{"id":3409,"date":"2025-12-10T10:39:59","date_gmt":"2025-12-10T09:39:59","guid":{"rendered":"https:\/\/talentagestion.es\/informe-mensual-de-mercados-noviembre-2025\/"},"modified":"2025-12-10T11:13:11","modified_gmt":"2025-12-10T10:13:11","slug":"informe-mensual-de-mercados-noviembre-2025","status":"publish","type":"post","link":"https:\/\/talentagestion.es\/en\/informe-mensual-de-mercados-noviembre-2025\/","title":{"rendered":"Monthly Market Report \u2013 November 2025"},"content":{"rendered":"\n

Equities and bonds were volatile<\/strong> this month due to the lack of clarity<\/strong> from Fed members regarding the December rate cut<\/strong> and the uncertainty surrounding Artificial Intelligence<\/strong>.<\/p>\n\n\n\n

In the second week of November, the U.S. government shutdown<\/strong> came to an end. With a duration of 43 days<\/strong>, it became the longest in history. However, the market received the news cautiously as many budget funding segments will need to be reviewed in January, implying a possible new government shutdown<\/strong>.<\/p>\n\n\n\n

During the second and third weeks of the month, significant declines<\/strong> occurred. Doubts emerged regarding Artificial Intelligence<\/strong>, particularly concerning the ability to monetize<\/strong> the investment being made. Additionally, concerns grew about the debt levels<\/strong> some companies are reaching, as well as cross-financing and interlinked contracts within the sector.<\/p>\n\n\n\n

Two other aspects acted as bearish catalysts<\/strong>. First, comments from the CEOs of Morgan Stanley and Goldman Sachs describing a possible significant market correction<\/strong> in the medium term as normal. Added to this were doubts about the Fed\u2019s decision in its December meeting, following cautious statements from several members regarding a possible third rate cut in 2025<\/strong>.<\/p>\n\n\n\n

Additionally, the U.S. Supreme Court initiated the review of the legality of tariffs<\/strong>, which generated volatility spikes, although without continuity. It cannot be ruled out that the Court declares the tariffs illegal<\/strong>, which, if it happens, would imply their reimbursement<\/strong>, creating a significant fiscal and logistical problem<\/strong> for the Trump administration.<\/p>\n\n\n\n

The results of NVIDIA<\/strong> (the company with the highest weight in U.S. indices) were released after market close on November 19. The figures again exceeded expectations<\/strong>, showing revenues of USD 57 billion<\/strong>, a gross margin of 73.6%<\/strong>, and operating profit growing 62% year-on-year<\/strong>. Despite the strong results, the stock fell<\/strong> the following day.<\/p>\n\n\n\n

After all this, the S&P-500 declined -4.41%<\/strong> in the month while the Nasdaq-100 registered a maximum monthly drop of -6.98%<\/strong>. European indices followed the U.S. trend but with smaller movements. Bonds also experienced price declines, with the U.S. 10-year yield<\/strong> rising to 4.16%<\/strong>.<\/p>\n\n\n\n

In the final week of November, the downward trend reversed. Equity markets rebounded continuously, recovering almost all losses. Two factors explain this: 1. The arrival at key technical levels<\/strong> on the S&P-500 chart. 2. Statements by John C. Williams<\/strong> (President of the New York Fed) expressing support for a December rate cut<\/strong>. Powell and Williams are very aligned, which the market interpreted as favorable ahead of the December Fed meeting.<\/p>\n\n\n\n

USD and EUR yield curves behaved differently. While U.S. bonds ended November with lower yield levels<\/strong>, European debt experienced price declines<\/strong>, particularly in the long end of the curve<\/strong>.<\/p>\n\n\n\n

Regarding currencies, the exchange rate between the EUR and USD<\/strong> continues to respect the ranges marked since June. EUR\/USD fell to 1.15<\/strong> before rebounding, a movement that occurred twice in November.<\/p>\n\n\n\n

Finally, at the geopolitical level, the U.S. initiative to reach a peace agreement between Ukraine and Russia<\/strong> stands out. Donald Trump presented a 28-point plan<\/strong> that included the cession of Ukrainian territories<\/strong>, Ukraine\u2019s renunciation of NATO<\/strong>, and U.S. and European support<\/strong> for Zelensky\u2019s government.<\/p>\n\n\n\n