Global Stock Market Today, November 27, 2025: Asia Rallies, Europe Pauses as Fed Rate-Cut Bets Grow and Wall Street Shuts for Thanksgiving

Global equity markets were generally firmer on Thursday, November 27, 2025, as investors leaned into expectations that the U.S. Federal Reserve will cut interest rates in December, even while U.S. stock exchanges were closed for the Thanksgiving holiday. ^[1]

Across Asia, tech-heavy benchmarks and Indian blue chips led gains. In Europe, major indices hovered near recent highs but showed signs of consolidation after a strong three‑day run. With Wall Street on pause, the tone of global trading was set by Fed policy speculation, geopolitical developments and a handful of standout corporate moves. ^[2]

Key takeaways for November 27, 2025

Fed cut bets dominate: Money markets now price roughly an 80–85% chance of a Fed rate cut at the December meeting, up sharply from about 30% a week ago. ^[3]
Asia in the green: Japan’s Nikkei 225 climbed about 1.2% back above 50,000, while most major Asian indices advanced on the back of Wall Street’s four‑day winning streak. ^[4]
India hits record territory: The Nifty 50 and BSE Sensex touched fresh all‑time highs intraday, marking a new milestone after 14 months of consolidation. ^[5]
Europe pauses near highs: The STOXX 600 traded flat, with Germany’s DAX edging higher and the UK’s FTSE 100 slipping after the autumn budget. Puma soared on takeover speculation. ^[6]
Wall Street closed: The NYSE and Nasdaq are shut today for Thanksgiving, with only a shortened session scheduled for Friday; U.S. futures were little changed. ^[7]
Currencies & crypto: The dollar was broadly steady, the yen remained under intervention watch, and Bitcoin climbed back above $90,000 as gold hovered just below recent highs. ^[8]

Fed rate-cut hopes keep global stocks on the front foot

The main narrative in markets today is straightforward: investors are betting the Fed’s next move will be a cut rather than a hike.

After a 43‑day U.S. government shutdown delayed fresh economic data, traders have been relying more heavily on speeches from Fed officials. A string of dovish-leaning comments — including from San Francisco Fed President Mary Daly and Fed Governor Christopher Waller — has convinced markets that a December cut is now the most likely outcome. Futures pricing suggests odds in the mid‑80% range for a move next month, compared with roughly 30% just a week earlier. ^[9]

That backdrop has:

Supported global equities, which extended a recovery from the sharp AI‑driven sell‑off earlier in November. ^[10]
Kept bond yields contained, as markets wager that the Fed will tolerate slightly higher inflation to shore up growth. ^[11]
Put the dollar on a softer footing versus most major currencies, even though today it was marginally firmer against the euro and sterling as European data remains lacklustre. ^[12]

At the same time, policymakers and investors are watching for any renewed anxiety over heavy corporate spending on artificial intelligence, which recently triggered a global tech wobble. Strategists quoted in today’s reports warn that a fresh bout of concern about AI capital expenditure could still be “kryptonite” for this rally if earnings guidance disappoints. ^[13]

Asia-Pacific: Tech and India shine despite China property jitters

Japan leads regional gains

Asian markets largely took their cue from Wall Street’s four‑session winning streak on Wednesday, when the S&P 500, Dow and Nasdaq each advanced around 0.7%–0.8%. ^[14]

Japan: The Nikkei 225 jumped roughly 1.2–1.3% to around 50,167, reclaiming the 50,000 level for the first time in about ten days. A rebound in major technology names — including SoftBank Group and Kioxia — played a central role in the move, extending a three‑day run of gains. ^[15]
South Korea: The Kospi added about 0.7% as the Bank of Korea left its key policy rate unchanged at 2.5%, balancing concerns over housing markets and currency weakness with the broader growth outlook. ^[16]
Australia & Taiwan: Australia’s S&P/ASX 200 ticked higher, up about 0.1%, while Taiwan’s tech‑heavy Taiex rose around 0.5%, reflecting the global bid for chip and AI‑related shares. ^[17]

China: modest gains, lingering property concerns

Chinese equities managed small gains but continued to lag some regional peers:

Hong Kong’s Hang Seng index was up only marginally, while the Shanghai Composite added roughly 0.3% in early trading. ^[18]
Persistent worries around the country’s property sector resurfaced after major developer China Vanke reportedly sought more time to repay an onshore bond, keeping real estate stocks under pressure even as the broader CSI 300 index edged higher. ^[19]

Traders are still hoping for additional targeted stimulus measures from Beijing to stabilize both housing and local government finances, but Thursday’s session suggested confidence remains fragile.

India: Nifty and Sensex break to new highs

One of the standout stories in global equities today is India:

The Nifty 50 rose as much as 0.4% to an intraday record of about 26,310, while the BSE Sensex touched roughly 86,056, surpassing peaks last seen in September 2024. ^[20]
Both indices later trimmed gains on profit‑taking, closing just shy of record closing highs, but the move marked a significant breakout after more than a year of sideways action. ^[21]

According to strategists, several factors are underpinning the rally:

Expectations for a broad earnings recovery in the second half of FY26.
A combination of tax cuts, lower borrowing costs and benign inflation, which together support consumption and corporate margins. ^[22]
A moderation in valuations: the Nifty now trades around 22–23x forward earnings, down from mid‑20s multiples at previous peaks, making it slightly cheaper relative to other Asian markets. ^[23]
Heavy, persistent domestic mutual fund inflows, which have more than offset foreign selling this year and cushioned volatility. ^[24]

Analysts at major global banks now see potential for the Nifty to approach 30,000 by late 2026 if earnings continue to surprise to the upside. ^[25]

Europe: STOXX 600 flat as Puma soars and healthcare drags

With U.S. markets closed, European trading had a distinctly holiday‑week feel: quieter volumes and modest index moves, but a few big single‑stock stories.

