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The U.S. dollar was broadly stable early Tuesday, with currency markets pausing as investors waited for a large batch of delayed economic reports that could help clarify whether the Federal Reserve will move forward with an interest rate cut next month.

At 04:15 ET (09:15 GMT), the Dollar Index — which measures the greenback against six major peers — hovered around 100.072, showing little change.

Dollar Pauses Ahead of Key Data

Fed Governor Christopher Waller said Monday that the labor market has weakened enough to justify another quarter-point rate cut in December, echoing remarks from New York Fed chief John Williams late last week.
The dovish tone pushed rate-cut expectations sharply higher, with CME’s FedWatch tool placing the odds of a December cut at 81%, up from 42% just one week ago.

However, minutes from the Fed’s most recent meeting underscored ongoing disagreement among policymakers, making the incoming wave of data—delayed by the lengthy government shutdown—particularly important.

Figures on September producer prices and retail sales will be released later today, while the Fed’s preferred inflation measure, the PCE price index, is due Wednesday.
These reports will be the last major data points the Fed receives before its December meeting, as officials signaled that October’s inflation and jobs figures will likely never be published due to the shutdown.

“Markets are back to pricing in 19bp of easing for December, but the dollar has remained resilient,” analysts at ING wrote. “Some year-end rebalancing flows before Thanksgiving may be getting in the way, but unless markets have a hawkish rethink, the dollar looks too strong relative to short-term rate differentials at these levels, and we see some material downside risks.”

ING: Euro Undervalued Against the Dollar

In Europe, EUR/USD edged 0.1% higher to 1.1529 after modest overnight gains.

Fresh data confirmed that Germany’s economy was flat in the third quarter of 2025 — in line with the initial estimate — and followed Monday’s Ifo survey showing German businesses turning more cautious, pointing to a difficult end to the year.

“The EUR is yet to see any real benefit from the Ukraine peace talks, and is trading at a wide 2% undervaluation vs USD as of this morning,” ING noted.

GBP/USD also ticked up 0.1% to 1.3114, with nerves building ahead of Wednesday’s U.K. budget.
Finance minister Rachel Reeves is expected to resort to tax increases to hit fiscal goals but may be reluctant to further slow an already fragile economy.

Yen Remains in Intervention Territory

In Asia, USD/JPY slipped 0.1% to 156.62, keeping the yen at levels that have previously prompted direct action from Japanese authorities.

Tokyo officials have issued repeated warnings about further yen weakness, though no actual intervention has yet been observed.

“Thinner liquidity around Thanksgiving could present good conditions for the BoJ to intervene in USD/JPY, ideally after a market-driven correction in the pair,” said ING. “U.S. data might potentially offer the trigger for that correction, but not today in our view.”

USD/CNY dipped 0.1% to 7.0949 as the yuan firmed slightly, helped by hopes of improved ties between Washington and Beijing. U.S. President Donald Trump announced plans to visit China in April.

Elsewhere, AUD/USD slipped 0.1% to 0.6455, and NZD/USD fell 0.2% to 0.5599 ahead of the Reserve Bank of New Zealand’s latest policy decision later in the session.

U.S. equity futures were slightly lower early Tuesday as traders prepared for a heavy round of delayed economic reports. Retail sales and producer price numbers will offer long-awaited clarity on the state of the economy, while Federal Reserve officials continue to disagree over whether interest rates should be cut again in December. At the same time, Google is reportedly escalating its challenge to Nvidia in AI semiconductors, and Dell is set to deliver quarterly earnings after the closing bell.

Cautious Tone Across Futures

Wall Street futures signaled a softer open, reflecting investor caution as markets gear up for an important week.

By 02:35 ET, Dow futures were down 42 points, S&P 500 futures dipped modestly, and Nasdaq futures saw slightly deeper losses.
This comes after stocks rallied Monday, starting off a holiday-shortened week on stronger footing.

Fed officials helped fuel optimism for a potential December rate cut, easing fears tied to AI market frothiness and the boom in debt-financed infrastructure spending.

But analysts at Vital Knowledge noted that the mood appears to be settling, saying the recent negative narrative is “stabilizing.” They added that capital is rotating rather than leaving the sector entirely: “Money isn’t exiting AI but instead shifting,” particularly toward Google and Broadcom.

Backlogged Economic Data Returns

A long list of U.S. macro reports is due Tuesday, marking the return of a fully functional data calendar after the record-breaking federal shutdown.

The delays left policymakers with sizable information gaps, adding uncertainty to economic forecasting and rate planning.

Retail sales and PPI figures for September are among the most closely watched releases. With consumer spending accounting for most U.S. output and inflation proving stubborn, analysts warn the data may already be outdated thanks to the shutdown.

A Divided Fed Faces a Tough Decision

The Fed is wrestling with whether to cut rates once more or keep them unchanged at 3.75%–4%.

Mary Daly and Christopher Waller appeared to lean toward another reduction, emphasizing support for a cooling labor market.
But others want to wait for newer data before making a move, and concerns persist about policy beyond December.

Ultimately, according to The Wall Street Journal, Chair Jerome Powell is expected to make the final call.

Google and Meta Explore a Major TPU Partnership

Google is pushing harder into AI hardware, and Meta may become one of its most important customers, according to reporting from The Information.

