Category: Market News

U.S. stock index futures were trading higher ahead of Monday’s open, signaling a possible attempt by Wall Street to claw back some of the losses suffered during last week’s sharp sell-off.

Investors appear to be selectively buying after Friday’s pullback, which was driven primarily by heavy declines across the technology sector. That said, trading volumes could remain light as markets await several high-profile U.S. economic releases scheduled for the days ahead.

Attention will turn to Tuesday’s release of the November employment report and October retail sales figures, followed by November consumer inflation data due on Thursday. These reports could influence expectations around the Federal Reserve’s next policy steps after last week’s rate decision.

The Fed cut interest rates by 25 basis points as expected, but its latest projections highlighted growing divisions among policymakers over whether additional easing will be needed.

Stocks ended last week on a weak note after a mixed performance on Thursday gave way to broad selling pressure on Friday. All major indices finished lower, with the technology-heavy Nasdaq leading the declines.

By the closing bell, the Nasdaq had fallen 398.69 points, or 1.7%, to 23,195.17. The S&P 500 dropped 73.59 points, or 1.1%, to 6,827.41, while the Dow Jones Industrial Average slipped 245.96 points, or 0.5%, to 48,458.05, despite briefly touching a new intraday high earlier in the session.

Weekly results were mixed, with the Dow gaining 1.1% over the period, while the S&P 500 fell 0.6% and the Nasdaq declined 1.6%.

Technology stocks were at the center of Friday’s sell-off. Broadcom (AVGO) was among the hardest hit, plunging more than 11% despite posting stronger-than-expected quarterly earnings and issuing upbeat guidance.

Losses also extended to other major chip and software names, including Micron Technology (NASDAQ:MU), Oracle (NYSE:ORCL), Advanced Micro Devices (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA), underscoring an ongoing rotation away from tech.

Market sentiment was further weighed down by comments from Chicago Fed President Austan Goolsbee, who explained his opposition to last week’s rate cut. In remarks published on the Chicago Fed’s website, Goolsbee said he was concerned about “moving too quickly on rate cuts and assuming inflation pressures will fade on their own.”

“I supported rate reductions at the September and October meetings, but I think we should have waited for more evidence — particularly on inflation — before cutting further,” he said.

Computer hardware stocks were among the weakest performers on Friday, dragging the NYSE Arca Computer Hardware Index down more than 5%. Semiconductor and networking shares also came under heavy pressure, contributing to the Nasdaq’s sharp decline.

Outside of technology, stocks in oil services, brokerage firms and steelmakers also fell, while pharmaceutical names showed relative resilience.

European equities traded mostly higher on Monday as investors positioned themselves for a packed week featuring important U.S. economic releases and a series of monetary policy decisions from major central banks.

Markets largely brushed aside fresh data from Germany showing an acceleration in wholesale price inflation in November to its fastest pace in nine months. Wholesale prices increased 1.5% year over year, up from a 1.1% rise in October and the strongest reading since February.

By late morning, Germany’s DAX was up around 0.3%, while gains were stronger elsewhere, with the UK’s FTSE 100 and France’s CAC 40 both advancing about 1.0%.

On the corporate front, shares in health technology group Royal Philips slipped after the company announced an agreement to acquire SpectraWAVE.

Sanofi (EU:SAN) also came under pressure after the French drugmaker said its experimental therapy tolebrutinib failed to achieve its primary endpoint in a Phase 3 study. The company added that a U.S. regulatory decision on the treatment for a form of multiple sclerosis is now likely to be delayed again.

Hikma Pharmaceuticals (LSE:HIK) shares declined as well, following news that Chief Executive Officer Riad Mishlawi has stepped down by mutual agreement.

Defense stocks were broadly weaker after Ukrainian President Volodymyr Zelenskyy indicated a willingness to abandon Ukraine’s bid to join NATO following discussions with the United States.

In contrast, Sika (TG:SIKA) shares moved higher after the specialty chemicals group said it plans to acquire Finja for an undisclosed sum.

In this interview, Craig Marshall, head of investor relations at bp (LSE:BP.), provides investors with a comprehensive update on the company’s strategic transformation and operational momentum. Following bp’s February 2025 strategy update, Craig addresses the disciplined capital reallocation, with oil and gas investment up 20% and transition spending down 70%. He also outlines management’s ambitious targets including $4–5bn in structural cost reductions and 20% CAGR in free cash flow through 2027.

