Copy-Trading
Benefit from our market experience – simple, transparent, and professional!
- 50,- / position request
Global Markets Sunday News
Better than expected
The last week of November was relatively quiet on the markets. The US stock exchanges were closed on Thursday due to the Thanksgiving holiday, and on Friday the trading floor was only open for half a day. The holiday in the US also dampened activity on all other financial markets. Nevertheless, it was a good week for Wall Street, which made up for November’s losses.
Tops of the week
Delivery Hero +25.47%: After Bloomberg reported that several major shareholders were pushing the company to sell all or part of its food delivery service, the share price jumped sharply.
Credo Technology +33.04%: The infrastructure networking solutions specialist has entered into a strategic agreement with The Siemon Company to license several patents related to Credo’s active electrical cable technology.
Broadcom +18.45%: Alphabet’s recent consolidation benefited the San Jose-based company, which is a development partner for the Ironwood TPUs (Tensor Processing Units) introduced by Google Cloud. The chips are used to train the Gemini 3 Pro AI.
Bayer +10.51%: Shares in the German conglomerate benefited from positive results from clinical trials of an experimental drug for stroke prevention.
ABN Amro +8.4%: Analysts responded positively to the Dutch bank’s new strategic plan, which includes cost reductions through the elimination of 5,200 jobs by 2028.
Dell +8.85%: The server manufacturer published figures that exceeded expectations and issued promising forecasts. In doing so, the company dispelled investors’ concerns about a possible slowdown in growth in the AI segment.
Flops of the week
Zscaler -8.55%: Thanks to strong demand for AI-integrated solutions and growth in its zero trust offering, the cloud cybersecurity specialist exceeded expectations. Zero Trust encompasses a range of cybersecurity solutions that do not trust any user or device by default and systematically verify every access. However, even in this case, the outlook can be considered rather conservative.
Prosus -4,17 %: Thanks to growing e-commerce business, the technology investment holding company posted solid half-year figures. The restructuring of the portfolio is continuing with several acquisitions and disposals. However, given the recent upward trend, investors’ expectations are now somewhat higher.
Straumann -5,16 %: The Swiss manufacturer of dental implants has confirmed its growth targets for the period up to 2030. Business development is benefiting from the digitalization of healthcare, the upswing in emerging markets, and the expansion of production in China. On the other hand, the margin targets presented were disappointing.
Compass -3,5 %: The large corporation, which operates in the communal catering sector, is performing solidly in its main market of North America. The company has confirmed its outlook for 2026. However, the company is already highly valued and the economic climate leaves little room for excessive euphoria.
Deere -4,67 %: The agricultural machinery manufacturer continues to struggle with weak demand in the industrial agriculture sector. Current customs tariffs are also not exactly helping business. In contrast, the construction and forestry segments are performing well. Nevertheless, profits could decline further, as the cycle is not particularly favorable for the sector at present.
Workday -4,23 %: The HR software provider had to contend with slowing organic growth. Business was rather sluggish in the public sector and higher education, primarily due to the shutdown in the US. In addition, the increasing importance of AI, which is already largely integrated into new contracts, creates as many opportunities as uncertainties for customers.
Waw materials
Energy: The US’s ongoing efforts to broker a peace treaty between Russia and Ukraine put oil under renewed pressure and caused prices to fall further. The peace plan proposed by Trump grants Russia considerable advantages. This has had an impact on oil prices. The course of the talks dispelled some fears regarding new sanctions against Russia or the strict enforcement of existing sanctions. In addition, the US Federal Reserve is likely to suspend its monetary easing policy for the time being. This strengthens the US dollar and at the same time increases the downward pressure on black gold. This is because a stronger dollar makes oil, which is quoted in US dollars, more expensive for buyers from countries with other currencies. Brent crude oil was last trading at around $62.40, while the US benchmark WTI was trading at $58 per barrel.
Metals: Copper contracts for delivery in three months stabilized in London at around USD 10,738. The upward trend in copper prices has stalled due to the strong US dollar and, in particular, weakening demand from China. Chile, the world’s largest copper producer, has revised its price forecasts for this year and next upwards. This takes into account supply bottlenecks and lower interest rates. The price of gold also fell by around 1% to USD 4,040 last week. This was triggered by the publication of solid US labor market data, which has significantly dampened expectations of an interest rate cut by the US Federal Reserve next month.
Agricultural commodities: Wheat futures generally showed a downward trend in Chicago. The price for a bushel of wheat (delivery in December 2025) fell to 537 US cents. The reason for this decline is the expected global oversupply. The price of corn also slumped, closing the week at 436 US cents. Coffee also declined this week – a development attributable to US President Trump, who decided to lift the 40% tariffs on Brazilian coffee.
Macroeconomics
Market sentiment: Due to the Thanksgiving holiday, the week on the US stock markets was shortened, but the European financial centers were unable to benefit from this. Without guidance from Wall Street, trading volumes on the Old Continent were lower. Nevertheless, weekly gains were around 1.5% in view of a possible interest rate cut by the Fed in December. Against this backdrop, the yield on ten-year government bonds reached 3.94%, once again hitting the low recorded in October. Breaking through this line could trigger a further downward movement – initially towards 3.86% and then possibly towards 3.72%. As the unemployment rate has not risen and there are no noticeable signs of a possible recession, such a development is likely to continue to support the stock market. In addition, there is also the favorable seasonality.
Cryptocurrencies: The bloodletting is over for Bitcoin (BTC) – at least for now. After a total decline of 25% over the past four weeks, the digital currency has recovered 5% since Monday and once again exceeded the USD 90,000 mark. However, November is historically the strongest month for BTC. Since 2013, it has recorded an average gain of 41.19% in this month. This November, however, BTC fell into the red and is currently down 16.77%. Only in two other years did BTC perform even worse in November: 2018 with -36.57% and 2019 with -17.27%. However, these figures should be treated with caution, as November 2013 distorts the statistical average: at that time, BTC shot up 449%, which significantly skews the statistics upwards. Bitcoin spot ETFs have recently seen steady capital flows after total assets under management melted away from $169 billion to $117 billion since October 10. In order to sustainably boost the crypto ecosystem again, greater economic forecast certainty and an environment favorable to risk assets (especially with the prospect of key interest rate cuts by the US Federal Reserve) are needed, as well as positive impulses from the crypto universe itself.
Outlook
A week ago, discussions on the stock markets focused primarily on the risk of a correction weighing on the markets. The indices had previously endured two difficult weeks, as AI, the profit driver of the last three years, showed the first signs of cooling off.
But then the Fed made its move. After its restrictive rhetoric, the US Federal Reserve suddenly struck a more conciliatory tone. This caused the mood on the market to change abruptly, as it had almost written off a short-term interest rate hike. Traders now see an 87% probability of a 25 basis point cut on December 10. Stock markets subsequently recovered strongly and were able to recoup all or part of their November losses. This demonstrates the effect of the so-called Fed put, a kind of safety net that monetary policymakers provide for risky investments.
Next week, only a few economic indicators and hardly any corporate data will be released. Investors can therefore calmly await the Fed’s potential interest rate cut and continue to discuss whether or not there is an AI bubble.
S&P 500 Heatmap
S&P 500 performance in 2025
U.S. bond yield
2-year US bond yield
10-year US bond yield
Correlation between the price of gold and the US dollar
