Weekly-Financial-Review-

Global Market Weekly Review: A Comprehensive Analysis of the Week Ending November 28, 2025

By

A Week of Divergence and Resilience

The global financial markets, during the week ending November 28, 2025, presented a fascinating tableau of resilience in the face of infrastructure fragility and stark economic divergence across major trading blocs. While the United States navigated a holiday-shortened week disrupted by a significant technical outage at the world’s largest derivatives exchange, the narrative elsewhere was dominated by macroeconomic data that challenged prevailing assumptions. The week was defined by a complex interplay of “black swan” technical events, shifting central bank expectations, and explosive growth data from emerging markets that defied conservative forecasts.

In the United States, the overarching theme was one of recovery and stabilising sentiment. Despite the Thanksgiving holiday reducing trading volumes and a catastrophic cooling system failure at a Chicago data centre halting futures trading, equity markets managed to erase the losses accumulated earlier in the month.1 The “fear of the unknown”—specifically regarding the valuations of artificial intelligence (AI) stocks—gave way to a renewed “fear of missing out” (FOMO) as traders aggressively repriced the probability of a Federal Reserve interest rate cut in December.3

Across the Atlantic, European markets decoupled from the volatility seen earlier in November to record their longest monthly winning streak since March 2024.5 The stability was hard-won, built on the back of a UK budget that was less punitive to the banking sector than feared, and Eurozone inflation data that kept the door open for continued monetary easing by the European Central Bank (ECB).6

In the Asia-Pacific region, the economic narrative fractured. Japan found itself grappling with rising inflationary pressures in Tokyo, forcing a re-evaluation of the Bank of Japan’s aggressive stimulus, while China continued its slow, stimulus-led grind toward stability amidst persistent property sector woes.6 However, the global spotlight was undeniably stolen by India. The South Asian giant delivered a stunning GDP growth figure of 8.2% for the second quarter, shattering analyst expectations and reinforcing its status as the primary engine of growth in a slowing global economy.9

Down under, Oceania provided a textbook case study in monetary policy divergence. The Reserve Bank of New Zealand (RBNZ) signalled confidence in its battle against inflation by cutting rates, whereas Australia’s Reserve Bank (RBA) remained locked in a hawkish stance due to sticky domestic price pressures.6

This report offers an exhaustive analysis of these developments, dissecting the market movements, the underlying economic currents, and the corporate stories that shaped the global financial landscape during this pivotal week.

United States: Resilience Amidst Infrastructure Fragility

The trading week in the United States was anomalous by design due to the Thanksgiving holiday, but it became extraordinary due to unforeseen technical circumstances. The events of the week tested the structural integrity of the market’s plumbing and the psychological resilience of its participants.

The “CME Mess”: A Structural Stress Test

The most significant event of the week, in terms of operational risk and market structure, was the catastrophic outage at the CME Group on Friday, November 28. As the world’s premier marketplace for derivatives, the CME Group facilitates the trading of futures and options that are critical for global price discovery and risk hedging.

The Anatomy of the Outage

The disruption began late on Thursday night, extending deep into the Friday pre-market session. The root cause was identified not as a software glitch or a cyberattack, but as a physical infrastructure failure: a cooling system malfunction at the CyrusOne data centre in the Chicago area.1 This facility houses the critical matching engines for the CME’s Globex electronic trading platform. According to reports, a “chiller plant failure” compromised multiple cooling units, causing temperatures within the server halls to rise to levels that necessitated a protective shutdown of the trading systems to prevent permanent hardware damage.1

Market Impact and Paralysis

The timing of the outage—on the day following Thanksgiving—mitigated what could have been a disastrous liquidity crisis, yet the impact was nonetheless profound. For several hours, the global financial system was effectively blinded.

  • Asset Classes Frozen: The outage halted trading in some of the world’s most liquid and essential benchmarks. This included S&P 500 and Nasdaq 100 futures, which are used by investors worldwide to hedge equity risk.
  • Commodities and Rates: Trading in West Texas Intermediate (WTI) crude oil and US Treasury futures also ceased, severing the link between geopolitical developments and asset pricing.13
  • Currency Disruption: The EBS platform, a vital artery for foreign exchange (FX) trading, was also impacted, leaving currency desks without a primary venue for execution.1

Traders and risk managers were left in a precarious position. As one market participant noted, “The majority will pause trading for risk reasons until the issues are resolved, otherwise losses are possible”.1 The inability to hedge positions created a temporary paralysis, with liquidity draining from the few alternative venues that remained open. When the systems were finally brought back online, markets held their breath for a volatility spike driven by a backlog of orders. Surprisingly, the reopening was orderly, a testament to the underlying bullish sentiment that permeated the market despite the technical chaos.1

Equity Market Performance: The “Buy the Dip” Resurgence

Despite the shortened trading session on Friday, where markets closed early at 1:00 p.m. ET, US equities finished the week with robust gains. The market successfully shrugged off the valuation anxieties that had plagued it earlier in the month.

