Financial Markets Daily Report28 novembre 2025
Financial markets had a subdued session on Thursday, with U.S. markets closed for Thanksgiving. In the euro area, sovereign yields edged slightly higher. Minutes from the latest ECB meeting confirmed a cautious stance on rates, though diverging views on inflation risks keep the door open for future cuts.
Global equities consolidated after four consecutive days of gains, supported by expectations that the Fed could deliver a rate cut in December (probability near 83%). The Japanese Nikkei was the top performer, while European indices were broadly stable without U.S. reference points.
In FX, major crosses were little changed, while Bitcoin—often seen as a proxy for risk appetite—traded above USD 91,000. In commodities, oil fluctuated after Putin said US peace proposals could be a blueprint for a future peace deal, and European natural gas prices fell amid strong LNG inflows, high storage levels, and milder-than-expected weather.