🗓 Friday, November 21, 2025
► Europe lower – volatility persists as tech pressure returns
European equities extended losses as global volatility remained elevated following Thursday’s historic reversal. Stoxx 600 -0.4%, DAX -0.5%, CAC 40 -0.1%, FTSE 100 -0.1%, FTSE MIB -0.5%, IBEX 35 -1.0%, SMI +0.35%. Tech remained the biggest drag with European semiconductor names sharply lower again: ASML -7%, ASMI -5.8%, BE Semiconductor -7%. Defense stocks also sold off on concerns around Trump’s renewed Ukraine peace push (Rheinmetall -7%, Hensoldt -7%, Renk -9%). Broader sentiment stayed fragile as AI valuation fears continued weighing on markets. EUR/USD 1.152 (-0.1%), GBP/USD 1.308 (+0.1%), EUR/JPY 180.6 (-0.5%).
► Wall Street stabilizes – Fed’s Williams boosts December cut odds; bears still in control
US equity futures stabilized for now as dovish comments from NY Fed President John Williams pushed December rate-cut odds back above 55%. S&P 500 futures +0.5%, Nasdaq 100 +0.6%, Dow +0.4%. The move comes after one of the sharpest intraday reversals, with investors shaken by a $5T global equity wipeout and heavy AI-led selling despite Nvidia’s flawless earnings report. Nvidia turned positive premarket after falling more than 2% earlier. Treasury yields dropped again (US 10Y 4.06% -4bps) as rate-cut expectations surged. VIX hit its highest level since April. Analysts warn corrections may extend given stretched valuations and narrowing market breadth.
► Asia sharply lower – tech meltdown hits regional markets; China & Japan pressured
Asian equities tumbled as the global tech rout spread across the region. Nikkei -2.4%, Kospi -3.8%, Hang Seng -2.4%, Shanghai -2.5%, Shenzhen -3.4%, Taiwan -3.6%, ASX -1.6%, Nifty -0.5%. Semiconductor and AI-exposed companies led losses: TSMC -3.6%, Samsung -3.5%, SK Hynix -4%, Tencent -2.9%. Risk sentiment worsened as Bitcoin broke to fresh 7-month lows and crypto-linked stocks plunged. Japan’s yen strengthened slightly (USD/JPY 156.8 -0.4%) after Tokyo signaled readiness to intervene.
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