Index Performance Overview

The major indices demonstrated a synchronised move higher, reflecting a broad-based improvement in risk appetite.

IndexFriday CloseDaily ChangeWeekly TrendMonthly Narrative
S&P 5006,849.09+0.5%Positive (+3.7%)Flat/Slight Decline (-0.2%)
Dow Jones Industrial Average47,716.42+0.6%Positive (+3.2%)Slight Gain (+0.3%)
Nasdaq Composite23,365.69+0.7%Positive (+4.9%)Decline (-1.5%)

Table Data Sources: 1

The S&P 500: Flirting with Record Highs

The benchmark S&P 500 index rose 0.5% during the abbreviated Friday session, placing it within striking distance of its all-time highs.1 The index’s recovery is particularly notable given the heavy selling pressure seen in mid-November. The broad-based rally suggests that investors are looking beyond the “Magnificent Seven” tech stocks and finding value in other corners of the market, although tech remains a crucial driver.

The Nasdaq Composite: A Volatile Month Ends on a High

The tech-heavy Nasdaq Composite gained 0.7% on Friday and surged 4.9% for the week, marking a significant rebound.18 However, the monthly perspective reveals the depth of the earlier correction. For November, the Nasdaq broke its seven-month winning streak, falling approximately 1.5%.15 This monthly loss was driven by a re-evaluation of the “AI trade,” with investors questioning whether the massive capital expenditures by tech giants would yield immediate returns. Yet, the strong weekly finish indicates that “dip buyers” remain active, unwilling to bet against the long-term secular trend of technology adoption.16

The Dow Jones Industrial Average: The Stability Anchor

The blue-chip Dow Jones outperformed its peers on a monthly basis, posting a 0.3% gain for November.15 This relative strength highlights a subtle rotation into “quality” and “value” stocks—companies with established cash flows and lower volatility. In a month characterised by uncertainty regarding tech valuations, the Dow served as a safe harbour for capital.

The Macro Driver: The “Fed Pivot” Play 2.0

The primary engine driving the week’s rally was a dramatic and decisive shift in investor expectations regarding the Federal Reserve’s monetary policy path.

The Probability Shift

Earlier in November, a series of robust economic data points had led to a creeping fear that the Federal Reserve might pause its rate-cutting cycle in December. This “no landing” scenario, where the economy remains too hot to justify lower rates, was a major headwind for stocks. However, the narrative flipped completely during the week ending November 28.

  • The Catalyst: A combination of “dovish” commentary from Federal Reserve officials—including Governor Christopher Waller and New York Fed President John Williams—and a lack of alarming inflationary data emboldened traders.3
  • The Repricing: Market pricing for a 25-basis point rate cut in December surged from a sceptical 30% in the previous week to a confident 85-87% by Friday.4

The “Goldilocks” Revival

This shift in expectations reignited the “Goldilocks” narrative: an economic environment that is not too hot (avoiding inflation) and not too cold (avoiding recession). In this scenario, the Fed can afford to lower interest rates to support the labour market without reigniting price pressures. This environment is historically highly favourable for equities, as it lowers the discount rate for future earnings while maintaining the earnings growth derived from a healthy economy.

Sector-Specific Analysis and Corporate Highlights

Retail: The Black Friday Test

The week concluding with “Black Friday” serves as the annual stress test for the American consumer. Despite persistent inflation and high interest rates, the initial signals from the equity market were positive.

  • Walmart Inc.: The retail behemoth hit a record high on Friday, a clear signal that investors believe the company’s value proposition is resonating with cost-conscious consumers.1
  • Amazon.com Inc.: Shares gained 1.8%, reflecting optimism not just for its retail dominance but also for the resilience of its cloud computing division, AWS.1
  • Target: Along with other major retailers, Target saw gains of roughly 1-2%, suggesting that the “retail apocalypse” narrative remains overblown.18

Technology: A Divergent Recovery

While the broader tech sector rallied, the performance of individual heavyweights revealed a nuanced picture.

  • Nvidia: The poster child of the AI revolution slipped 1.8% on Friday, capping a double-digit loss for the month.15 This weakness reflects “valuation fatigue” as investors digest the stock’s massive run-up and await further evidence of sustained demand.
  • The Rebounders: In contrast, legacy tech giants found renewed favour. Microsoft and Meta Platforms posted their best weekly gains since May, rising 4.2% and 9% respectively.22 This suggests a capital rotation within the tech sector itself—moving from the high-momentum chipmakers to the software and platform giants that are integrating AI into established product lines.
  • Intel Corp.: The chipmaker was among the biggest gainers in the Nasdaq 100 on Friday, signalling that value investors are beginning to sniff around the battered stock.1

Cryptocurrency and Fintech

The “risk-on” sentiment extended into the crypto-adjacent equity market.

