QT_QuickTake

Market Quick Take - 24 November 2025

Macro 3 minutes to read

Market Quick Take – 24 November 2025


Market drivers and catalysts

  • Equities: Wall Street rebounded on rising December cut odds, Europe slipped again on tech and defence selling, Asia ended the week weaker
  • Volatility: VIX lower, macro-heavy week ahead, SPX weekly move ±135
  • Digital assets: BTC stabilising, ETF outflows persist, ETH firmer, alt-coins cautious
  • Currencies: JPY a bit weaker again after firming sharply Friday. USD flat, sterling firms ahead of key budget statement.
  • Commodities: Broad losses last week led by energy amid peace talks; gold holds above support.
  • Fixed Income: US yields edge lower as odds of December rate cut rise
  • Macro events: Germany Nov IFO Business Climate & Dallas Fed Manufacturing Activity

Macro headlines

  • New York Fed President John Williams signalled scope to lower rates in the near term as the labour market softens, citing rising employment risks, easing inflation risks, and modestly restrictive policy, prompting investors to raise December cut odds to about 70% from roughly 35%.
  • US consumer sentiment as at record lows in November, according to the final Nov. University of Michigan Sentiment survey, although the sentiment numbers were slightly improved relative the preliminary release of the survey. Still, current conditions are at a record low and personal finances worst since 2009, as high prices, softer incomes, and job-loss risk (highest since July 2020) darkened the outlook.
  • US officials are in early talks about allowing Nvidia to sell H200 AI chips to China, with no decision and licence approvals still required, and some in the Trump administration viewing it as a compromise concession to Beijing likely to face strong opposition from China hawks.
  • US-Ukrainian talks in Geneva made progress toward a deal, with the two sides drafting “an updated and refined peace framework” and agreeing to continue intensive work on joint proposals, while US Sec of State Rubio said Trump’s proposed Nov. 27 deadline to secure Ukraine’s support for a US-backed peace plan isn’t set in stone

Macro calendar highlights (times in GMT)

US Government data are impacted by shutdowns and are likely to be delayed
0900 – Germany Nov IFO Business Climate
1530 – Dallas Fed Nov Manufacturing Activity

Earnings events

  • Today: Prosus, Naspers, Alimentation Couche Tard, Agilent
  • Tuesday: Analog Devices, Dell Technologies, Autodesk, Workday, Compass Group, Zscaler
  • Wednesday: Deere

For all macro, earnings, and dividend events check Saxo’s calendar.


Equities

  • USA: US stocks bounced on Friday as rate-cut hopes overshadowed ongoing worries about expensive AI names. The Dow rose 1.1%, the S&P 500 1.0% and the Nasdaq 0.9% after New York Fed President John Williams said policy is moving toward neutral and futures put the odds of a December cut close to 70%. Alphabet jumped about 3.5% on renewed enthusiasm around its Gemini 3 artificial intelligence model and data centre investment plans, while Intuit and Ross Stores gained roughly 4.0% and 8.4% respectively after strong earnings updates. Later in the session investors again faded AI hardware leaders, with Nvidia down 1.0% and Oracle off 5.7% as valuation worries persisted, even though Nvidia ticked higher after hours on reports the Trump administration may allow H200 chip sales to China.
  • Europe: European equities retreated on Friday, with the Euro Stoxx 50 down 1.0% while the broader Stoxx 600 also closed lower, extending what data now show is the steepest weekly fall since early in the year. Renewed concern over AI and tech valuations hit cyclicals, as ASML fell around 6% and Infineon lost 3.7% alongside wider chip weakness. Defence stocks reversed sharply on headlines about a possible US-backed peace framework for Ukraine, with Rheinmetall down 7.4%, Leonardo 6.2% and BAE Systems 2.4%. Flash purchasing managers’ indices (PMIs, a monthly activity survey) showed euro area services still expanding but at a slower pace, while German manufacturing stayed in contraction, reinforcing a cautious tone ahead of December’s European Central Bank meeting.
  • Asia: Asian markets closed the week on a soft note as global AI jitters spilled over into regional tech. Japan’s Nikkei 225 fell 2.4% on Friday and 3.5% for the week, dragged lower by a 10.9% slide in SoftBank and heavy selling in semiconductor-related names. On the mainland, the CSI 300 index dropped 2.4% as growth worries and lingering property stress kept domestic sentiment fragile. Hong Kong’s Hang Seng slumped 2.4% to 25,220, down 5.1% on the week, with the tech sub-index off just over 3% and major decliners including JD Health (-8.5%), SMIC (-6.3%) and Galaxy Entertainment (-4.3%) as investors cut risk into a busy macro and policy calendar.