Craig highlights exceptional upstream performance, with plant reliability exceeding 96%, six major project start-ups (four ahead of schedule) and an unprecedented 12 exploration discoveries this year. The standout is Bumerangue in Brazil, which is bp’s most significant discovery in 25 years, a 100%-owned pre-salt find spanning over 300km2 with a kilometre-high hydrocarbon column. Craig also discusses downstream improvements, including 97% refining availability (the best in 20 years), the strategic review of Castrol and how bp is leveraging AI and partnerships with Palantir, NVIDIA and Anthropic to drive efficiency across operations.

With new chairman Albert Manifold driving a portfolio review and clear targets for returns above 16% and at least 4% annual dividend growth, Craig makes the case for why bp is positioned to deliver sustained value for shareholders.

Futures tied to major U.S. stock indices traded slightly higher, with markets preparing for a busy week featuring central bank interest rate decisions worldwide and the release of delayed U.S. economic data following an extended federal government shutdown. Renewed stress in China’s property sector also weighed on sentiment after China Vanke failed to secure sufficient bondholder approval to defer debt repayments. Meanwhile, SpaceX is reported to be laying the groundwork for a potential stock market debut, while oil prices moved marginally higher.

Futures point upward

U.S. equity futures posted modest gains on Monday as investors moved into one of the final full trading weeks of the year ahead of typical year-end portfolio adjustments.

By 02:48 ET, Dow Jones futures were higher by 126 points, or 0.3%, S&P 500 futures gained 14 points, or 0.2%, and Nasdaq 100 futures added 28 points, or 0.1%.

Wall Street ended the previous week lower, with the S&P 500 pulling back from a record closing high reached on Thursday. Sentiment was dampened by underwhelming quarterly results from AI-focused heavyweights Oracle (NYSE:ORCL) and Broadcom (NASDAQ:AVGO), which renewed concerns about the longevity of elevated spending on artificial intelligence.

Investors are also reassessing the broader economic outlook as they attempt to gauge the future direction of Federal Reserve policy following last week’s 25-basis-point interest rate cut.

Delayed U.S. data back in focus

Markets are expected to gain additional clarity this week as several U.S. economic indicators delayed by the record-long government shutdown are finally released.

The November employment report is due on Tuesday, with economists polled by Reuters forecasting a relatively soft increase of 35,000 jobs. October nonfarm payroll figures, which were not released due to the shutdown-related data blackout, will be included in the November report.

An updated unemployment rate is also set to be published after the 43-day shutdown prevented October data collection.

“Any softer-than-expected data here could bring forward pricing of the next Fed rate cut,” analysts at ING noted.

Investors will also monitor a key monthly inflation reading that is widely used to track consumer price trends in the U.S.

For the Federal Reserve, labour market conditions have increasingly taken priority over still-elevated inflation. While several indicators suggest cooling employment, the absence of comprehensive official data in recent months has forced policymakers and markets to rely more heavily on alternative measures.

China Vanke pressures property stocks

Shares of China Vanke declined after the developer failed to gain sufficient bondholder support to extend repayment of a major bond, reviving fears of a worsening debt crisis in China’s property sector.

Vanke shares fell 2.8% in Shenzhen trading after disclosures showed that creditors largely rejected a proposal to delay repayment of a bond due Monday by one year.

The company now faces a five-business-day grace period to repay 2 billion yuan ($280 million) or risk default.

As a state-backed developer, a potential default by Vanke would mark the most significant failure yet in China’s struggling real estate industry, potentially eclipsing earlier collapses by privately owned firms such as Evergrande and Country Garden.

Other property stocks also came under pressure, with New World Development Co Ltd dropping 3.0% in Hong Kong and China CITIC Construction sliding 1.0%.

SpaceX said to be preparing IPO groundwork

According to a report from the Wall Street Journal, SpaceX executives have begun engaging with Wall Street banks to seek advisory support for a potential initial public offering.

Investment banks are expected to present preliminary IPO proposals in the coming weeks, and recent estimates suggest a listing could value SpaceX at more than $1 trillion.

Founder and Chief Executive Elon Musk confirmed last week that an IPO remains under consideration, with the WSJ also reporting that employees have been informed of possible preparations.

SpaceX is a major supplier of space technology to the U.S. government and has expanded rapidly through its Starlink satellite internet business.

Oil prices edge higher

Oil prices recorded modest gains, rebounding slightly after steep declines last week. Traders weighed the possibility of supply disruptions linked to rising tensions between the U.S. and Venezuela, alongside speculation around a potential peace agreement between Russia and Ukraine.

Brent crude futures were last up 0.2% at $61.24 a barrel, while U.S. West Texas Intermediate crude rose 0.3% to $57.39 a barrel.

Both benchmarks dropped more than 4% last week, largely driven by concerns that global crude supply growth is outpacing demand.

