November 25, 2025

Europe Market Open: NVIDIA falls afterhours following potential Meta-Google partnership, European equities set to open in the red despite positive APAC trade

3 minutes

APAC stocks traded mostly higher as the region took impetus from the tech-led rally on Wall St, where sentiment was bolstered as dovish comments from Fed officials boosted December rate cut bets.
NVIDIA (NVDA) fell afterhours on a report that Meta (META) is in talks to spend billions on Google's (GOOGL) AI chips.
US President Trump posted that he had a very good telephone call with Chinese President Xi and that they discussed many topics, including Ukraine/Russia, fentanyl, soybeans and other farm products.
US Q3 GDP initial estimate is to be released on December 23rd, while US PCE and Personal Income report (Sep) was rescheduled for December 5th, according to the BEA.
ECB's Nagel said the current level of the Euro at 1.1600 is not cause for concern.
Looking ahead, highlights include German GDP (Q3), US Weekly Prelim Estimate ADP, US PPI (Sep), Retail Sales (Sep), Consumer Confidence (Nov), Richmond Fed (Nov), Speakers including ECB’s Cipollone & Makhlouf, Supply from UK, Italy, Germany & US, Earnings from Dell.

SNAPSHOT

Click for the Newsquawk Week Ahead.

US TRADEEQUITIES

US stocks rallied with the SPX reclaiming 6,700 and posting broad-based gains, while the Nasdaq was the outperformer as AI names clawed back some recent losses. Communications jumped 4%, led by Alphabet after more upbeat commentary on its latest AI updates, while tech and consumer discretionary gained about 2.5% (led by Broadcom, AVGO +11%) and 2.0%, respectively. Furthermore, NVIDIA (NVDA) fell afterhours on a report that Meta (META) is in talks to spend billions on Google's (GOOGL) AI chips.
Support also came from firmer expectations of a December rate cut after Fed Governor Waller reaffirmed backing for a 25bps move, and Daly (2027 voter) also endorsed such a reduction. As such, money markets priced a December cut at a 76% probability at one point, which was up from the 56% chance seen on Friday.
SPX +1.55% at 6,705, NDX +2.62% at 24,874, DJI +0.44% at 46,448, RUT +1.89% at 2,414.
Click here for a detailed summary.

TARIFFS/TRADE

US President Trump posted that he had a very good telephone call with Chinese President Xi and that they discussed many topics, including Ukraine/Russia, fentanyl, soybeans and other farm products. Trump added that they have done a good and very important deal for farmers, and it will only get better, as well as noted that the relationship with China is extremely strong. Furthermore, he said that President Xi invited him to visit Beijing in April, which he accepted and reciprocated, with Xi to be Trump’s guest for a state visit to the US later in the year.
White House Press Secretary said US President Trump and Chinese President Xi's phone call lasted an hour, while trade was discussed, and the call was productive.
EU reportedly dismissed the US demand to relax tech regulations in exchange for lower steel tariffs, according to sources.
Trade talks between the US and Canada remain stalled, and there's an emerging belief in both governments that key issues will be rolled into next year's broader review of the North America trade deal, according to sources via Bloomberg.

NOTABLE HEADLINES

Fed's Kashkari (2026 voter) said there are real use cases for AI, but not for crypto, and noted people are feeling hardship due to inflation.
Fed's Daly (2027 voter) backs a December rate cut, citing a vulnerable labour market, while she supports lowering rates at the December meeting because she sees a sudden deterioration in the job market as both more likely and harder to manage than an inflation flare-up.
White House said US President Trump signed an executive order related to AI research, while the order will boost AI-accelerated innovation and directs the building of AI platforms to harness federal scientific data sets.
US Q3 GDP initial estimate is to be released on December 23rd, while US PCE and Personal Income report (Sep) was rescheduled for December 5th, according to the BEA.

APAC TRADEEQUITIES

APAC stocks traded mostly higher as the region took impetus from the tech-led rally on Wall St, where sentiment was bolstered as dovish comments from Fed officials boosted December rate cut bets.
ASX 200 finished higher but lagged for most the session as strength in mining names was negated by underperformance in the top-weighted financial industry and losses in defensives.
Nikkei 225 initially rallied on return from the extended weekend and briefly reclaimed the 49,000 level, before momentarily wiping out its entire spoils.
Hang Seng and Shanghai Comp were underpinned by continued warming US-China relations following a call between US President Trump and Chinese President Xi, which Trump described as a very good call and noted that they discussed many topics, including Ukraine/Russia, fentanyl, soybeans and other farm products. The PBoC also conducted a CNY 1tln MLF operation that resulted in a net liquidity injection of CNY 100bln.
US equity futures plateaued overnight and held on to the prior day's tech-led gains.
European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.3% after the cash market finished with gains of 0.3% on Monday.