  • Robinhood Markets: The trading platform soared nearly 11%.18 This surge was correlated with Bitcoin hovering near $90,800, nearing its lows for the day but still maintaining high valuations that drive trading volume and user engagement on the Robinhood platform.18

Europe: A Return to Stability and Confidence

European markets enjoyed a robust conclusion to November, effectively decoupling from the volatility that characterised the US market earlier in the month. The prevailing theme across the continent was one of relief—relief that fiscal policy in the UK was manageable, relief that inflation in the Eurozone was stabilising, and relief that corporate deal-making was alive and well.

Pan-European Performance: A Historic Run

The STOXX Europe 600, the broad measure of European equity performance, rose 0.25% on Friday to close at 576.43.5 While the daily move was modest, the context is significant: the index secured its longest monthly winning streak since March 2024, rising for five consecutive months.5

This consistent performance underscores a structural shift in global asset allocation. International investors are increasingly finding value in European equities, which trade at significantly lower price-to-earnings multiples than their American counterparts. The stability of the European banking sector, coupled with the continued easing of energy prices, has created a fertile ground for steady returns.

United Kingdom: The FTSE 100 and the Budget Aftermath

The UK market’s narrative was dominated by the digestions of the government’s fiscal plans.

The “Less Severe” Budget

The FTSE 100 index climbed 1.9% for the week, with a modest 0.27% gain on Friday to close at 9,721 points.24 The catalyst for this relief rally was the market’s reaction to Chancellor Rachel Reeves’ budget.

  • Expectation vs. Reality: While the budget included tax increases totalling £26 billion, market participants had braced for far worse measures.25
  • The Banking Sector: Crucially, the budget did not include a rumoured new levy on bank profits. This omission sparked a rally in financial stocks, which are a heavy component of the FTSE 100.5
  • Fiscal Prudence: The decision to expand the fiscal buffer to £22 billion and keep bond issuance below expectations (£303.7 billion) reassured the “bond vigilantes.” This prevented a repeat of the volatility seen during the previous “mini-budget” crisis, allowing equity traders to focus on fundamentals.6

Sector Winners and Losers

  • Airline Optimism: EasyJet rose 2.9% on Friday, topping the leaderboard. The gains were driven by an upgrade from analysts at Bernstein, who cited limited capacity growth in the industry as a positive for pricing power.24
  • Hospitality Gloom: Conversely, Whitbread, the owner of the Premier Inn chain, sank 11% following a double downgrade from analysts. The concern lies in the company’s exposure to rising operational costs in the UK.24
  • Luxury Struggles: Burberry fell 2.8% after JPMorgan cut its rating to “underweight,” warning that the market’s hopes for a turnaround were premature given the slowing demand for luxury goods globally.24

Germany: Political Clarity and Corporate Deal-Making

The German DAX index rose 0.2% to 23,828 on Friday, reaching its highest level since mid-November and capping a strong week.26

Political Stability as a Tailwind

A potential political crisis was narrowly averted when German lawmakers reached a compromise to approve the 2026 budget. The dispute, centred on pension reforms, had threatened to paralyse the government. The resolution provided a “green light” for investors who despise political uncertainty in Europe’s largest economy.26

The M&A Spotlight

Corporate activity also buoyed sentiment. Deutsche Börse, the exchange operator, saw its shares rise 2.2%. The company confirmed it is in exclusive talks to acquire Allfunds, a prominent European fund trading platform. This potential acquisition signals a consolidation in the European financial infrastructure space and reflects confidence in the long-term growth of the asset management industry.26

Consumer Sentiment: A Slow Thaw

The GfK Consumer Climate Indicator for December improved slightly to -23.2 from -24.1. While the figure remains deeply in negative territory, the directional improvement suggests that the extreme pessimism among German consumers is beginning to bottom out. This incremental improvement is vital for the retail sector as the critical Christmas shopping season approaches.6

France: Inflation Dynamics and the Luxury Weigh-Down

The French CAC 40 ended the week with a 0.29% gain on Friday.27

Inflation and Monetary Policy

French inflation data was a key focus, holding steady at a very low 0.9%.7 This figure underscores the lack of pricing power in the French economy but serves as a crucial data point for the ECB. With inflation in the Eurozone’s second-largest economy running well below target, the central bank has ample justification to continue—or even accelerate—its rate-cutting cycle to stimulate demand.