Volatility

  • Volatility eased to start the week, with the VIX slipping to 23.4, down more than 11%, while near-term measures (VIX1D and VIX9D) also pulled back sharply. The move reflects calmer conditions after last week’s unusually wide price swings, helped by a stronger close on Friday and a steady session in Asian and European markets this morning. For investors, the focus now shifts to a dense macro calendar: US consumer confidence on Tuesday, followed by GDP, PCE inflation, jobless claims and durable goods on Wednesday before the US Thanksgiving break. These data points could shape expectations for December’s Fed meeting, where markets still lean toward rate cuts despite mixed signals from officials.
  • Options pricing for this Friday’s SPX expiry implies an expected weekly move of around ±135 points (≈2%) from the 6,600 level.
  • Daily skew indicator: calls around 6,600 continue to price slightly higher implied volatility than comparable puts (~25% vs ~21%), reflecting cautious demand for upside exposure after last week’s reversal.

Digital Assets

  • Crypto markets start the week mixed but stabilising. Bitcoin trades near $86,900, little changed overnight but still well below early-November levels after a steep correction. ETF flows remain the main pressure point: US spot bitcoin ETFs have seen four consecutive weeks of net outflows, totalling more than $4 billion, with IBIT leading withdrawals last week. Sentiment remains fragile as investors weigh whether these outflows represent capitulation or a pause in institutional demand.
  • Ethereum trades near $2,835, outperforming BTC today, while ETHA continues to see soft flows and remains down over 3% on Friday’s session. Among major alt-coins, XRP and Solana show modest gains but remain range-bound after recent declines. Broader crypto sentiment continues to track global risk appetite, making this week’s US inflation and growth data particularly relevant for near-term direction.

Fixed Income

  • US Treasuries rallied on rising odds of a December rate cut (now about 65% probability after sub-30% likelihood recently) after rhetoric from Fed officials Friday, with the benchmark US 2-year treasury yield dropping over two basis points to just below 3.51%, the lowest since late October, while the benchmark 10-year yield closed about two basis points lower as well at 4.063%

Commodities

  • The Bloomberg Commodity Total Return Index slipped 1.4% last week, its first decline in six weeks, as fading risk appetite triggered broad losses across the complex. Energy led the setback, with crude and fuel products under pressure as traders weighed the potential supply implications of a Ukraine–Russia peace deal that could add barrels to an already well-supplied market and ease tightness in refined products. Metals held up comparatively well. Copper, silver and gold posted only modest declines, with gold maintaining support above USD 4,000 and HG copper holding above USD 5. Agriculture fell 0.7%, dragged lower by cocoa, cattle, corn, and coffee.
  • Gold steadied as investors evaluated the prospect of another Fed rate cut after NY Fed President John Williams signalled there may be room to lower borrowing costs amid a softening labour market, even as other officials struck a more cautious tone. The uptrend from the October correction low continues to offer support near USD 4,030. Silver trades mid-range around USD 50, with the short-term technical outlook constrained by a double top near USD 54.50.
  • Crude and fuel prices weakened again last week as even a slim prospect of a Ukraine–Russia peace deal shifted focus toward the risk of additional barrels entering an already well-supplied market. This comes just as US sanctions on Rosneft and Lukoil take effect, a development that recently helped tighten product markets, particularly diesel. Overall, Brent remains capped below USD 65, with bulls struggling to build a convincing short-term case for higher prices.