DXY was contained amid the positive risk appetite and as rate cut bets were boosted following the dovish rhetoric from Fed officials, including Waller who reiterated the case for a December cut, while Daly said she'd back a rate cut as she sees a sudden deterioration in the job market as both more likely and harder to manage than an inflation flare-up. Attention was also on the Ukraine peace plan, which the Washington Post reported was now a 19-point plan, down from 28, with talks expected to continue, while it was also announced that US President Trump and Chinese President Xi held a phone call that was said to be productive, in which leaders discussed many topics, including trade.
EUR/USD traded little changed after recently benefiting from a softer buck and optimism on the Ukraine conflict.
GBP/USD held onto the 1.3100 handle for most of the session following the prior day's choppy performance alongside further updates ahead of the Budget announcement on Wednesday, which Chancellor Reeves said would include three priorities: the cost of living, NHS waiting lists and the cost of debt.
USD/JPY marginally pulled back after briefly returning to the 157.00 territory, with the recent weakness in the Japanese currency spurring expectations of potential looming BoJ intervention.
Antipodeans were uneventful amid a virtually non-existent overnight calendar, although with slight pressure in NZD ahead of a widely anticipated rate cut by the RBNZ at tomorrow's meeting.
PBoC set USD/CNY mid-point at 7.0826 vs exp. 7.1056 (Prev. 7.0847).

FIXED INCOME

10yr UST futures paused overnight after gradually edging higher yesterday amid dovish Fed rhetoric, but with the upside limited amid supply.
Bund futures remained afloat following recent indecision, although demand was contained with near-term resistance at the 129.00 level and as German GDP data loomed, while there is also incoming supply, including a EUR 4.0bln Bobl issuance today and a EUR 3.0bln Bund issuance tomorrow.
10yr JGB futures were subdued amid the mostly positive risk appetite and a quiet calendar with a lack of tier-1 data for Japan.

COMMODITIES

Crude futures marginally pulled back after ultimately gaining yesterday alongside the positive risk appetite, which helped markets shrug off the initial indecisiveness seen as Ukraine peace talks dominated the tape on Monday.
Chinese President Xi said they are to enhance energy partnership and will ensure a smooth energy supply chain with Russia.
Spot gold extended on its gains after a recent ascent to back above the USD 4100/oz level on increased Fed rate cut bets and a softer dollar.
Copper futures continued the prior day's rebound amid the mostly positive risk appetite and following the Trump-Xi call.

CRYPTO

Bitcoin lacked conviction with price action choppy on both sides of the USD 88k level.
Japan is to require crypto exchanges to set aside liability reserves, according to Nikkei.

NOTABLE ASIA-PAC HEADLINES

PBoC conducted a CNY 1tln Medium-term Lending Facility operation for a CNY 100bln net liquidity injection.
Japanese PM Takaichi said she spoke with US President Trump on the phone after a phone call was proposed by the US side, and that Trump explained recent US-China relations following his call with Chinese President Xi. Furthermore, Trump told her that they are very close friends and that she could call him any time, while Takaichi believes they were able to confirm close cooperation between Japan and the US.
Japanese Finance Minister Katayama said Japan has established a Japanese equivalent of the US Department of Government Efficiency to abolish ineffective subsidies.
Japanese Chief Cabinet Secretary Kihara said the government is to hold a cabinet meeting on the supplementary budget this Friday.

GEOPOLITICS

MIDDLE EAST

Taliban spokesman Mujahid said aerial raids took place in the provinces of Kunar and Paktika, which injured four civilians, while it was announced that nine children were killed after Pakistani forces bombed the home of a local resident in the Khost province.