The Luxury Sector’s China Problem

The performance of the French market continues to be tethered to the fortunes of the luxury sector. Heavyweights like LVMH and Hermès experienced softness during the week, reflecting ongoing concerns about weak demand from China.29 However, LVMH managed a 1.4% rebound in the final session, illustrating the volatility as traders try to time the bottom in these high-quality names.30

Asia-Pacific: A Region of Diverging Narratives

Asian markets offered a complex and fragmented picture. While the region generally benefited from the “Fed Pivot” optimism emanating from the US, distinct local factors caused significant divergence in performance across the major hubs.

Japan: The Inflation Dilemma and Yen Volatility

The Nikkei 225 was the star performer in Asia for the week, rising 3.2%.3 This gain provided a welcome reprieve after a difficult month where the index had fallen over 4%.

The Driver: Wall Street Correlation

The primary driver for the weekly gain was the strong correlation with US equity markets and the weakening of the Yen earlier in the week, which typically boosts the earnings of Japan’s export-heavy corporate sector.

The Friday Twist: Tokyo CPI Shock

However, the situation became complicated on Friday with the release of Tokyo’s Core Consumer Price Index (CPI) data.

  • The Data: Core inflation in the capital—a leading indicator for the national trend—rose 2.8% year-on-year in November.6 This print was above expectations and comfortably exceeded the Bank of Japan’s (BoJ) 2% target.
  • The Policy Implication: The hot inflation data fueled immediate speculation that the BoJ might hike interest rates as soon as its December meeting. Governor Kazuo Ueda has been cautious, but persistent inflation makes the case for normalisation harder to ignore.
  • Market Reaction: A rate hike is typically a headwind for Japanese stocks because it strengthens the Yen (making exports less competitive) and raises borrowing costs. Consequently, the Yen strengthened past 156 per dollar on Friday, causing the equity market rally to stall in the final session.6

China and Hong Kong: The Stimulus Waiting Game

Chinese markets continue to function as a battleground between government stimulus promises and the grim reality of economic data.

Performance Overview

The Shanghai Composite edged up 0.34% on Friday, securing a small weekly gain.32 The Hang Seng Index in Hong Kong performed better, rising roughly 2.5% for the week and snapping a four-week losing streak.34

The Bull Case: Tech and Policy

Investors are increasingly “favouring AI-related shares” and expressing optimism regarding Beijing’s “consumption boost plan”.6 This sentiment drove tech majors in Hong Kong up nearly 4% for the week.8 The logic is that the government cannot afford to let the economy stall and will eventually be forced to unleash more substantial fiscal support.

The Bear Case: Fundamentals and Property

Despite the optimism, the fundamental data remains weak. Industrial profits fell in October, a worrying sign that the manufacturing engine of China—critical for global growth—is sputtering.6 Furthermore, fears about the property sector reignited after China Vanke, a major developer, proposed delaying a bond repayment. This sparked anxiety about a potential new wave of debt restructuring and defaults in the real estate sector, which remains the single biggest risk to the Chinese economy.8

Corporate Headlines

  • Alibaba: The tech giant launched new AI-powered smart glasses, boosting its stock and sentiment in the hardware sector.36
  • Puma Rumours: Shares of Chinese sportswear makers Anta and Li Ning fell following reports they might be exploring a takeover of the struggling German brand Puma. Investors viewed this potential acquisition as a risky capital allocation in a tough retail environment.8
  • Pop Mart & Smoore: Niche players like Pop Mart International (up 6.8%) and Smoore Holdings (up 4.5%) saw significant gains, driven by specific product successes and export growth.37

South Korea: The Hawkish Hold

South Korean stocks (KOSPI) fell 1.5% on Friday, diverging from the regional trend.3

  • The Catalyst: The Bank of Korea (BoK) kept interest rates unchanged.
  • The Disappointment: More importantly, the central bank signalled that its easing cycle might be over or paused for a significant duration. This “hawkish hold” disappointed investors who were banking on cheaper liquidity to fuel the tech-heavy market.3

India: The Global Outlier and Growth Engine

If the rest of the world is walking an economic tightrope, India appears to be sprinting on a newly paved highway. The most significant positive economic surprise of the week globally came from New Delhi, fundamentally altering the growth narrative for emerging markets.

GDP Shock: Shattering Expectations

On Friday, India released its GDP data for the second quarter (July-September) of the fiscal year 2025-26.

