Global Stock Markets Today, November 24, 2025: Fed Rate-Cut Hopes Lift Asia and Europe as Wall Street Futures Edge Higher

Global stock markets opened the new week on a cautiously upbeat note on Monday, 24 November 2025, as investors leaned into growing expectations that the US Federal Reserve will deliver another interest rate cut at its December meeting. Asian and European equities recovered some of last week’s losses, while US stock futures pointed modestly higher ahead of a holiday‑shortened Thanksgiving week. ^[1]

At the core of today’s moves: a market narrative that combines optimism about easier monetary policy, lingering anxiety over an AI‑driven tech bubble, and fresh geopolitical shifts, particularly around Ukraine peace talks and US–China tensions. ^[2]

Rate-Cut Bets Drive a Tentative Global Rebound

Across asset classes, traders are effectively betting that the Fed will cut its benchmark rate by 25 basis points in December, with futures pricing suggesting roughly a 70% probability after dovish remarks last week from New York Fed President John Williams. ^[3]

Those comments followed a volatile spell in which:

AI‑linked stocks and cryptocurrencies sold off sharply, raising fears of an “AI bubble” in highly valued infrastructure and chip names. ^[4]
A six‑week US government shutdown created gaps in key economic data releases, forcing both policymakers and investors to navigate what one strategist has called “data fog.” ^[5]

On Friday, US indices staged a strong rebound: the Dow rose about 1.1%, the S&P 500 1.0%, and the Nasdaq roughly 0.9%, even as all three finished the week lower overall. ^[6] That constructive close set the tone for today’s global session, with investors hoping the worst of the recent AI‑driven shake‑out is behind them.

Asia Stock Market Today: Broad Gains, China Lags, Japan Closed

Asian equity markets were mostly higher on Monday, taking their cue from Wall Street’s Friday bounce and the growing consensus around a December rate cut.

Key regional moves:

A broad MSCI gauge of Asia‑Pacific shares excluding Japan climbed around 1%, snapping part of last week’s slide. ^[7]
Hong Kong’s Hang Seng rallied roughly 1.5–2%, boosted by technology and internet names; Alibaba gained strongly after reporting robust demand for its latest AI app and ahead of earnings due this week. ^[8]
Australia’s ASX 200 advanced about 1–1.3%, while Singapore’s Straits Times added close to 0.4%. ^[9]
South Korea’s KOSPI swung from gains to modest losses or flat trade as profit‑taking hit automakers and tech; in some snapshots it was modestly positive, in others slightly negative, reflecting intraday volatility. ^[10]
Mainland China underperformed: CSI 300 and Shanghai benchmarks hovered around flat to slightly negative, weighed down by domestic chipmakers. ^[11]

The drag in China was notable. Local semiconductor and AI‑related names fell after reports that the US administration is considering letting Nvidia resume sales of a key AI chip into China, which could undermine Beijing’s efforts to build a fully self‑reliant domestic chip ecosystem. ^[12]

Japan, often a key driver of regional sentiment, was closed for a holiday, which slightly reduced overall market liquidity and turnover. ^[13]

Europe: Banks and Autos Rise, Defense Stocks Fall on Ukraine Peace Hopes

European stocks joined the recovery, with major indices ticking higher in early and mid‑session trade as investors “caught up” with Friday’s US rally.

The pan‑European STOXX 600 index was up around 0.4–0.5% by late morning, following its steepest weekly drop since late July. ^[14]
Germany’s DAX gained about 0.5%, Britain’s FTSE 100 edged up around 0.1%, while France’s CAC 40 fluctuated around flat. ^[15]

Sector performance highlighted several important themes:

Banks and autos were among the strongest gainers, helped by a steeper yield curve and fresh “buy” ratings on premium European carmakers such as Mercedes‑Benz, BMW and Ferrari from major Wall Street banks. ^[16]
Technology and construction/materials also advanced, reflecting renewed risk appetite and hopes that lower US rates will eventually ease global financial conditions. ^[17]
Defense stocks, by contrast, fell another 1–3% as the US and Ukraine reported progress in talks to refine a peace plan aimed at ending the war with Russia. Optimism over potential de‑escalation has weighed on European defense names for a second session. ^[18]

Individual stories also moved the tape: Bayer jumped after positive trial data revived hopes for a cardiovascular drug, while Siemens Energy rebounded from last week’s steep losses. Swiss lender Julius Baer slipped as it booked further credit write‑downs. ^[19]

European traders are also bracing for the UK government’s budget on Wednesday, where Chancellor Rachel Reeves is expected to balance fiscal consolidation with measures to ease cost‑of‑living pressures, a mix that could have implications for gilt yields and UK‑focused stocks. ^[20]

US Stock Market Today: Futures Point Higher Ahead of Thanksgiving Week

In the US, stock index futures were modestly higher in early New York trade, signaling a tentative continuation of Friday’s rebound:

Dow futures were up roughly 0.05–0.2%.
S&P 500 futures gained about 0.3–0.5%.
Nasdaq 100 futures outperformed, up about 0.5–0.7%, reflecting ongoing interest in large‑cap tech despite recent turbulence. ^[21]

