Euronext Stock Market Today, November 21, 2025: Tech Rout and Fed Jitters Drag European Indices Lower

European stock markets operated by Euronext spent Friday under pressure as a global tech sell‑off and renewed uncertainty over U.S. interest‑rate cuts pulled most major EU benchmarks into the red.

The pan‑European STOXX 600 fell around 1% in early trade, hitting its lowest level since early October, while futures for the Euro Stoxx 50 pointed to losses of roughly 1.4% before the cash session opened. ^[1] Trading Economics data show the broader EU50 index slipping to about 5,493 points on Friday, reflecting the risk‑off tone across the euro area. ^[2]

By the European close, selling had moderated but not disappeared. The CAC 40 in Paris, AEX in Amsterdam, DAX in Frankfurt and FTSE MIB in Milan all finished lower, with Amsterdam’s tech‑heavy AEX once again the regional laggard. ^[3]

Why Euronext Markets Fell Today

1. AI “bubble” fears hit tech – and Europe’s chip champions

The trigger for today’s slump was another violent swing in global technology shares:

Nvidia gave back part of its post‑earnings surge on Thursday, with shares down around 2% intraday and erasing hundreds of billions of dollars in market value at one point. ^[4]
Reuters describes investors dumping risk assets after a strong but confusing U.S. jobs report left the Federal Reserve’s December rate decision uncertain, even as tech valuations remain stretched. ^[5]

In Europe, the fallout was immediate:

The STOXX 600 technology sub‑index dropped about 2%, with AI‑exposed industrial and equipment names such as Schneider Electric and Siemens Energy falling between 2% and 7%. ^[6]
Dow Jones/Morningstar data show Amsterdam’s AEX – dominated by chip‑equipment makers ASML, ASM International and BE Semiconductor – down about 1.2%, making it the worst performer among major European benchmarks. ^[7]

Because many of these stocks are listed on Euronext Amsterdam and Paris, the tech rout translated directly into index‑level weakness on Euronext’s markets.

2. Mixed U.S. jobs data keeps Fed risks alive

Friday’s global mood was shaped by the U.S. September jobs report:

Headline payrolls beat expectations, but the unemployment rate ticked higher and prior months were revised down, leaving a muddled picture. ^[8]
Markets now price roughly a 40% chance of a Fed rate cut in December, up from about 30% a day earlier, but Fed officials continue to warn about financial‑stability risks if rates are cut too fast. ^[9]

That combination – no clear policy path, but still‑elevated valuations – is exactly the kind of backdrop that tends to punish high‑beta sectors like tech, growth and cyclical exporters, all heavily represented on Euronext’s flagship indices.

3. Defence stocks slide on Ukraine peace signals

Another drag came from European defence shares, a sector that has been a key outperformer since 2022:

A Reuters report notes that an index of European aerospace and defence companies was down about 2.6%, its lowest level since early September, after Ukrainian President Volodymyr Zelenskiy signalled readiness to work “honestly” on a U.S.-backed peace initiative. ^[10]
Leonardo in Italy, alongside Germany’s Renk and Rheinmetall, and Sweden’s Saab, fell between roughly 2% and 6%. ^[11]

That weakness weighed especially on Milan’s FTSE MIB, part of the Euronext group, where defence is a key component of the blue‑chip index. ^[12]

4. ECB and EU trade politics in the background

Policy headlines also framed sentiment:

ECB President Christine Lagarde used a speech on Friday to warn that Europe must “look inward” and take responsibility for its own growth model, or risk being judged irresponsible by future generations. ^[13]
EU officials reiterated a tougher stance on trade, both in the face of new U.S. tariffs and mounting tensions with China over critical materials and industrial policy. ^[14]

None of these stories led to the sharp intraday moves seen in tech and defence, but they reinforced the sense that macro risks for European equities remain elevated heading into year‑end.

How Major Euronext Indices Traded Today

Paris: CAC 40 drifts lower, but Euronext and Ubisoft stand out

The CAC 40, Euronext’s Paris flagship, traded sharply lower in early dealings – down roughly 0.7% at one point and at a one‑month low – before trimming losses into the close. ^[15]

Data compiled by Rediff’s world indices page show the CAC 40 finishing around 7,946.65, a drop of about 34 points (‑0.4%) on the day. ^[16]

Key dynamics:

Tech and industrials were the main drag, in line with the broader European pattern. ^[17]
Defence‑linked and cyclical shares tracked the slump in sector indices following the Ukraine peace headlines. ^[18]

Two stories helped offset some of that pressure:

Euronext N.V. – now a CAC 40 constituent
- As of 22 September 2025, Euronext itself is part of the CAC 40, reflecting a decade of expansion and acquisitions. ^[19]
- Dow Jones data cited by Morningstar indicate Euronext shares gained around 1.6% intraday, even as the broader market fell. ^[20]
- The out‑performance comes days after the group announced a €600 million bond issue with a 2.625% coupon maturing in 2028, a transaction that was trading with a pre‑stabilisation period through late December. ^[21]
Societe Generale’s €1 billion buyback
- Euronext‑listed Societe Generale confirmed a new €1 billion share buyback, with purchases made under the existing authorisation through 20 November, and from 21 November 2025 under a new programme. ^[22]
- The move adds to the wave of capital returns by euro‑area banks and should provide technical support to the stock, which is a major CAC 40 component.

