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Friday, November 28, 2025
What’s happening: European stocks closed mostly higher on Thursday after recording gains for three straight sessions.
What happened: Rising speculations of an interest rate cut by the US Federal Reserve next month continued to provide support to risk sentiment.
Investors also digested the latest economic reports from the Eurozone released on Thursday.
Why it matters: Investors are increasingly confident of the Fed announcing a cut in its benchmark interest rates in December, following data signalling weakness in the US economy.
Prospects of lower interest rates stimulating the world’s largest economy lend support to the European stock market.
Data released on Thursday showed that the Eurozone’s consumer confidence came in unchanged from the previous month at -14.2 in November.
The Economic Sentiment Indicator rose to 97.0 in November from 96.8 in the previous month, reaching its highest level since April 2023.
Bank lending to households in the Eurozone climbed 2.8% year-over-year to €7.07 trillion in October, recording the fastest pace since March 2023 and topping market estimates of 2.6%.
Automobile stocks were the best performers on Thursday, driven by a 1.5% gain in Ferrari’s stock. Food and beverage stocks also recorded sharp gains during the session. However, healthcare stocks remained under pressure, with declines in the shares of Roche and Novo Nordisk.
Shares of Puma jumped around 19% on Thursday as Chinese companies Anta Sports Products and Li Ning considered a potential takeover of the company. Allfunds Group’s stock recorded its biggest one-day surge on record, after the company entered into talks to be bought by Germany’s Deutsche Boerse.
US equity markets were closed for the Thanksgiving holiday on Thursday, which resulted in lighter-than-usual trading volumes in the global financial markets.
The STOXX Europe 600 Index gained 0.14% to close at 575.00, nearing a two-week high. However, the index is still around 1.9% off from its record high reached earlier during the month, after falling sharply amid concerns around tech valuations being too high.
Major regional bourses also settled slightly higher, with London’s FTSE 100 gaining 0.02% to 9,693.93 following the announcement of the autumn budget. Germany’s DAX 40 climbed 0.18% to settle at 23,767.96, while France’s CAC 40 rose 0.04% to 8,099.47 on Thursday.
What to watch: Investors await the release of economic data on European Central Bank’s consumer inflation expectations (1300 UAE Time) today. Median consumer inflation expectations in the Eurozone, which eased to 2.7% in September, are expected to decline further to 2.6% in October.
Data on inflation from France, Spain and Germany will also remain in focus today.
Context: The JPY/USD forex pair slipped this morning as investors assessed the latest economic data.
Details: Data released this morning showed retail sales in Japan grew 1.7% year-over-year in October, accelerating from the previous month’s 0.2% growth. The figure also topped market estimates of a 0.8% rise.
Japan’s industrial production grew by 1.4% in October, easing from a 2.6% surge in September, but topping market projections of a 0.6% decline.
Japan’s unemployment rate came in unchanged versus the previous two months at 2.6% in October. This was slightly higher than market estimates of 2.5%.
Core consumer prices in Tokyo’s Ku-area climbed 2.8% year-over-year in November, unchanged from the previous month, but slightly higher than market estimates of 2.7%. However, the latest reading remained above the Bank of Japan’s 2% target, raising speculations of the central bank hiking interest rates next month.
Strength in the US dollar weighed on the JPY/USD forex pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged higher to 99.62 this morning.
The JPY/USD pair fell by around 0.1% to 156.39 this morning, while the Nikkei 225 declined 0.22% to trade at 50,058.24.
What to watch: Investors await the release of data on capital spending (0350 UAE Time) and S&P Global manufacturing PMI (0430 UAE Time) from Japan on Monday. Japan’s companies, which raised capital spending on plant and equipment by 7.6% during the second quarter, are expected to increase spending by 7.2% in the third quarter.
Analysts expect the S&P Global Japan manufacturing PMI to surge to 48.8 in November from 48.2 in the previous month.
Other Markets: US trading indices closed higher on Wednesday, with the Dow Jones index, S&P 500 and Nasdaq 100 up by 0.67%, 0.69% and 0.87%, respectively.
Russia’s Deputy Foreign Minister Sergey Ryabkov said that they will not publicly disclose the Trump administration’s recently modified peace plan. The news sent the RUB/USD pair higher in forex trading this morning.
The Philippines’ trade deficit shrank to $3.83 billion in October from $5.81 billion in the year-ago period, lending support to the PHP/USD forex pair.
Australia’s private sector credit surged 0.7% in October, exceeding market expectations of a 0.6% gain, which sent the AUD/USD pair higher in forex trading this morning.
South Korea’s industrial production dipped 4% in October, following a 1.1% decline in the previous month. The latest reading missing market expectations of 0.2% exerted pressure on the KRW/USD forex pair.
Brazil’s economy added 85,147 formal jobs in October, down from 213,002 jobs in the previous month. The figure missing market expectations of 105,000 sent the BRL/USD pair lower in forex trading this morning.
Spain’s retail sales (1200 UAE Time) and current account (1300 UAE Time), Germany’s unemployed persons (1255 UAE Time), unemployment change (1255 UAE Time) and unemployment rate (1255 UAE Time), Italy’s GDP growth rate (1300 UAE Time) and inflation rate (1400 UAE Time), India’s industrial production (1430 UAE Time), manufacturing production (1430 UAE Time), government budget value (1430 UAE Time), bank loan growth (1530 UAE Time), deposit growth (1530 UAE Time), foreign exchange reserves (1530 UAE Time) and GDP growth rate (1600 UAE Time), France’s unemployment benefit claims (1500 UAE Time) and jobseekers total (1500 UAE Time), Turkey’s financial stability report (1500 UAE Time), Brazil’s gross debt to GDP (1530 UAE Time), nominal budget balance (1530 UAE Time) and unemployment rate (1600 UAE Time), Mexico’s unemployment rate (1600 UAE Time), South Africa’s balance of trade (1600 UAE Time), as well as Canada’s GDP growth rate (1730 UAE Time) and budget balance (2000 UAE Time).
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