The week is shortened by the Thanksgiving holiday: US markets will be closed on Thursday and operate on reduced hours Friday. That tends to compress trading into a narrower time window and can amplify intraday swings, especially if economic data surprise expectations. ^[22]

Traders are laser‑focused on:

Retail sales and producer price data for September, delayed by the earlier shutdown but now due this week, which will shape views on consumer health and inflation. ^[23]
Earnings from US consumer and electronics retailers, which will serve as early reads on holiday demand and pricing power. ^[24]

Last week’s swings underscored two key worries for Wall Street: whether AI leaders such as Nvidia really justify their elevated valuations, and whether the Fed can safely ease policy without reigniting inflation or triggering a sharper slowdown in jobs. ^[25]

India and Other Emerging Markets: Diverging From the Global Bounce

While many major markets traded higher, Indian equities moved the other way today:

The Nifty 50 fell about 0.4% to close just under 26,000.
The BSE Sensex dropped roughly 0.4%, ending around 84,900 after a deeper intraday decline. ^[26]

Analysts cited:

Cautious sentiment ahead of key trade and geopolitical developments, including delays in finalizing a US–India interim trade agreement and new US tariff headlines.
A lack of fresh domestic catalysts after a strong year‑to‑date run, prompting investors to lock in profits. ^[27]

Elsewhere in emerging markets:

Broader Asian EM equities were mixed, with some ASEAN markets such as Singapore and Indonesia benefiting from the global risk‑on tone, while China’s underperformance capped gains in regional indices. ^[28]

Bonds, Currencies and Commodities: Markets Price Softer Fed

Moves in fixed income, FX and commodities reinforced the idea that investors see the Fed closer to easing than tightening:

US Treasuries: The 10‑year yield slipped toward the low‑4% area late last week as markets priced more cuts for 2026; those levels held broadly steady Monday. ^[29]
US dollar: The dollar eased versus most major currencies but strengthened against the yen, which is hovering near a 10‑month low around ¥157 per dollar. Traders remain on alert for possible intervention by Japanese authorities worried about imported inflation and fiscal perceptions. ^[30]
Euro and pound: Both traded slightly firmer versus the dollar ahead of the UK budget and amid ongoing fiscal debates in the euro area, notably in France. ^[31]
Oil: Brent crude traded in the low‑$60s per barrel, down around 0.5–1%. Hopes for progress on a Ukraine peace framework and concerns about global growth have tempered upside in energy prices. ^[32]
Gold: Spot gold held near record territory, around $4,000 an ounce, as investors balanced lower yields with still‑elevated geopolitical risks. ^[33]
Crypto: Bitcoin traded in the mid‑ to high‑$80,000s after a wild week that saw it briefly tumble below $81,000 and then rebound; its swings have become a barometer for broader risk sentiment and speculative positioning. ^[34]

What’s Driving Sentiment – and What’s Next

Three big drivers are shaping how investors read the global stock market today:

Monetary policy and “data fog”
- Markets are betting that the Fed will prioritize downside risks to employment and deliver a December cut, even as inflation remains above target and key October indicators were never released due to the shutdown. ^[35]
- Futures also price multiple cuts in 2026, though some economists argue investors may be too optimistic about how quickly inflation will fall. ^[36]
AI and tech valuations
- Last week’s sharp moves in AI chips, infrastructure names and related crypto assets have revived questions about whether parts of the market are in bubble territory.
- For now, megacap tech remains central to index direction: when those stocks stabilize, global benchmarks tend to recover, as they did on Friday. ^[37]
Geopolitics and energy
- Signs of progress in US–Ukraine peace discussions have hit defense stocks but supported broader “risk” assets, as investors imagine a scenario of lower geopolitical risk premia and potentially softer energy prices. ^[38]
- At the same time, US–China tensions—particularly around AI chips and military deployments in East Asia—remain a structural overhang, visible in the underperformance of Chinese equities today. ^[39]

Takeaways for Global Investors

For investors tracking the world stock market today (24 November 2025), the message is nuanced:

The short‑term tone is risk‑on: Asia and Europe are mostly higher, and US futures suggest Wall Street wants to extend Friday’s rebound.
Rate‑cut optimism is doing the heavy lifting, but it rests on incomplete data and a divided Fed, leaving room for disappointment if upcoming numbers surprise on the upside for inflation or downside for growth. ^[40]
Under the surface, rotation is active: from defense into banks and autos in Europe; from speculative AI and crypto into more established large‑caps and defensives; and from China towards other parts of Asia and global value plays. ^[41]

As always, today’s moves reflect a snapshot rather than a conclusion. With US macro data, the UK budget, continuing Ukraine talks, and ongoing debates over AI valuations all on this week’s calendar, volatility could remain elevated even if headline indices look calmer.

This article is for informational purposes only and does not constitute investment advice. All market levels and probabilities are based on reports available as of Monday, 24 November 2025, and may have moved since publication.

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