Amsterdam: AEX hit hardest as AI euphoria deflates

If Paris felt the downdraft, Amsterdam took the full force:

The AEX General Index closed near 923.47, down about 11.5 points, or roughly 1.2%, according to world index data. ^[23]
Morningstar’s Dow Jones coverage notes that the AEX was the worst‑performing major national index in Europe, with heavyweights ASML, ASM International and BE Semiconductor all sliding as AI‑related exuberance cooled. ^[24]

For Euronext investors, this is a classic example of index concentration risk: when the global AI narrative turns, an exchange dominated by chip‑equipment names can move dramatically in either direction.

Brussels: BEL 20 bucks the trend – just

Brussels was one of the few bright spots in continental Europe:

The BEL 20 edged up around 0.1% to about 4,978 points, a modest gain but enough to stand out against the broader sell‑off. ^[25]

Beneath the surface, however, stock‑specific activity mattered more than the index level:

Bekaert, the Euronext Brussels‑listed steel wire and advanced materials group, released an update on its €200 million share buyback and liquidity programme.
- The company completed the fourth tranche, repurchasing 667,653 shares for €25 million, and between 13–14 November alone bought 16,006 shares across Euronext Brussels and MTF venues at an average price around €35.84. ^[26]
- Under a renewed liquidity agreement with Kepler Cheuvreux, Bekaert bought 5,693 shares and sold 1,493 shares on Euronext Brussels over 13–19 November, ending the period with 2.11 million treasury shares, or about 4.1% of its outstanding stock. ^[27]

That steady buyback activity likely helped cushion the BEL 20 from the steeper declines seen elsewhere.

Milan: FTSE MIB opens in the red on defence and industrial weakness

In Milan, which joined the Euronext group via the acquisition of Borsa Italiana, early trade set the tone:

MarketScreener reports that the FTSE MIB opened about 0.6–0.7% lower, with Leonardo and Prysmian both down over 4% in the morning session. ^[28]
The drop in defence names dovetailed with the broader sell‑off in the European aerospace and defence index following renewed peace‑talk speculation on Ukraine. ^[29]

Milan’s underperformance underlines how sector‑specific shocks (defence) and global factors (AI, Fed uncertainty) layered on top of each other today.

Dublin, Lisbon and Oslo: activity more in primary markets than indices

While detailed intraday index data for Euronext Dublin, Lisbon and Oslo were less widely reported than for Paris or Amsterdam, there were some important market‑structure and capital‑raising developments:

Euronext Dublin (GEM market)
- Multiple GEM Notices were published on Friday, documenting new listings and regulatory actions for debt securities on the Global Exchange Market. ^[30]
- These notices, though technical, highlight continuing appetite for euro‑denominated corporate and structured debt even on a volatile equity day.
Euronext Lisbon
- An economic calendar from Borsa Italiana and trading‑hours data confirm Lisbon was open as normal on Friday, 21 November 2025, trading in euros and integrated into the broader Euronext network. ^[31]
- Portugal‑related headlines focused more on macro topics such as TAP Air Portugal’s planned stake sale and tourism, rather than large‑cap equity moves. ^[32]
Euronext Oslo Børs
- Tanker owner Okeanis Eco Tankers Corp., listed on Euronext Oslo Børs and the NYSE, issued 3,239,436 new common shares at $35.50, raising roughly $115 million in gross proceeds. The new shares become tradable on the NYSE around 21 November and can be transferred into the Norwegian VPS system for trading on Euronext Oslo Børs. ^[33]
- The deal increases total issued shares to 36.13 million, all entitled to a previously announced $0.75 per‑share dividend, and should enhance liquidity for Oslo‑listed investors. ^[34]

Big Corporate Stories Moving Euronext Stocks Today

1. Euronext’s Athens Stock Exchange deal becomes real

A structural shift in Europe’s market plumbing is taking another step today:

On 19 November, Euronext announced the successful outcome of its voluntary share‑exchange tender offer for Hellenic Exchanges – Athens Stock Exchange S.A. (ATHEX), securing a majority stake after investors tendered more than 42.9 million shares. ^[35]
According to Euronext’s own timetable, new “consideration shares” in Euronext are being issued today, 21 November 2025, with full settlement and listing of those shares scheduled for 24 November. ^[36]

This deal:

Extends Euronext’s physical presence into Greece,
Brings ATHEX onto Euronext’s trading and post‑trade infrastructure, and
Further consolidates Euronext’s status as Europe’s leading multi‑country stock‑exchange group.