  • The Headline Number: The economy grew by a staggering 8.2%, shattering analyst consensus expectations of 7.3% and accelerating sharply from the previous quarter’s 5.6%.9
  • Sectoral Breakdown:
  • Manufacturing: This sector expanded by 9.1%.9 This is a critical data point, suggesting that the government’s “Make in India” initiative and the global trend of diversifying supply chains away from China are translating into tangible factory output.
  • Construction: Growth of 7.2% reflects the massive government capital expenditure on infrastructure—roads, bridges, and railways—which has a high multiplier effect on the economy.9
  • Services: The tertiary sector, including financial and professional services, grew by 10.2%, indicating robust domestic demand and export strength in high-value services.9

Global Implications

This growth rate reaffirms India’s position as the fastest-growing major economy in the world. As growth slows in China and stabilises at lower levels in the West, India is increasingly seen as the primary engine of global marginal growth. Prime Minister Narendra Modi hailed the numbers as an “affirmation of growth-oriented reforms,” signalling policy continuity.10

Stock Market Reaction: “Buy the Rumour, Sell the News”

Despite the blockbuster economic news, the Indian stock markets (Sensex and Nifty 50) ended Friday flat to slightly lower.31

  • Market Dynamics: This muted reaction is a classic example of “pricing in.” The markets had already rallied to record highs earlier in the week in anticipation of strong data. When the numbers were released, traders used the liquidity to book profits.
  • Closing Levels: The Sensex closed at 85,706 (down 13 points), and the Nifty closed at 26,202 (down 12 points).9
  • Broad Market Weakness: While large-cap sectors like Auto and Pharma held up well, the broader market saw profit-taking. Small-cap shares, which have rallied hard, retreated 3% over the month, indicating a flight to quality and safety among retail investors.31

Corporate Spotlight: The Adani Group’s Strategic Pivot

The Adani Group, one of India’s largest and most scrutinised conglomerates, was heavily in the news cycle this week, signalling a strategic pivot from traditional infrastructure to new-age technology.

  • The Google Partnership: Reports emerged that the Adani Group is considering investing up to $5 billion in AI data centres in southern India, potentially in partnership with Google.39 This highlights the group’s aggressive entry into digital infrastructure, aiming to capitalise on the massive power and real estate requirements of the AI boom.
  • Strategic Realignment: Simultaneously, Adani Enterprises completed a full exit from its Indonesian coal mining subsidiary, PT Adani Global.41 This divestment aligns with the group’s broader strategy to streamline operations, reduce carbon exposure, and focus capital on domestic growth projects.
  • Aviation Expansion: In another strategic move, Adani Enterprises acquired a 72.8% stake in Flight Simulation Technique Centre (FSTC) for ₹820 crore. This acquisition expands the group’s footprint in the aviation ecosystem, complementing its vast airport operations.42

Oceania: A Study in Monetary Divergence

The financial story in Australia and New Zealand was dominated by the starkly contrasting actions and outlooks of their respective central banks. This divergence created significant opportunities and volatility in the trans-Tasman markets.

New Zealand: The Aggressive Pivot

The Reserve Bank of New Zealand (RBNZ) took decisive action this week, positioning itself as one of the most dovish central banks in the developed world.

  • The Policy Move: The RBNZ cut its Official Cash Rate (OCR) by 25 basis points to 2.25%.6
  • The Signal: The central bank signalled that it believes inflation is firmly under control. Crucially, it hinted that this might be the end of its easing cycle, or at least that future cuts would be data-dependent.
  • Market Impact: This “hawkish cut” (cutting rates but indicating limits to future cuts) had a counterintuitive effect on the currency. The New Zealand Dollar (NZD) rose, hitting a one-month high against the US Dollar.6 In the equity market, the NZX 50 index rose 0.36% on Friday, reaching 13,497 points.43 Lower rates generally boost equity valuations by reducing the discount rate and making dividend yields more attractive relative to cash.

Australia: The Inflation Trap

Across the Tasman Sea, the Reserve Bank of Australia (RBA) finds itself in a much more difficult position.

  • The Data Shock: Australian inflation data released this week came in “hotter than expected”.6
  • The Policy Bind: This sticky inflation effectively killed any lingering hope of the RBA cutting rates in the near future. In fact, speculation arose that the RBA might even need to hike rates again to stomp out persistent price rises.11 This divergence from the RBNZ and the Fed puts the RBA in a lonely position.
  • Market Resilience: Despite the hawkish outlook, the ASX 200 index managed to post its best weekly gain since May, rising roughly 2.3% for the week.44
  • Sector Rotation: The index was supported by the global rally in tech stocks (WiseTech Global up 4.7%) and strong commodity prices. Supermarket giant Woolworths rose 3.2% after an analyst upgrade, proving that defensive stocks remain in vogue.46
  • Banking Drag: However, the banking sector and rate-sensitive cyclicals like Eagers Automotive dragged on the index, reflecting fears that higher-for-longer rates will eventually crunch consumer spending and loan growth.47

Commodities and Currencies: The Macro Barometers

Crude Oil: Geopolitics vs. Oversupply

Oil markets were volatile, caught between short-term geopolitical tensions and long-term structural fears.