The pan‑European STOXX 600 was roughly flat around 574 points in late morning trade, hovering near one‑week highs after three straight days of gains. ^[26]
Germany’s DAX added about 0.3%, while London’s FTSE 100 slipped 0.2% as investors digested the UK government’s autumn budget. France’s CAC 40 was little changed. ^[27]

Sector performance was mixed:

Healthcare stocks were the main drag, falling around 0.4% amid declines in heavyweights Novo Nordisk and Roche. ^[28]
Financial services led gains, up roughly 0.7%, helped by a 3.6% rise in Deutsche Börse after a broker upgrade to “overweight.” ^[29]
Food and beverage shares ticked higher, with Remy Cointreau, Campari and Pernod Ricard all in demand after upbeat commentary on growth prospects. ^[30]

The biggest individual mover was Puma, whose shares surged around 14–15% after reports that China’s Anta Sports is exploring a takeover of the German sportswear group. The news added fuel to an already solid week for European equities. ^[31]

Progress toward a possible ceasefire or peace framework in the Russia‑Ukraine conflict also helped support risk sentiment, contributing to earlier gains this week and easing some of the geopolitical risk premium in European assets and oil prices. ^[32]

United States: Wall Street takes a holiday breather

There is no cash equity trading on Wall Street today:

The NYSE and Nasdaq are closed for Thanksgiving, as is the U.S. bond market.
Both will reopen on Friday for a shortened session, typically ending at 1 p.m. Eastern for equities. ^[33]

That pause comes after U.S. stocks notched a fourth consecutive day of gains on Wednesday:

The S&P 500 rose about 0.7%,
The Dow Jones Industrial Average gained a similar amount, and
The Nasdaq Composite advanced around 0.8%, led by technology names. ^[34]

Index futures trading continued in holiday‑thinned conditions:

Pre‑holiday data showed Dow futures just above flat and S&P 500 futures up by roughly 0.1%, consistent with the cautious risk‑on tone seen in Europe and Asia. ^[35]

The absence of fresh U.S. macro releases today — a knock‑on effect of the earlier government shutdown and the holiday — means global desks are focused mainly on Fed communication and incoming economic numbers from Europe and emerging markets. ^[36]

Currencies, commodities and crypto: Yen on watch, oil calm, Bitcoin bounces

FX and rates

In foreign exchange markets:

The U.S. dollar index was little changed overall but on track for its first daily gain in a week, supported by slight weakness in the euro and pound. ^[37]
The Japanese yen strengthened toward the mid‑156 per dollar range compared with near 158 last week, as traders weighed the risk of both direct intervention by Tokyo and a possible Bank of Japan rate hike before year‑end. ^[38]
Sterling eased back from four‑week highs reached after UK budget announcements that reassured investors about Britain’s fiscal trajectory, trading around the low‑$1.32s. ^[39]

Bond markets, where open, reflected the same theme: yields slightly softer as investors price in looser U.S. monetary policy in 2026, even as core inflation remains above target.

Oil, gold and Bitcoin

Commodities were relatively subdued, echoing the quieter tone in equities:

Brent crude hovered just above $62 per barrel, while U.S. WTI traded around the high‑$58 area. Hopes for progress in Russia‑Ukraine peace talks have removed some upside pressure on prices, even as geopolitical risks remain elevated. ^[40]
Gold eased slightly by about 0.1–0.4% to roughly $4,150–4,185 an ounce after strong gains this week, as some investors locked in profits but underlying demand for hedges against policy and geopolitical risk stayed firm. ^[41]
Bitcoin climbed back above the $90,000 mark, set to snap a four‑week losing streak with a gain of nearly 3% this week, underscoring renewed risk appetite in digital assets alongside equities. ^[42]

What today’s moves mean for investors

For investors watching the global stock market on November 27, 2025, the message is cautiously optimistic:

The Fed is in the driver’s seat. Markets are increasingly convinced that the central bank will cut rates in December. Any surprise in Fed communication, or a sudden turn in inflation expectations, could quickly challenge the current rally. ^[43]
Regional stories still matter.
- Asia’s gains are uneven, with Japan and India powering ahead while Chinese markets remain hostage to property‑sector stress. ^[44]
- Europe is consolidating after a strong rebound, with stock‑specific news — from Puma’s takeover talk to sector‑level rotations — dictating intraday moves. ^[45]
Holiday liquidity cuts both ways. With the U.S. on holiday, trading is thinner. That typically dampens volatility, but it can also magnify any surprise headline that hits otherwise quiet markets.
Key upcoming catalysts:
- European data releases, including Germany’s GfK consumer confidence and euro area economic sentiment, plus minutes from the European Central Bank’s latest meeting, are due shortly and could reshape rate expectations in the eurozone. ^[46]
- The Fed’s December meeting, potential Bank of Japan policy tweaks, and any concrete progress on Russia‑Ukraine peace efforts remain critical macro drivers. ^[47]

For now, though, the global equity picture heading into the U.S. holiday weekend is one of measured optimism: rate‑cut hopes are doing the heavy lifting, while investors keep a wary eye on AI valuations, geopolitical risk and the still‑fragile recovery in China.