It also helps explain why Euronext’s own share price outperformed broader indices today, even as other financials struggled. ^[37]

2. Ubisoft: from trading halt to resumption on Euronext Paris

One of the most closely watched single‑stock stories on Euronext Paris involves video‑game publisher Ubisoft:

Last week, Ubisoft requested that Euronext suspend trading in its shares and bonds after unexpectedly delaying the release of its first‑half 2025‑26 results. ^[38]
On Friday, the company finally reported numbers:
- H1 2025‑26 net bookings of €772.4 million, up 20.3% year‑on‑year;
- Q2 net bookings above prior guidance, helped by a strategic partnership with Tencent that is also reducing net debt; and
- Full‑year 2025‑26 targets reaffirmed. ^[39]
In the same release, Ubisoft said it has asked Euronext to resume listing and trading of its securities. ^[40]

MarketScreener and Dow Jones indicate that Ubisoft shares were quoted around €7.37, up roughly 8% in early indicative trading data as investors reacted to stronger‑than‑feared sales and clarity around the delayed accounts. ^[41]

Given Ubisoft’s weighting in French mid‑cap and gaming thematic indices, its return from suspension is an important liquidity event for Euronext Paris.

3. Bekaert, Imerys and the steady drumbeat of buybacks and bonds

While tech, defence and macro stories dominated headlines, a number of Euronext‑listed industrials quietly executed capital‑management plans:

Bekaert (Euronext Brussels)
- Completed the fourth tranche of its €200 million buyback, and provided granular detail on transactions executed between 13–19 November under both the buyback and its liquidity agreement. ^[42]
- Bekaert now holds 2,114,609 own shares, equal to about 4.08% of the outstanding share count, suggesting continued management confidence and a supportive technical backdrop for the stock. ^[43]
Imerys (Euronext Paris)
- The industrial minerals group announced a new bond issue with settlement and delivery scheduled for 21 November 2025, according to a Finanzwire summary, underscoring persistent investor demand for high‑grade euro‑denominated corporate debt. ^[44]

These deals aren’t as headline‑grabbing as AI bubbles or Fed speculation, but they matter for Euronext’s role as Europe’s core capital‑raising venue.

4. Genfit keeps Euronext’s biotech story alive

Biotech remained in focus through Genfit, listed on Euronext Paris and Nasdaq:

A GlobeNewswire update (via The Manila Times and other outlets) shows cash and cash equivalents of about €119 million as of 30 September 2025, with nine‑month 2025 revenues around €39.2 million and ongoing pipeline progress in liver and metabolic diseases. ^[45]

While not a market‑moving headline on its own, Genfit’s update contributes to the steady flow of clinical‑stage news that keeps Euronext positioned as a key listing venue for European life‑sciences companies.

What Today Means for Euronext Investors

1. Volatility is rotating, not disappearing

Friday’s session confirms that AI‑linked and defence sectors are no longer one‑way trades:

Tech and chip‑equipment stocks, many of them Euronext‑listed, are vulnerable when investors question AI valuations or the timing of Fed rate cuts. ^[46]
Defence names can swing sharply on geopolitical headlines, as shown by the sector’s 2.6% slide on Ukraine peace signals. ^[47]

For investors in Euronext indices like CAC 40, AEX, BEL 20 and FTSE MIB, this means:

Expect larger daily moves when U.S. macro data or AI‑related news hits;
Watch concentration risk – especially in Amsterdam, where a handful of semi‑equipment names dominate index performance; and
Remember that idiosyncratic stories like Ubisoft or Bekaert can still generate alpha, even in a risk‑off tape.

2. Market‑infrastructure stocks are behaving differently

Interestingly, Euronext N.V. itself traded higher today while many of its listed clients fell:

The combination of a €600 million bond issue and the ATHEX acquisition is being read as a sign of strategic confidence and long‑term earnings growth for the group. ^[48]
Because Euronext now sits inside the CAC 40, its share price can partially offset weakness elsewhere in the French index – something that didn’t happen before the September rebalancing. ^[49]

Exchange and market‑infrastructure stocks often benefit from higher trading volumes and volatility, so risk‑off days are not automatically bad news for Euronext shareholders.

3. Primary markets remain open, even on rough equity days

Despite the equity slump, primary issuance and buybacks continued at full speed:

Euronext Dublin’s GEM notices, Imerys’ bond deal, Euronext’s own bond offering, Okeanis’ equity raise and multiple corporate buybacks all went ahead as planned. ^[50]

That is an important signal for anyone worried about a freezing of European capital markets: pricing is moving, but the plumbing is working.

Key Takeaways

Most Euronext‑run indices closed lower on Friday, 21 November 2025, led by a sharp drop in Amsterdam’s AEX, while Brussels’ BEL 20 eked out a small gain. ^[51]
The sell‑off was driven by AI bubble worries, uncertain Fed policy, and a sharp correction in defence stocks on Ukraine peace headlines. ^[52]
Euronext N.V., fresh from securing majority control of ATHEX and launching a €600m bond, outperformed the wider market and now plays a growing role inside the CAC 40. ^[53]
High‑profile stock‑specific stories – notably Ubisoft’s trading resumption and stronger‑than‑expected H1 sales, and Bekaert’s ongoing buyback – underlined the continued importance of Euronext as Europe’s main stage for corporate news and capital‑raising. ^[54]

For now, the message from Euronext markets today is clear:
volatility is back, leadership is rotating, but Europe’s exchange ecosystem is busier than ever.

Understanding the Euronext Stock Exchange!