RUSSIA-UKRAINE

Ukrainian President Zelensky said current peace proposals contain fewer than 28 points after joint work and they will discuss sensitive topics of the peace plan with US President Trump, while he added that the peace framework includes "correct" points now and he urged Ukrainians to react to air alerts in the coming days, as well as stated that "we know who we are dealing with".
US White House Press Secretary Leavitt said US and Ukraine talks have been productive and there are just a couple of points of disagreement, while she added that President Trump is optimistic that a deal can be struck.
US is holding secret Russia-Ukraine peace talks in Abu Dhabi with US Army Secretary Dan Driscoll meeting delegations from Kyiv and Moscow in a push for a deal to end Russia's invasion, according to FT.
A barrage of Russian missiles struck Kyiv overnight, in what the Ukrainian Energy Minister described as a "massive" attack on energy infrastructure, while the Kyiv Mayor said that some areas were experiencing disruptions to power and water.
Regional Governor said three people were killed and 10 injured in a Ukrainian attack on Russia's Rostov region.

OTHER

Taiwan's Premier said Taiwan is a fully sovereign and independent country and that for Taiwan's 23mln people, a ‘return’ to China is not an option, while he added that maintaining the status quo in the Taiwan Strait is a development the whole world is watching closely. Furthermore, he said they must strengthen self-defence capabilities and must stand together with like-minded democratic countries. In relevant news, Taiwan's Defence Ministry said a Chinese balloon was detected in the Taiwan Strait on Monday.
Japanese Chief Cabinet Secretary Kihara said Japan's UN ambassador sent a letter to UN Secretary-General Guterres explaining Japan's stance on China's demand to withdraw PM Takaichi's remarks on Taiwan, while Kihara added that China’s claims that contradict the facts cannot be accepted, and Japan must firmly refute and communicate its position. It was separately reported that Japan's top foreign ministry official held talks with China's ambassador, according to Kyodo

EU/UK

NOTABLE HEADLINES

UK Chancellor Reeves told Labour MPs “The Budget on Wednesday will be about three priorities: cutting the cost of living, cutting NHS waiting lists and cutting the cost of debt."
UK Treasury asked banks to make public and prominent endorsements of the Budget this week, wanting lenders to praise new policies and show how they will boost lending to first-time buyers and small businesses, according to FT.
ECB's Nagel said the current level of the Euro at 1.1600 is not cause for concern, while he added that food inflation remains stubborn. Nagel added that the ECB keeps an eye on strong price increases in services too, as well as noted that with December projections, they will see more clearly if the monetary policy stance remains appropriate.

...more

View all episodes

By Newsquawk

33 ratings

November 25, 2025

Europe Market Open: NVIDIA falls afterhours following potential Meta-Google partnership, European equities set to open in the red despite positive APAC trade

3 minutes

APAC stocks traded mostly higher as the region took impetus from the tech-led rally on Wall St, where sentiment was bolstered as dovish comments from Fed officials boosted December rate cut bets.
NVIDIA (NVDA) fell afterhours on a report that Meta (META) is in talks to spend billions on Google's (GOOGL) AI chips.
US President Trump posted that he had a very good telephone call with Chinese President Xi and that they discussed many topics, including Ukraine/Russia, fentanyl, soybeans and other farm products.
US Q3 GDP initial estimate is to be released on December 23rd, while US PCE and Personal Income report (Sep) was rescheduled for December 5th, according to the BEA.
ECB's Nagel said the current level of the Euro at 1.1600 is not cause for concern.
Looking ahead, highlights include German GDP (Q3), US Weekly Prelim Estimate ADP, US PPI (Sep), Retail Sales (Sep), Consumer Confidence (Nov), Richmond Fed (Nov), Speakers including ECB’s Cipollone & Makhlouf, Supply from UK, Italy, Germany & US, Earnings from Dell.

SNAPSHOT

Click for the Newsquawk Week Ahead.

US TRADEEQUITIES

US stocks rallied with the SPX reclaiming 6,700 and posting broad-based gains, while the Nasdaq was the outperformer as AI names clawed back some recent losses. Communications jumped 4%, led by Alphabet after more upbeat commentary on its latest AI updates, while tech and consumer discretionary gained about 2.5% (led by Broadcom, AVGO +11%) and 2.0%, respectively. Furthermore, NVIDIA (NVDA) fell afterhours on a report that Meta (META) is in talks to spend billions on Google's (GOOGL) AI chips.
Support also came from firmer expectations of a December rate cut after Fed Governor Waller reaffirmed backing for a 25bps move, and Daly (2027 voter) also endorsed such a reduction. As such, money markets priced a December cut at a 76% probability at one point, which was up from the 56% chance seen on Friday.
SPX +1.55% at 6,705, NDX +2.62% at 24,874, DJI +0.44% at 46,448, RUT +1.89% at 2,414.
Click here for a detailed summary.

