25 November 2025
US stocks rose on Monday, led by a recovery in tech shares amid Fed rate cut expectations. The S&P 500 gained 1.5%.
US Treasuries posted modest gains with the December Fed policy decision in focus. 10-year yields fell 4bp to 4.02%.
European stocks were mixed on Monday. The Euro Stoxx 50 closed 0.2% higher. The German DAX gained 0.6% while the French CAC lost 0.3%. In the UK, the FTSE 100 edged down 0.1%.
European government bonds edged higher. 10-year German bund yields edged 1bp lower to 2.69%, whilst 10-year French bond yields fell 2bp to 3.45%. 10-year UK gilt yields stayed at 4.54%.
Asian stock markets traded mixed on Monday. Hong Kong’s Hang Seng surged 2.0% on a strong rally in tech stocks, while China’s Shanghai Composite closed nearly flat. Meanwhile, Korea’s Kospi edged 0.2% lower, as India’s Sensex fell 0.4%. Japan’s financial markets were closed for a public holiday.
Crude oil prices rose on Monday. WTI crude for January delivery settled 1.3% higher at USD58.8 a barrel.
No major releases.
In the US, consumer confidence has fallen since the summer, and is expected to dip to 93.3 in November from 94.6 in October as consumers have become more pessimistic about the labour market. Core PPI likely rebounded in September following August's benign print, driven by temporary factors. Meanwhile, retail sales growth may have slowed to 0.4% mom in September, from 0.6% mom in August.
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