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Global Markets Sunday News
Wall Street up for six months
Investors look back on an eventful week marked by the meeting between Donald Trump and Xi Jinping, numerous corporate earnings reports, and central bank meetings. The indices remained fairly stable. Wall Street closed higher thanks to strong results from major technology companies, while European stock markets recorded slight losses.
Tops of the week
Tenaris +11.34%: Despite falling oil prices, the manufacturer of steel pipes for the oil and gas industry benefited from high margins and solid cash flow. However, business is likely to slow down towards the end of the year as a result of cost effects and declining drilling activity. Nevertheless, the company confirmed its outlook.
Straumann +12.3%: The market leader in dental implants reported strong performance for the third quarter. Despite recent weakness in its Chinese business, Straumann is maintaining its outlook for the financial year. The Swiss group has also expanded its activities in the field of orthodontics. To this end, it has entered into a partnership with the Chinese company Smartee and is also cooperating with the French company DentalMonitoring, which specializes in technologies for remote monitoring of dental and orthodontic treatments.
Amazon +8.92%: The e-commerce and cloud giant significantly exceeded market expectations. The figures benefited in particular from AI demand in the AWS segment. The e-commerce segment also saw growth in all regions. Amazon subsequently raised its outlook once again.
Nokia +9.94%: Nvidia has acquired a 2.9% stake in the Finnish telecommunications and network equipment supplier, thereby strengthening the partnership in the field of artificial intelligence and 6G. Nokia’s share price has nearly doubled since August.
Jeronimo Martins +10.48%: Thanks to the performance of its subsidiaries Biedronka in Poland and Ara in Colombia, the Portuguese wholesaler and retailer continues to perform well. Despite intense competition and cost pressures, sales and profitability continue to rise.
GSK +9.91%: The figures published by the British pharmaceutical company for the third quarter exceeded analysts’ estimates. This development was due to strong sales growth achieved with drugs for HIV, asthma, lupus, and various types of cancer, as well as solid vaccine business outside the US. As a result, GSK raised its full-year outlook.
Alphabet +8.18%: The parent company of Google and YouTube is benefiting from growth in online advertising and Google Cloud, driven by rising demand for AI. The group plans to further increase its investments in the AI segment.
Sandoz +7.52%: The pharmaceutical company, which focuses on generics and biosimilars, continues to perform well. Biosimilars are now more profitable and gaining ground in all regions. Sandoz has raised its margin target. The current portfolio and development pipeline are well filled.
Flops of the week
WPP -20.38%: The communications services provider has published disastrous figures. The company has lowered its revenue forecast and now expects a decline of 5.5% to 6% (previously -3% to -5%).
Cigna -19.01%: According to a warning issued by the health insurer on Thursday, margins are likely to come under pressure over the next two years. The reason for this is a change in the business model of the drug benefits management division, which controls the purchasing and reimbursement of drugs for insured persons.
Kongsberg -12.28%: The Norwegian defense contractor failed to meet the high expectations for the third quarter. Investors are demanding when it comes to such highly valued stocks, which have become market favorites. Kongsberg also announced its intention to list its maritime division on the Oslo Stock Exchange. The defense, aerospace, and marine exploration divisions are to remain within the group.
Adidas -12.59%: Despite encouraging figures, the sporting goods manufacturer remains cautious about the US market, as orders from retailers are declining as a result of tariffs.
Roblox -10.95%: The US-based developer of the game of the same name reported mixed figures, particularly for average revenue per daily active user. The company plans to make major investments in security and infrastructure.
Meta -12.19%: The parent company of Facebook, Instagram, and WhatsApp intends to revise its spending forecast upward. Investors are concerned because they expect higher profits from the AI business.
Telenor -8.17%: Despite solid performance during the reporting period, investors were not entirely satisfied with the Norwegian mobile communications provider. Scandinavia remains the biggest growth driver.
Symrise -12.27%: The figures presented by the manufacturer of fragrances and flavorings fell short of expectations. Consumers are taking a rather cautious stance. In addition, the company is facing intense competition from Givaudan.