TARIFFS/TRADE

US President Trump posted that he had a very good telephone call with Chinese President Xi and that they discussed many topics, including Ukraine/Russia, fentanyl, soybeans and other farm products. Trump added that they have done a good and very important deal for farmers, and it will only get better, as well as noted that the relationship with China is extremely strong. Furthermore, he said that President Xi invited him to visit Beijing in April, which he accepted and reciprocated, with Xi to be Trump’s guest for a state visit to the US later in the year.
White House Press Secretary said US President Trump and Chinese President Xi's phone call lasted an hour, while trade was discussed, and the call was productive.
EU reportedly dismissed the US demand to relax tech regulations in exchange for lower steel tariffs, according to sources.
Trade talks between the US and Canada remain stalled, and there's an emerging belief in both governments that key issues will be rolled into next year's broader review of the North America trade deal, according to sources via Bloomberg.

NOTABLE HEADLINES

Fed's Kashkari (2026 voter) said there are real use cases for AI, but not for crypto, and noted people are feeling hardship due to inflation.
Fed's Daly (2027 voter) backs a December rate cut, citing a vulnerable labour market, while she supports lowering rates at the December meeting because she sees a sudden deterioration in the job market as both more likely and harder to manage than an inflation flare-up.
White House said US President Trump signed an executive order related to AI research, while the order will boost AI-accelerated innovation and directs the building of AI platforms to harness federal scientific data sets.
US Q3 GDP initial estimate is to be released on December 23rd, while US PCE and Personal Income report (Sep) was rescheduled for December 5th, according to the BEA.

APAC TRADEEQUITIES

APAC stocks traded mostly higher as the region took impetus from the tech-led rally on Wall St, where sentiment was bolstered as dovish comments from Fed officials boosted December rate cut bets.
ASX 200 finished higher but lagged for most the session as strength in mining names was negated by underperformance in the top-weighted financial industry and losses in defensives.
Nikkei 225 initially rallied on return from the extended weekend and briefly reclaimed the 49,000 level, before momentarily wiping out its entire spoils.
Hang Seng and Shanghai Comp were underpinned by continued warming US-China relations following a call between US President Trump and Chinese President Xi, which Trump described as a very good call and noted that they discussed many topics, including Ukraine/Russia, fentanyl, soybeans and other farm products. The PBoC also conducted a CNY 1tln MLF operation that resulted in a net liquidity injection of CNY 100bln.
US equity futures plateaued overnight and held on to the prior day's tech-led gains.
European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.3% after the cash market finished with gains of 0.3% on Monday.

DXY was contained amid the positive risk appetite and as rate cut bets were boosted following the dovish rhetoric from Fed officials, including Waller who reiterated the case for a December cut, while Daly said she'd back a rate cut as she sees a sudden deterioration in the job market as both more likely and harder to manage than an inflation flare-up. Attention was also on the Ukraine peace plan, which the Washington Post reported was now a 19-point plan, down from 28, with talks expected to continue, while it was also announced that US President Trump and Chinese President Xi held a phone call that was said to be productive, in which leaders discussed many topics, including trade.
EUR/USD traded little changed after recently benefiting from a softer buck and optimism on the Ukraine conflict.
GBP/USD held onto the 1.3100 handle for most of the session following the prior day's choppy performance alongside further updates ahead of the Budget announcement on Wednesday, which Chancellor Reeves said would include three priorities: the cost of living, NHS waiting lists and the cost of debt.
USD/JPY marginally pulled back after briefly returning to the 157.00 territory, with the recent weakness in the Japanese currency spurring expectations of potential looming BoJ intervention.
Antipodeans were uneventful amid a virtually non-existent overnight calendar, although with slight pressure in NZD ahead of a widely anticipated rate cut by the RBNZ at tomorrow's meeting.
PBoC set USD/CNY mid-point at 7.0826 vs exp. 7.1056 (Prev. 7.0847).

FIXED INCOME

10yr UST futures paused overnight after gradually edging higher yesterday amid dovish Fed rhetoric, but with the upside limited amid supply.
Bund futures remained afloat following recent indecision, although demand was contained with near-term resistance at the 129.00 level and as German GDP data loomed, while there is also incoming supply, including a EUR 4.0bln Bobl issuance today and a EUR 3.0bln Bund issuance tomorrow.
10yr JGB futures were subdued amid the mostly positive risk appetite and a quiet calendar with a lack of tier-1 data for Japan.

