November 2025 ended in a context of growing caution across global financial markets, marked by elevated volatility and mixed signals among the major economic regions. Investor attention remained focused on monetary policies, particularly on the upcoming decisions of the Federal Reserve, while the slowdown in the technology sector and broader macroeconomic uncertainty weighed on overall sentiment. In this scenario, market performances diverged and defensive assets benefited from a renewed search for protection.

United States: sector rotation and technology volatility

In the United States, a sector rotation continued, favoring more defensive sectors over technology. The S&P 500 ended the month broadly flat, supported by solid consumer spending and expectations of a possible monetary easing by year’s end. The Dow Jones showed slightly better performance thanks to industrial and healthcare stocks, while the Nasdaq recorded a correction, penalized by profit-taking in artificial intelligence related stocks.
Toward the end of the month, Wall Street benefited from a rebound of some big names in the sector, particularly Nvidia, whose quarterly results exceeded expectations and temporarily improved sentiment, without dissipating concerns about high valuations in the technology sector.

Europe: structural vulnerabilities and market pressure

In Europe, the backdrop remained more fragile. Equity indices delivered mixed performances, constrained by weak growth, high public debt, and political uncertainty. Within this environment, France remained under close investor scrutiny, with repercussions for spreads and sovereign financing costs. At the end of the quarter, major rating agencies, including Fitch Ratings and S&P Global Ratings, downgraded the country’s credit profile, highlighting increased fiscal vulnerability while maintaining investment-grade status.
As a result, the European context continues to require selectivity and caution, in the absence of clear macroeconomic catalysts and with the ECB maintaining a wait-and-see approach.

Asia: caution and lack of catalysts

Asian markets experienced a month of cautious consolidation, affected by slowing global demand and a decline in risk appetite. Emerging economies in the region showed no meaningful signs of a rebound, while Japan displayed greater stability but without a clear directional trend.

Fixed income: sideways markets but attractive yields

The bond markets have been in a sideways phase, waiting for new inflation data. Yields declined only marginally: the U.S. 10-year Treasury hovered around 4%, the German Bund remained close to its yearly highs, and the Italian BTP stood near 3.4%. The outlook remains moderately positive, supported by easing inflationary pressures and signs of a slowdown in the U.S. economy.

Gold and defensive assets

Gold has confirmed its role as a safe haven, attracting new inflows in a context of high uncertainty and volatility in the stock markets. After a possible short-term consolidation, precious metals may retain positive medium- to long-term potential as tools for diversification and capital protection.

Conclusions and positioning

Overall, November highlighted more fragile global markets, with technology under pressure, Europe structurally vulnerable, and Asia lacking clear catalysts. The United States showed greater resilience thanks to sector diversification and interest-rate expectations, while defensive assets continued to play a central role.