Currencies

  • The JPY rallied late Friday, reversing some of the sharp weakening in the currency of late ahead of a three-day weekend in Japan, with markets closed there today. USDJPY dipped as slow as 156.20 after the Thursday peak of 157.89, while EURJPY tested below 180 late Friday before rebounding to 180.50 area in today’s Asian session.
  • Elsewhere, the US dollar saw little volatility, with a small nudge to new highs in the dollar index (and a test below 1.1500 in EURUSD) rejected Friday amidst rangebound trading that ended the day almost unchanged.
  • Sterling firmed slightly ahead of the autumn budget statement this Wednesday, with considerable talk swirling of a challenge to PM Starmer’s leadership of the Labour party as it is seeing record low support in political polling – sub 20%. EURGBP levels of 0.8750 and 0.8840 bear watching after the budget announcement, as the market will focus on the level of trust in the UK gilt market as Chancellor Reeves seeks to reduce the country’s yawning fiscal deficit.

For a global look at markets – go to Inspiration.

This content is marketing material and should not be regarded as investment advice. Trading financial instruments carries risks and historic performance is not a guarantee of future results.
The instrument(s) referenced in this content may be issued by a partner, from whom Saxo receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options..

Disclaimer

Confidentiality and Usage:
You may not reproduce, distribute, or transmit this material or any portion thereof without prior written permission from Saxo.

Nature of Information:
The information provided herein is based on current market conditions and analysts' opinions, which may reflect personal views of the author, and are subject to change without notice. This material does not include a record of any trading prices, or an offer of, or solicitation for, or endorsement to enter into any transaction in any investment product. Any forecast on the economy, markets and economic trends of the markets provided is not necessarily indicative of the future or likely performance of the investment product subject of this material.

Responsibility and Liability:
Saxo accepts no liability for any use that may be made of these comments or for any consequences that arise from such use. Saxo does not guarantee the accuracy or completeness of any information provided and assumes no liability for any errors, omissions, losses, or damages resulting from the use of this information.

The information provided in this material is solely for information only. It is intended for general circulation and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. Accordingly, it should not be relied on or treated as a substitute for specific advice concerning specific situations of any person. Please seek advice from a financial adviser regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase an investment product. In the event that you choose not to seek advice from a financial adviser, you should consider whether any investment product mentioned in this publication is suitable for you.

Notwithstanding the above, insofar as any information provided herein contains research analyses or reports concerning any investment product authored by any foreign research house and is issued or promulgated to a person in Singapore who is not an accredited investor, expert investor, and/or institutional investor, Saxo Capital Market Pte. Ltd. accepts legal responsibility for the contents of this material to the extent required by law. Recipients of such material are to contact Saxo Capital Markets Pte. Ltd. in respect of any matters arising from, or in connection with, this material.

Risk Disclosure:
Trading in investment products involve significant risk, including the risk of losing your entire investment. Historical returns are not a guarantee of future returns. Prices can both rise and fall, and there is a risk that you will not get back the money you invested.

Conflicts of interest:
The author may hold positions in the investment products mentioned. The author does not own positions in the underlying investment product exceeding 0.5% of its market capitalisation, save as otherwise declared. The author is not permitted to trade the mentioned investment products within the first 24 hours after the publication of this article.

Saxo maintains partnerships with companies that compensate Saxo for promotional activities conducted on its platform. Additionally, Saxo has agreements with certain partners who provide retrocession contingent upon clients purchasing specific investment products offered by these partners. While Saxo receives compensation from these partnerships, all content is conducted with the intention of providing clients with valuable options and information.

Publication details:
If any listed companies are the subject of the material, the content has not been submitted to the companies in question prior to publication.

Please refer to our full disclaimer and notification on non-independent investment research for more details.

Saxo Markets
88 Market Street
CapitaSpring #31-01
Singapore 048948

Contact Saxo

Singapore
Singapore

Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Saxo is part of the J. Safra Sarasin Group.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit www.home.saxo/en-sg/about-us/awards.

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website are not intended for residents of the United States, Malaysia and Japan. Please click here to view our full disclaimer.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.