12 December 2025
US stocks traded mostly higher on Thursday. The S&P 500 ended up 0.2% despite losses in technology shares.
US Treasuries were little changed. 10-year yields edged up 1bp to 4.16%.
European stocks rose on Thursday after the widely expected 25bp rate cut by the US Fed. The Euro Stoxx 50 closed 0.8% higher. The German DAX gained 0.7% while the French CAC rose 0.8%. In the UK, the FTSE 100 was up 0.5%.
European government bonds edged higher. 10-year German bund yields fell 1bp to 2.84% while 10-year French bond yields fell 2bp to 3.55%. In the UK, 10-year gilt yields fell 2bp to 4.48%.
Asian stock markets traded mostly lower on Thursday amid resurfacing worries over AI spending. Regional tech stocks led losses, with Japan’s Nikkei 225 and Korea’s Kospi down 0.9% and 0.6%, respectively. China’s Shanghai Composite fell 0.7%, while Hong Kong’s Hang Seng closed nearly flat. Elsewhere, India’s Sensex bucked the regional trend, rising 0.5%.
Crude oil prices fell on Thursday. WTI crude for January delivery settled 1.5% lower at USD57.6 a barrel.
In Turkey, the central bank cut its policy rate by 150bp to 38.00% amid softer inflation.
The Philippines’ central bank lowered its policy rates by 25bp, as expected, and hinted that the monetary easing cycle is nearing its end.
In India, headline CPI inflation likely picked up from October’s low but stayed subdued at 0.7% yoy in November.
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