🗓 Tuesday, November 11, 2025
► Europe higher – momentum continues; Swiss stocks and Vodafone lead gains
European markets extended gains as optimism about the end of the US government shutdown continued to support sentiment. Stoxx 600 +0.7%, DAX +0.05%, CAC 40 +0.6%, FTSE 100 +0.9%, FTSE MIB +0.75%, IBEX 35 +0.5%, SMI +1.1%. The UK’s FTSE hit a new record high as defensive and old-economy sectors outperformed amid valuation concerns in tech. Swiss luxury stocks rallied on optimism over reduced US tariffs – Swatch +2.8%, Richemont +2.0%, Givaudan +1.5%. Vodafone +5.5% jumped after lifting its dividend and guiding to the upper end of FY26 profit outlook. Broader sentiment stayed positive despite disappointing ZEW sentiment data from Germany, while EUR/USD 1.157 (+0.1%), GBP/USD 1.315 (-0.2%), and Bund 10Y 2.67% (flat) showed limited moves.
► Wall Street softer – SoftBank’s Nvidia sale and CoreWeave warning weigh on AI
US equities eased slightly after Monday’s rally as renewed valuation concerns in AI and chips triggered mild profit-taking. S&P 500 -0.15%, Nasdaq 100 -0.30%, Dow +0.05%. Nvidia -1.4% after SoftBank confirmed the $5.83B sale of its entire stake, while CoreWeave -9% plunged on lower revenue guidance and ongoing supply constraints. Investors shifted focus to upcoming inflation and jobs data amid optimism that the shutdown deal will be signed by Wednesday. Gains in Rocket Lab +13% (earnings beat), Sony +5% (raised outlook), and Xpeng +4% (robotics progress) helped offset weakness in mega-cap tech. Pfizer +1%, Paramount Skydance +5%, and The RealReal +18% were also higher post-earnings. Treasuries were steady (US 10Y 4.12%), while the USD was little changed.
► Asia mixed – profit-taking in tech; Sony strength and CoreWeave drag dominate
Asian markets traded mixed, digesting the US tech pullback and SoftBank’s Nvidia sale. Nikkei -0.1%, Kospi +0.8%, Hang Seng +0.2%, Shanghai -0.4%, Shenzhen -1.0%, ASX -0.2%, Nifty +0.5%, STI +1.2%. The session saw contrasting moves: Sony +5% on strong results, while AI sentiment weakened on CoreWeave’s warning. Chinese markets underperformed on continued growth concerns, though India and Singapore outperformed. USD/JPY 154.26 (+0.1%), USD/CNY 7.12 (flat), AUD/USD 0.653 (-0.1%), EUR/JPY 178.5 (+0.2%).
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