COMMODITIES

Crude futures marginally pulled back after ultimately gaining yesterday alongside the positive risk appetite, which helped markets shrug off the initial indecisiveness seen as Ukraine peace talks dominated the tape on Monday.
Chinese President Xi said they are to enhance energy partnership and will ensure a smooth energy supply chain with Russia.
Spot gold extended on its gains after a recent ascent to back above the USD 4100/oz level on increased Fed rate cut bets and a softer dollar.
Copper futures continued the prior day's rebound amid the mostly positive risk appetite and following the Trump-Xi call.

CRYPTO

Bitcoin lacked conviction with price action choppy on both sides of the USD 88k level.
Japan is to require crypto exchanges to set aside liability reserves, according to Nikkei.

NOTABLE ASIA-PAC HEADLINES

PBoC conducted a CNY 1tln Medium-term Lending Facility operation for a CNY 100bln net liquidity injection.
Japanese PM Takaichi said she spoke with US President Trump on the phone after a phone call was proposed by the US side, and that Trump explained recent US-China relations following his call with Chinese President Xi. Furthermore, Trump told her that they are very close friends and that she could call him any time, while Takaichi believes they were able to confirm close cooperation between Japan and the US.
Japanese Finance Minister Katayama said Japan has established a Japanese equivalent of the US Department of Government Efficiency to abolish ineffective subsidies.
Japanese Chief Cabinet Secretary Kihara said the government is to hold a cabinet meeting on the supplementary budget this Friday.

GEOPOLITICS

MIDDLE EAST

Taliban spokesman Mujahid said aerial raids took place in the provinces of Kunar and Paktika, which injured four civilians, while it was announced that nine children were killed after Pakistani forces bombed the home of a local resident in the Khost province.

RUSSIA-UKRAINE

Ukrainian President Zelensky said current peace proposals contain fewer than 28 points after joint work and they will discuss sensitive topics of the peace plan with US President Trump, while he added that the peace framework includes "correct" points now and he urged Ukrainians to react to air alerts in the coming days, as well as stated that "we know who we are dealing with".
US White House Press Secretary Leavitt said US and Ukraine talks have been productive and there are just a couple of points of disagreement, while she added that President Trump is optimistic that a deal can be struck.
US is holding secret Russia-Ukraine peace talks in Abu Dhabi with US Army Secretary Dan Driscoll meeting delegations from Kyiv and Moscow in a push for a deal to end Russia's invasion, according to FT.
A barrage of Russian missiles struck Kyiv overnight, in what the Ukrainian Energy Minister described as a "massive" attack on energy infrastructure, while the Kyiv Mayor said that some areas were experiencing disruptions to power and water.
Regional Governor said three people were killed and 10 injured in a Ukrainian attack on Russia's Rostov region.

OTHER

Taiwan's Premier said Taiwan is a fully sovereign and independent country and that for Taiwan's 23mln people, a ‘return’ to China is not an option, while he added that maintaining the status quo in the Taiwan Strait is a development the whole world is watching closely. Furthermore, he said they must strengthen self-defence capabilities and must stand together with like-minded democratic countries. In relevant news, Taiwan's Defence Ministry said a Chinese balloon was detected in the Taiwan Strait on Monday.
Japanese Chief Cabinet Secretary Kihara said Japan's UN ambassador sent a letter to UN Secretary-General Guterres explaining Japan's stance on China's demand to withdraw PM Takaichi's remarks on Taiwan, while Kihara added that China’s claims that contradict the facts cannot be accepted, and Japan must firmly refute and communicate its position. It was separately reported that Japan's top foreign ministry official held talks with China's ambassador, according to Kyodo

EU/UK

NOTABLE HEADLINES

UK Chancellor Reeves told Labour MPs “The Budget on Wednesday will be about three priorities: cutting the cost of living, cutting NHS waiting lists and cutting the cost of debt."
UK Treasury asked banks to make public and prominent endorsements of the Budget this week, wanting lenders to praise new policies and show how they will boost lending to first-time buyers and small businesses, according to FT.
ECB's Nagel said the current level of the Euro at 1.1600 is not cause for concern, while he added that food inflation remains stubborn. Nagel added that the ECB keeps an eye on strong price increases in services too, as well as noted that with December projections, they will see more clearly if the monetary policy stance remains appropriate.

...more