Waw materials
Crude oil: A preliminary agreement has been reached in the trade dispute negotiations between the US and China, which provides for a reduction in tariffs and the resumption of imports of American soybeans by China. Although this agreement is a positive sign for the global economy and thus also for oil, the market appears to have doubts about a strong effect on the price of crude oil, especially since the United States continues to give China a free hand to buy Russian oil despite the announced sanctions. Speaking of Russian oil, US sanctions against Russia have not caused any major disruptions in supply chains, as Russia continues to sell oil to key countries such as China and India. At the same time, the market is focusing on Sunday’s meeting of OPEC+ countries. As expected, the cartel is likely to announce a slight increase in production of 137,000 barrels per day in December. Even though this would only represent a moderate increase in production, this decision could reinforce the pessimistic mood on the market with regard to an expected supply surplus in 2026. The price of Brent crude oil has fallen to USD 64.8, while WTI is trading at USD 61.10.
Metals: The price of a ton of copper (3-month futures) climbed to just under USD 11,000 in London. The trend continues to be upward. This is mainly due to concerns about supply developments on the world market. Signs of declining production volumes at several large mining companies are causing prices to rise further. Among precious metals, the price of gold fell this week and is approaching the symbolic USD 4,000 mark. Despite this recent decline, the price of gold has risen by more than 50% since January 1. Strong demand from ETFs and gold purchases by central banks have made a significant contribution to this. In the short term, the restrictive tone of the Fed and the resulting dampened expectations of interest rate cuts have strengthened the US dollar, making gold more expensive for foreign buyers.
Agricultural commodities: The announcement that China will purchase 25 million tons of American soybeans annually over the next three years boosted grain prices in Chicago. However, there are still no forecasts on the market. Due to the government shutdown, the US Department of Agriculture’s weekly report on exports has not been published. The price of a bushel of wheat (December 2025 contract) rose slightly to 525 US cents, corn to 420 US cents, and soybeans (January 2026 contract) to 1,106 US cents.
Macroeconomics
Market sentiment: As expected, the US Federal Reserve cut interest rates by 25 basis points this week. The other important announcement was the end of quantitative tightening on December 1. Jerome Powell dampened investor sentiment somewhat by stating that a further interest rate cut in December was by no means certain. Result: Interest rates have risen. The yield on 10-year government bonds has gained around ten basis points, climbing back to around 4.1%. This message from the Fed is also due to the shutdown: without economic data, it is difficult to assess the position of the US economy. In the eurozone, GDP figures were better than expected, mainly thanks to exports. Stable growth allows the ECB to leave its key interest rate unchanged.
Cryptocurrencies: Bitcoin (BTC) lost 4% this week and was last trading below the $110,000 threshold. This decline also affected Bitcoin spot ETFs: since Monday, exchange-traded funds have lost over $600 million in value. Investors focused on Strategy this week, as S&P had assigned the company a credit rating of B- (speculative investment with high default risk). In recent years, the company, which has become a publicly traded Bitcoin investor, has financed its purchases through convertible bonds and stock issues. In mid-2025, Strategy Inc. held Bitcoins with a volume of around $70 billion. The value of convertible bonds and preferred shares amounted to only $15 billion. Added to this were limited liquidity in US dollars and negative operating cash flow. Against this backdrop, S&P points to a currency asymmetry, as Strategy holds assets in BTC, while debt, interest, and dividends are denominated in USD. This makes the company vulnerable to a liquidity crisis if BTC weakens or market access is restricted. At the time of writing, MSTR shares were trading at $273, down 46% from their all-time high.
Outlook
The stock markets ended October on a positive note. This marks the sixth consecutive month of gains on the US stock markets, while in Europe, the stock exchanges have recorded increases for the fourth month in a row. Next week, there are once again many corporate results on the agenda. In the US, Palantir, AMD, McDonald’s, and Airbnb will present their figures. In Europe, it will be the turn of BP Plc, Novo Nordisk, AstraZeneca, Rheinmetall, Zurich Insurance, and Engie. In terms of economic data, the market remains somewhat in the dark due to the government shutdown in the US, as most economic indicators cannot be published as a result. The budget freeze in the US has now been going on for a month. Two major central banks will announce their interest rate decisions. The Reserve Bank of Australia and the Bank of England are likely to leave their key interest rates unchanged due to rising inflation.
S&P 500 Heatmap
S&P 500 performance in 2025
U.S. bond yield
2-year US bond yield
10-year US bond yield
Correlation between the price of gold and the US dollar