  • Price Action: WTI Crude futures rose 1.2% on Friday to around $59.35 per barrel.13
  • The Narrative: The daily price rise was supported by news of potential peace talks in the Russia-Ukraine conflict and anticipation of the upcoming OPEC+ meeting. However, the broader trend is negative. For the month, oil is heading for a significant loss, driven by fears of a massive supply surplus in 2026 as non-OPEC production ramps up and global demand growth slows.36

Precious Metals: The Fed Trade

  • Gold: Gold prices rallied, rising 1.3% on Friday to $4,260 per ounce.18 The precious metal is on track for its fourth consecutive monthly gain. The primary driver is the inverse correlation with real interest rates. As expectations for a Fed rate cut rise, real yields fall, reducing the opportunity cost of holding non-yielding assets like gold.
  • Silver: Silver also saw strong gains, acting as a high-beta version of gold. This rally helped boost mining stocks on the Australian exchange, providing a buffer against the weakness in the banking sector.48

Currencies: The Dollar’s Retreat

  • US Dollar: The Dollar Index (DXY) weakened, falling below 99.5.6 This weakness is directly tied to the rising probability of a Fed rate cut. As US yields fall relative to other developed markets, capital flows out of the dollar, seeking better returns elsewhere.
  • Japanese Yen: The Yen strengthened past 156 per dollar. This move was driven by the rising inflation in Tokyo, which fueled bets on a BoJ rate hike. The strengthening Yen acts as a natural brake on the Japanese stock market, highlighting the delicate balance the country faces.6

Conclusion

The trading week ending November 28, 2025, served as a crucial transition point for global markets. Investors moved from a posture of “fear of the unknown”—regarding AI valuations and Fed policy—to one of “cautious optimism” and resilience.

Key Takeaways for the Week:

  1. The “Fed Put” is Back: Markets are overwhelmingly pricing in a December rate cut. This belief has re-established a floor under global equity valuations, encouraging risk-taking even in the face of technical failures.
  2. Infrastructure Vulnerability: The CME outage serves as a stark warning. The digitisation of finance has created efficiency, but also singular points of failure. The market’s ability to shrug this off was impressive, but regulators will undoubtedly scrutinise the resilience of critical market infrastructure.
  3. The Indian Growth Story: India’s 8.2% GDP growth is not just a statistic; it is a signal that the centre of gravity for global growth is shifting. As China matures and the West stabilises, India is emerging as the high-octane engine for the global economy.
  4. Divergence Creates Opportunity: The synchronised central bank actions of the post-COVID era are over. With the RBNZ cutting, the RBA holding, the BoJ looking to hike, and the Fed pivoting, the divergence in policy is creating significant opportunities (and risks) in currency and bond markets that have been dormant for years.

As December approaches, the focus will shift squarely to the US labour market data. If the data confirms the “soft landing” scenario, the rally seen this week could extend into a traditional “Santa Claus Rally.” However, as the CME outage demonstrated, the unexpected is always just one cooling fan failure away.

Disclaimer

This report is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The views expressed herein are those of the author and do not necessarily reflect the official policy or position of any agency or company. The information contained in this report has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Past performance is not indicative of future results. Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.