European equities moved modestly higher on Monday as trading began for the final full week of the year, a period set to feature several major central bank decisions alongside a backlog of important U.S. economic data releases.

By 08:05 GMT, Germany’s DAX was up 0.4%, France’s CAC 40 had added 0.4%, and the UK’s FTSE 100 was trading 0.5% higher.

Central banks take centre stage

Sentiment has been supported by last week’s decision from the U.S. Federal Reserve to cut interest rates by 25 basis points, helping lift global markets as the year draws to a close.

However, gains were restrained at the start of the week, with investors facing a dense calendar of potential risk events. These include policy meetings at the European Central Bank and the Bank of England, alongside ongoing concerns about stress in China’s property sector.

The ECB is due to announce its decision on Thursday and is widely expected to keep its main interest rate unchanged at 2% for a fourth consecutive meeting. Markets will be watching closely for any indication that policymakers could lean towards a rate hike in 2026, particularly after data showed eurozone growth of 0.3% in the third quarter, well above the ECB’s September projections.

The outlook is less clear at the Bank of England, where Governor Andrew Bailey is expected to shift his stance, potentially tipping the vote in favour of a rate cut. Markets are pricing in a narrow 5–4 decision to lower the benchmark rate to 3.75% from 4.0%.

Other central banks, including Sweden’s Riksbank and Norway’s Norges Bank, are also scheduled to deliver their final policy decisions of 2025 this week.

Focus on delayed U.S. data

Attention will also turn to the release of several postponed U.S. economic indicators, notably October retail sales figures and the closely watched November nonfarm payrolls report.

Federal Reserve Chair Jerome Powell reiterated at the most recent FOMC press conference that future policy moves will depend heavily on incoming data, making this week’s releases particularly important for rate expectations.

In Europe, investors will also assess December PMI surveys, along with updated inflation readings for both the euro area and the UK.

Earlier in the session, data from China showed that industrial production and retail sales rose less than expected in October, while fixed asset investment — a key measure of business spending — contracted more sharply than forecast. The figures reinforced concerns about slowing momentum in the world’s second-largest economy and increased expectations of further stimulus from Beijing.

Worries around China’s property sector also persisted after state-backed developer China Vanke failed to secure creditor approval to extend repayments on a domestic bond due on December 15.

Corporate updates in focus

On the corporate front, with most of the European earnings season now behind markets, Sanofi (EU:SAN) drew attention after the French drugmaker reported that its experimental treatment tolebrutinib failed to meet its primary endpoint in a Phase 3 trial for primary progressive multiple sclerosis.

Separately, Hikma Pharmaceuticals (LSE:HIK) said that Riad Mishlawi has stepped down as chief executive and resigned from the board by mutual agreement.

Oil prices recover slightly

Oil prices edged higher on Monday, recovering modestly after steep declines last week. Traders weighed the risk of potential supply disruptions stemming from rising tensions between the U.S. and Venezuela, alongside speculation around a possible Russia-Ukraine peace agreement.

Brent crude futures rose 0.4% to $61.34 a barrel, while U.S. West Texas Intermediate gained 0.4% to $57.46. Both benchmarks fell by more than 4% last week, largely driven by concerns that global oil supply is growing faster than demand.

Juventus’ (BIT:JUVE) share price staged a sharp rebound after the club’s board formally dismissed a takeover proposal from Tether Investments, triggering a strong positive reaction in the market.

“There is no intention of selling any share of Juventus to third parties, including, but not limited to, the Salvadoran company Tether.” With this statement, Juventus’ board of directors made clear its position on the unsolicited bid from the company behind the USDT stablecoin, sending the club’s shares sharply higher at the open.

The board underlined that Exor and the Agnelli family remain “stable and proud shareholders for over a century, who remain fully committed to the Club, supporting the new management team in implementing a clear strategy aimed at achieving important results both on and off the pitch.”

In early trading, Juventus stock jumped as much as 11%, reaching €2.42 within minutes of the session opening, its highest level since 24 November. Prior to Monday’s rally, the shares had fallen around 27% over the course of 2025, and the club has not reported an annual net profit for almost ten years.

The move followed an announcement from Tether on Friday that it had submitted an unsolicited, binding all-cash offer to Exor to acquire the Agnelli family holding company’s entire stake in Juventus. Tether, which already owns 11.527% of the club, said it would subsequently launch a tender offer for the remaining shares at the same price, fully funded with equity and backed by a long-term commitment to the club.

According to Tether, Exor’s holding represents 65.4% of Juventus’ share capital. The proposed offer price was €2.66 per share, implying an equity valuation of roughly €1.1 billion for 100% of the company, a premium of about 20.74% compared with Juventus’ official share price on 11 December.

