance of a December rate cut. US 10Y 4.11% (flat), dollar stronger (DXY +0.2%).
► Asia mixed – tech cautious; China & Japan steady; Nifty surges
Asian markets traded mixed as the regional tech sector remained under pressure but broader sentiment stabilized.
Nikkei -0.3%, Kospi -0.6%, Hang Seng -0.4%, Shanghai +0.2%, Shenzhen flat, ASX -0.25%, Nifty +0.55%. Investors were cautious ahead of US tech (NVDA) earnings and amid growing concerns about overstretched AI valuations globally. China’s markets were steady despite ongoing macro headwinds. Japan’s yen weakened to USD/JPY 156.2, highlighting renewed pressure on the BOJ but also improved risk sentiment.
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