References

  1. Stocks Rise After CME Mess, Erasing November Loss: Markets …, accessed on November 29, 2025, https://www.swissinfo.ch/eng/stocks-rise-after-cme-mess%2C-erasing-november-loss%3A-markets-wrap/90538732
  2. CME down: What happened to CME? Why did CME halt futures trading today? – The Economic Times, accessed on November 29, 2025, https://m.economictimes.com/news/international/us/cme-down-what-happened-to-cme-why-did-cme-halt-futures-trading-today/articleshow/125636713.cms
  3. Asian shares finish November with a strong performance, helped by Fed cuts, accessed on November 29, 2025, https://energynews.oedigital.com/crude-oil/2025/11/28/asian-shares-finish-november-with-a-strong-performance-helped-by-fed-cuts
  4. Market Ends November on a Whimper as Dovish Glow Replaces AI Panic, accessed on November 29, 2025, https://www.investing.com/analysis/market-ends-november-on-a-whimper-as-dovish-glow-replaces-ai-panic-200670954
  5. European shares clock monthly gains on Fed rate cut hopes, accessed on November 29, 2025, https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/european-shares-clock-monthly-gains-fed-rate-cut-hopes
  6. Asia Market Quick Take – November 26, 2025 | Saxo Bank, accessed on November 29, 2025, https://www.home.saxo/en-mena/content/articles/macro/asia-market-quick-take-november-28-2025-28112025
  7. European Stocks Set to End November Little Changed, accessed on November 29, 2025, https://tradingeconomics.com/euro-area/stock-market/news/505758
  8. China, Hong Kong stocks set to end week higher as AI sentiment rebounds, accessed on November 29, 2025, https://www.indopremier.com/ipotnews/newsDetail.php?jdl=China__Hong_Kong_stocks_set_to_end_week_higher_as_AI_sentiment_rebounds&news_id=209174&group_news=IPOTNEWS&taging_subtype=Develop%20Market&name=&search=y_general&q=hong%20kong%20stocks,%20hang%20seng,&halaman=1
  9. Market Commentary, accessed on November 29, 2025, https://www.icicidirect.com/share-market-today/market-news-commentary/indices-end-near-flat-line-nifty-closes-below-26,250-mark/1658514
  10. India growth trajectory strengthens!: EAM Jaishankar hails Indias 8.2% Q2 GDP growth, accessed on November 29, 2025, https://www.tribuneindia.com/news/world/india-growth-trajectory-strengthens-eam-jaishankar-hails-indias-8-2-q2-gdp-growth/
  11. MNI Asia Pac Weekly Macro Wrap, accessed on November 29, 2025, https://media.marketnews.com/weekly_macro_round_up_November_28_2025_82da574d80.pdf
  12. U.S. equity-futures trading resumes after CME glitch causes lengthy outage, accessed on November 29, 2025, https://www.morningstar.com/news/marketwatch/20251128179/us-equity-futures-trading-resumes-after-cme-glitch-causes-lengthy-outage
  13. Global futures reopen after exchange operator CME hit by hours-long outage – Al Jazeera, accessed on November 29, 2025, https://www.aljazeera.com/economy/2025/11/28/global-futures-reopen-after-exchange-operator-cme-hit-by-hours-long-outage
  14. FTSE 100 breaks four-month winning streak in November despite recent gains, accessed on November 29, 2025, https://www.lse.co.uk/news/ftse-100-breaks-four-month-winning-streak-in-november-despite-recent-gains-nuo08cugecx7svh.html
  15. United States Stock Market Index – Quote – Chart – Historical Data – Trading Economics, accessed on November 29, 2025, https://tradingeconomics.com/united-states/stock-market
  16. U.S. Stocks Extend Pre-Holiday Rally, Close Higher For Fifth Straight Session, accessed on November 29, 2025, https://www.nasdaq.com/articles/us-stocks-extend-pre-holiday-rally-close-higher-fifth-straight-session
  17. How major US stock indexes fared Friday, 11/28/2025 | AP News, accessed on November 29, 2025, https://apnews.com/article/dow-nasdaq-tech-stocks-443b8287d085199133d998d5f52936ee
  18. Markets News, Nov. 28, 2025: Stocks End Higher on Black Friday; Indexes Log Best Week Since June But Nasdaq Snaps Seven-Month Winning Streak – Investopedia, accessed on November 29, 2025, https://www.investopedia.com/dow-jones-today-11282025-11858559
  19. DJIA Rises 0.32% This Month to 47716.42 — Data Talk, accessed on November 29, 2025, https://www.morningstar.com/news/dow-jones/202511285198/djia-rises-032-this-month-to-4771642-data-talk
  20. EUR/USD forecast: Currency Pair of the Week | November 24, 2025, accessed on November 29, 2025, https://www.forex.com/en/news-and-analysis/eur-usd-forecast-currency-pair-of-the-week-november-24-2025/
  21. US stocks rise for a fifth straight day to close out a volatile month, accessed on November 29, 2025, https://apnews.com/article/ai-japan-korea-us-holiday-bd0f4a4a6032381ae7751f9fc52ce011
  22. Is Big Tech back? Meta’s and Microsoft’s stocks score largest weekly gains since May., accessed on November 29, 2025, https://www.morningstar.com/news/marketwatch/20251128210/is-big-tech-back-metas-and-microsofts-stocks-score-largest-weekly-gains-since-may
  23. STOXX Europe 600 Index Ends the Month 0.79% Higher at 576.43 — Data Talk, accessed on November 29, 2025, https://www.morningstar.com/news/dow-jones/202511284781/stoxx-europe-600-index-ends-the-month-079-higher-at-57643-data-talk
  24. United Kingdom Stock Market Index (GB100) – Quote – Chart – Historical Data – News, accessed on November 29, 2025, https://tradingeconomics.com/united-kingdom/stock-market