The bid was made “for the purpose of demonstrating Tether’s strong belief in the possibility of concluding a mutually satisfactory transaction in a spirit of collaboration, which would be in the best interests of the company and its stakeholders,” the company said.

Tether CEO Paolo Ardoino also shared his views publicly. “From the very beginning, our goal has always been to support the team and bring it back to the glory it deserves,” he wrote on X. He later added: “For me, Juventus has always been a part of my life. I grew up with this team. As a boy, I learned the meaning of commitment, resilience, and responsibility, watching Juventus face success and adversity with dignity. These lessons stayed with me long after the final whistle. Our interest in Juventus is born of deep admiration and respect. Juventus is a symbol of Italian excellence with a truly global presence , built over generations through hard work, ambition, and the unwavering loyalty of its fans.”

Despite these declarations, Juventus’ response was unequivocal. The board unanimously rejected the proposal, reiterating that the club “is a historic and successful club, of which Exor and the Agnelli family have been stable and proud shareholders for over a century, and they remain fully committed to the Club, supporting its new management team in executing a clear strategy to achieve excellent results both on and off the pitch.”

Exor CEO John Elkann reinforced that stance in a video message. “Juve has been part of my family for 102 years. It’s part in the truest sense of the word, because over the course of a century, four generations have expanded it, made it strong, cared for it in difficult times, celebrated it in happy times,” he said.

He concluded by broadening the message beyond shareholders: “But not only that: Juve is part of a much larger family, the Bianconeri family, made up of millions of fans who love Juve as they love their loved ones. Precisely because of this passion, this love story that has united us for over a century, as a family we continue to support the team and look to the future, to build a winning Juve. Juventus, our history, our values are not for sale ,” Elkann concluded.

Sanofi SA (EU:SAN) shares moved lower on Monday after the drugmaker announced that its experimental treatment tolebrutinib did not achieve the primary endpoint in a Phase 3 trial targeting primary progressive multiple sclerosis (PPMS).

The stock was down 4.4% in Paris by 09:07 GMT. Sanofi said the PERSEUS trial showed that tolebrutinib failed to significantly delay the time to six-month composite confirmed disability progression versus placebo in PPMS patients, who account for roughly 10% of the total multiple sclerosis population.

Following the outcome, the company confirmed it will not seek regulatory approval for tolebrutinib in PPMS.
“We are disappointed by today’s results; however, we do believe that these results will improve our understanding of the underlying disease biology of multiple sclerosis,” said Houman Ashrafian, Executive Vice President, Head of Research & Development at Sanofi.

Sanofi noted that the safety profile observed in the PERSEUS study was in line with earlier trials. Drug-induced liver injury remains a recognised risk and continues to require close monitoring.

Tolebrutinib has already received provisional approval in the United Arab Emirates, granted in July 2025 for non-relapsing secondary progressive multiple sclerosis (nrSPMS). The therapy is currently under regulatory review in the European Union and other regions, and was granted breakthrough therapy designation by the U.S. Food and Drug Administration in December 2024.

In the United States, Sanofi now expects the FDA’s review of tolebrutinib for nrSPMS to extend beyond the previously indicated target action date of 28 December 2025. The company said further regulatory guidance is expected by the end of the first quarter of 2026.

At the request of the FDA, Sanofi has submitted an expanded access protocol for nrSPMS patients. The group reiterated that it continues to have strong conviction in the drug’s risk-benefit profile for this indication.

Commenting on the development, Jefferies analysts led by Michael Leuchten said: “Whilst the failure of the PPMS PERSEUS trial for tolebrutinob is a negative surprise (albeit safety is ok), the significant bigger commercial opportunity is in nrSPMS where the delay to the FDA PDUFA data is confusing but explainable.”
They added: “The fact that the FDA has requested an extended access program suggests the agency is comfortable with the risk/benefit for now (REMS in place). We expect the market will write the asset off, but it seems premature.”

Sanofi also announced it will carry out an impairment review of the intangible asset value associated with tolebrutinib. The outcome will be disclosed alongside the company’s fourth-quarter and full-year 2025 results in January 2026. Sanofi said the review will not affect business net income, business earnings per share, or its financial guidance for 2025.

PERSEUS was a global, randomised, double-blind Phase 3 trial comparing a daily oral dose of tolebrutinib with placebo in patients with PPMS, with treatment lasting up to around 60 months.

Tolebrutinib is an investigational oral, brain-penetrant Bruton’s tyrosine kinase inhibitor designed to target neuroinflammation, a key factor driving disability progression in multiple sclerosis.