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Global Markets Sunday News
Will the bull market end in November?
The financial markets were particularly volatile this week. They continued to be caught between conflicting assessments of US technology giants, which are considered overvalued, even though Nvidia’s results exceeded expectations. The US unemployment figures, which were published late due to the shutdown, confirmed the good health of the US labor market. Accordingly, the prospect of an interest rate cut by the Fed in December is receding somewhat. Volatility rose significantly, and this nervousness is likely to continue in the coming trading days.
Tops of the week
Exact Sciences +50,53 %: The company, which operates in the field of cancer screening and diagnostics, is being acquired by Abbott for USD 21 billion. With this acquisition, the US medical technology group is accelerating its advance into a high-growth segment whose growth momentum is driven by new technologies.
Jazz Pharma +25,42 %: The US pharmaceutical company, with a market capitalization of just under USD 20 billion, has announced very good results in a phase 3 study on HER2-positive gastroesophageal carcinoma. An application for market approval is to be submitted in 2026.
Games Workshop +16,73 %: The British company, which specializes in games and figurines, continues its successful course after good half-year results. Foreign sales are developing positively, and the entire product range is contributing to profits. The share price has risen 40-fold in ten years.
Amer Sports +12,15 %: The owner of the Salomon, Wilson, and Arc’teryx sports brands has raised its annual forecast after a strong third quarter. The three divisions—functional apparel, outdoor, and ball and racquet sports—all reported strong business activity.
Ubisoft +3,87 %: The French video game publisher has reassured its investors after Ubisoft’s share price was suspended for a week. The incident was related to an accounting correction that temporarily meant certain key figures were no longer met in the context of a loan. With Tencent’s imminent entry into Vantage Studios, debt is likely to fall further. In addition, the company has confirmed its annual targets and transformation plan.
SIG Group +11,24 %: The packaging solutions provider has appointed a new experienced CEO. The group has been in difficulty for two years, and this news opens up new prospects to a certain extent.
Solaria Energia +10,99 %: The Spanish renewable energy producer is consolidating its market position in wind energy, solar energy, and storage with ambitious targets for 2028. The group will expand its capacity and launch an investment program. It has also secured several long-term power purchase agreements.
Roche +8,66 %: The Swiss pharmaceutical company has presented promising results from a phase 3 study for a drug to treat early-stage breast cancer.
Alphabet +8,41 %: Berkshire Hathaway is acquiring a $4.3 billion stake in the parent company of Google and YouTube. The growth momentum of the internet giant is impressive. Since the dip in April, the share price has almost doubled.
Flops of the week
Crypto currencies: The nervousness surrounding technology stocks is also having a significant impact on the cryptocurrency market. Companies such as Coinbase and Robinhood are particularly suffering from the weak crypto market.
eDreams -52,32 %: The Spanish online travel agency’s share price plummeted after the company revised its profit targets downward. This revision was prompted by slower growth in Prime subscribers and the introduction of flexible payment options.
Soitec -38,03 %: Soitec’s share price plummeted after the company disappointed market expectations with its results and forecasts. Demand in the company’s main sales markets continues to weaken, and the inventory adjustment cycle is not yet complete.
AMS-OSRAM -25,61 %: The Austrian-German semiconductor and photonics giant has reported disappointing figures. Even with an increase in profitability, the company is still operating at a loss.
Ocado -17,6 %: Shares in the British online supermarket slumped on Tuesday. Its US partner Kroger announced the closure of three automated warehouses in January. This decision calls into question Ocado’s business model and the size of the potential market.
Valeo -14,9 %: The company’s new strategic plan failed to convince investors. The automotive supplier expects to return to growth only from 2027 onwards.
Hensoldt -13,84 %: The talks on a peace plan for Ukraine affected the entire European defense industry. The German Hensoldt Group was also not spared. However, the plan drawn up by the US and Russia is likely to be unacceptable to both Kiev and its European allies.
Nvidia -5,94 %: The eagerly awaited results from the AI market leader were not enough to boost investor confidence. Meanwhile, fears of an AI bubble bursting are growing on the stock markets.
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 significant advantages. This has not left oil prices unaffected. The direction of the talks allayed some concerns about new sanctions against Russia or the strict enforcement of existing sanctions. In addition, the Federal Reserve is likely to pause its monetary easing policy. This strengthens the US dollar and at the same time increases 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 USD 62.40, while the US benchmark WTI was trading at USD 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: No surprise at Nvidia! Although the company published sensational figures and made efforts to reassure investors, the relief was short-lived. Technology stocks then went into a tailspin.
Even more surprising were the recent price declines for shares in the European defense sector. These came under pressure in view of the prospect of peace talks between Ukraine and Russia. It is quite possible that the stock market darlings will be sold off massively. However, once the situation has calmed down, buyers will most likely take advantage of the favorable prices to re-enter the market. The bond market is taking this turbulence in its stride. Although another interest rate cut in December is becoming increasingly unlikely, the yield on ten-year US government bonds continued to fall, remaining below the 4.15% mark.
Cryptocurrencies: Bitcoin continued its downward slide for the fourth week in a row. During this period, the best-known digital currency lost 27%, including 11% this week alone, falling to a level last seen in April. More specifically, after reaching a record high of over $126,000 last month, BTC is now approaching the $80,000 mark. Since January 1, Bitcoin has thus lost 9% of its value. The total volume of Bitcoin spot ETFs also shrank from $169 billion on October 6 to $113 billion currently. This corresponds to a decline of 33%. In general, the entire crypto universe is in free fall. The total market capitalization fell by $1 trillion within a month to around $2.83 trillion. Bitcoin and other cryptocurrencies were particularly affected by their correlation with technology stocks.
Outlook
Volatility increased significantly this week, as did stress on the markets. The upward trend that has lasted for months (four months in Europe, six in the US) could come to an end in November.
With the reporting season drawing to a close, investors will once again focus their attention on the economy and interest rates, particularly the US Federal Reserve’s monetary policy decision on December 10. However, with the shutdown over, current data in the US is only trickling in. The statistics authorities are expected to publish producer prices and retail sales for September on November 25. Figures on orders for durable goods are then due to follow on November 26.
Although not much corporate data is expected from the heavyweights, a few stragglers will still be presenting their results next week, notably Agilent, Alibaba, Dell, Compass, Deere, and The Kroger. Thanksgiving will be celebrated in the US on Thursday, November 27.
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
