14 November 2025
US stocks declined on Thursday, amid investor concerns over highly-valued tech stocks and the Fed rate cut path. The S&P 500 was down 1.7%.
US Treasuries fell amid cooled market expectations of a December Fed rate cut and after a weak 30-year Treasury debt auction. 10-year yields rose 5bp to 4.12%.
European stocks fell on Thursday after data showing the UK economy slowed in Q3. The Euro Stoxx 50 closed 0.8% lower. The German DAX fell 1.4% and the French CAC lost 0.1%. In the UK, the FTSE 100 dropped 1.0%.
European government bonds fell. 10-year German yields rose 5bp to 2.69%, while 10-year French yields rose 4bp to 3.42%. 10-year UK gilt yields rose 4bp to 4.44%.
Asian stock markets mostly rose on Thursday as the US government shutdown ended. Japan’s Nikkei 225 advanced 0.4% amid a weaker yen, and Korea’s Kospi closed 0.5% higher. China’s Shanghai Composite rose 0.7%, while Hong Kong’s Hang Seng climbed 0.6% ahead of earnings releases from tech heavyweights. Elsewhere, India’s Sensex ended largely flat.
Crude oil prices edged higher on Thursday. WTI crude for December delivery settled at USD58.7 a barrel (+0.3%).
In the UK, the preliminary GDP reading for Q3 slowed to 0.1% qoq from 0.3% qoq in Q2.
In China, growth in industrial production and retail sales likely moderated in October.
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