  25. 28th November 2025 November 28, 2025, accessed on November 29, 2025, https://www.jamessharp.co.uk/stock-news-highlights/28th-november-2025/
  26. Germany Stock Market Index (DE40) – Quote – Chart – Historical Data – Trading Economics, accessed on November 29, 2025, https://tradingeconomics.com/germany/stock-market
  27. France stocks higher at close of trade; CAC 40 up 0.29%, accessed on November 29, 2025, https://www.investing.com/news/stock-market-news/france-stocks-higher-at-close-of-trade-cac-40-up-029-4382181
  28. CAC 40 Index Ends the Month Flat at 8122.71 — Data Talk, accessed on November 29, 2025, https://www.morningstar.com/news/dow-jones/202511284778/cac-40-index-ends-the-month-flat-at-812271-data-talk
  29. France Stock Market Index (FR40) – Quote – Chart – Historical Data – Trading Economics, accessed on November 29, 2025, https://tradingeconomics.com/france/stock-market
  30. European Stocks Hold Gains, accessed on November 29, 2025, https://tradingeconomics.com/euro-area/stock-market/news/505549
  31. Market Wrap: Sensex and Nifty end flat as profit-taking caps D-St rally near record highs, accessed on November 29, 2025, https://m.economictimes.com/markets/stocks/news/market-wrap-sensex-and-nifty-end-flat-as-profit-taking-caps-d-st-rally-near-record-highs/articleshow/125635339.cms
  32. 1st LD-Writethru: Chinese shares close higher Friday – Xinhua, accessed on November 29, 2025, https://english.news.cn/20251128/67d81c57c4cb4597af32a8c6c415187b/c.html
  33. China Shanghai Composite Stock Market Index – Quote – Chart – Historical Data – News, accessed on November 29, 2025, https://tradingeconomics.com/china/stock-market
  34. Market Highlights: Sensex, Nifty end flat after choppy session; M&M rises 2%, Shriram Fin drops 2%, accessed on November 29, 2025, https://m.economictimes.com/markets/stocks/live-blog/bse-sensex-today-live-nifty-stock-market-updates-28-november-2025/liveblog/125627499.cms
  35. Hang Seng Index Falls 0.18% This Month to 25858.89 — Data Talk | Morningstar, accessed on November 29, 2025, https://www.morningstar.com/news/dow-jones/202511282358/hang-seng-index-falls-018-this-month-to-2585889-data-talk
  36. China’s Shanghai Composite index edges up by 0.34%, accessed on November 29, 2025, https://www.business-standard.com/markets/capital-market-news/china-s-shanghai-composite-index-edges-up-by-0-34-125112800758_1.html
  37. Market Quick Take – 28 November 2025, accessed on November 29, 2025, https://www.home.saxo/content/articles/macro/market-quick-take—28-november-2025-28112025
  38. India’s Q2 GDP growth beats expectations again, rises 8.2% on manufacturing, financial services uptick, accessed on November 29, 2025, https://indianexpress.com/article/business/india-gdp-growth-rate-q2-10391174/
  39. Adani Group Weighs Up To $5 Bln Investment In Google’s AI Data Centres In Southern India, accessed on November 29, 2025, https://www.nasdaq.com/articles/adani-group-weighs-5-bln-investment-googles-ai-data-centres-southern-india
  40. Adani Group plans to invest $5 billion into Google’s AI data centre hub — Here’s what CFO says | Company Business News – Mint, accessed on November 29, 2025, https://www.livemint.com/companies/news/adani-group-plans-to-invest-5-billion-into-googles-ai-data-centre-hub-heres-what-cfo-says-11764344557513.html
  41. Adani Enterprises Completes Divestment of Indonesian Arm – HDFC Sky, accessed on November 29, 2025, https://hdfcsky.com/news/adani-enterprises-completes-full-exit-from-pt-adani-global-indonesia
  42. Stocks To Watch Today: Adani Enterprises, Wipro, Medanta | 28 Nov, accessed on November 29, 2025, https://www.samco.in/knowledge-center/articles/stocks-to-watch-today-adani-enterprises-wipro-medanta-28-nov/
  43. New Zealand Stock Market (NZX 50) – Quote – Chart – Historical Data – Trading Economics, accessed on November 29, 2025, https://tradingeconomics.com/new-zealand/stock-market
  44. | Kyabram Free Press, accessed on November 29, 2025, https://www.kyfreepress.com.au/aap-finance/shares-amble-towards-first-weekly-gain-since-october/
  45. S&P/ASX 200 Benchmark Index Falls 3.01% This Month to 8614.10 — Data Talk, accessed on November 29, 2025, https://www.morningstar.com/news/dow-jones/202511282365/spasx-200-benchmark-index-falls-301-this-month-to-861410-data-talk
  46. Weekly Wrap: Australia and the US diverge over interest rates, accessed on November 29, 2025, https://smallcaps.com.au/article/weekly-wrap-australia-and-the-us-diverge-over-interest-rates
  47. Australian Stock Market closes with decline: HMC Capital gains big, Eagers Automotive sees sharpest fall;, accessed on November 29, 2025, https://m.economictimes.com/news/international/australia/australian-stock-market-closes-with-decline-hmc-capital-gains-big-eagers-automotive-sees-sharpest-fall-check-top-gainers-and-losers-on-asx/articleshow/125631441.cms
  48. Evening Wrap: ASX 200 steady as silver stocks surge – silver price edges towards multi-decade high, accessed on November 29, 2025, https://www.marketindex.com.au/news/evening-wrap-asx-200-steady-as-silver-stocks-surge-silver-price-edges

Authors

Comments

Scroll to Top