The company is now pitching its TPUs for installation inside customers’ own facilities — a significant departure from its typical cloud-only model.

Meta is reportedly considering multi-billion-dollar spending to adopt TPUs beginning in 2027, while also planning to rent TPU capacity from Google Cloud next year.

Alphabet shares were higher premarket, while Nvidia slipped more than 2%.

Dell Takes Center Stage in Earnings

Dell Technologies will report after the close, rounding out a busy earnings season.

The company recently doubled its long-term profit-growth outlook on expectations of rising demand for AI-focused servers, projecting at least 15% annual EPS growth and 7%–9% annual revenue expansion.

Though Dell is benefiting from the AI boom, analysts remain cautious about margin pressure from intensifying competition and production costs.

Alibaba and Analog Devices will also post results before the open.

European equities were broadly unchanged on Tuesday, with sentiment dampened by sluggish regional economic indicators while traders continued to track developments surrounding a possible Federal Reserve rate cut in December.

As of 08:02 GMT, Germany’s DAX was up 0.1%, France’s CAC 40 added 0.2%, and London’s FTSE 100 gained 0.1%.

German GDP Flat in the Third Quarter

Germany’s economy showed no growth in the third quarter of 2025, the national statistics office confirmed Tuesday, matching its earlier estimate. Additional pressure came from November’s Ifo survey, released Monday, which revealed that German firms have pared back their previous optimism—pointing to a challenging final stretch for 2025.

“The combination of a still-weak current assessment component and reversed expectations is another example of an economy that remains deeply stuck in stagnation,” analysts at ING wrote.

Meanwhile, European car registrations rose 4.9% in October, with electric vehicles continuing to outperform petrol and diesel models, according to data from the European Automobile Manufacturers’ Association.

“Despite this recent positive momentum, overall volumes remain far below pre-pandemic levels,” ACEA said. “The battery-electric car market share reached 16.4% year to date, yet it is still below the pace needed at this stage of the transition.”

Focus Turns to a Heavy U.S. Data Calendar

Across global markets, attention remains fixed on U.S. monetary policy signals. Federal Reserve Governor Christopher Waller reiterated that a weakening labor market could make the case for another quarter-point rate cut next month. His comments, together with similar remarks from John Williams last week, have fueled expectations that easing could be imminent.

CME’s FedWatch tool now shows traders assigning an 81% probability to a December rate cut, up sharply from 42% just a week ago.

A packed slate of U.S. releases—including September retail sales and PPI—is expected later in the day. However, the scarcity of current data following the extended federal shutdown has made rate forecasting more difficult for markets.

Corporate Highlights: EasyJet, Compass, Kingfisher

In company news, easyJet (LSE:EZJ) posted full-year operating profit above expectations and raised its medium-term targets for its holidays division after surpassing previous goals ahead of schedule.

Compass Group (LSE:CPG) projected around 10% profit growth for fiscal 2026 after topping annual earnings forecasts, supported by strong new business wins in the U.S., its largest market.

Home improvement chain Kingfisher (LSE:KGF) lifted its full-year profit guidance after underlying Q3 sales rose 0.9%, helping it gain market share in the UK.

Oil Prices Slip on Peace Deal Prospects

Crude prices moved lower Tuesday, pressured by renewed hopes for a U.S.-mediated peace agreement between Russia and Ukraine—a development that could pave the way for additional Russian supply returning to global markets.

Brent futures were down 0.6% at $62.32 a barrel, while U.S. West Texas Intermediate slipped 0.7% to $58.49.

The declines come after both benchmarks rose 1.3% in the previous session. Despite that uptick, oil markets have been grappling with significant losses in recent weeks due to rising concerns over excess supply and softening global demand.

Tesla’s sales across Europe fell sharply in October, nearly halving from last year, while Chinese competitor BYD not only outsold the U.S. automaker but also secured a larger share of the regional market.

According to data released Tuesday by the European Automobile Manufacturers Association (ACEA), Tesla Inc. (NASDAQ:TSLA) recorded 6,964 new registrations across the EU, the European Free Trade Association, and the UK. That figure represents a 48.5% year-on-year decline, pushing Tesla’s market share down to 0.6%, compared with 1.3% in October 2024.

BYD Co. Ltd. (USOTC:BYDDY), meanwhile, saw its momentum explode. The company registered 17,470 vehicles in the same region—up 206.8% from a year earlier—lifting its market share to 1.6%.

European auto sales as a whole rose 4.9% to 1.09 million units in October, with hybrid-electric models continuing to dominate. BYD benefits from a broader product mix than Tesla, offering popular hybrids alongside its fully electric vehicles.

Hybrid sales climbed 7.5% during the month to 373,171 units.

Tesla’s European performance has been weakening throughout 2025, and October’s results point to a sluggish start for the fourth quarter. Heightened competition—combined with ongoing public backlash tied to CEO Elon Musk’s political activity—has weighed on demand. The company’s refreshed lineup, including lower-priced Model Y and Model 3 variants, has also struggled to generate meaningful sales momentum. Tesla is simultaneously contending with softer demand in other major regions, particularly China.

BYD, by contrast, has accelerated its global push. Its European sales continue to expand despite the EU’s steep tariffs on Chinese EVs introduced in 2024. The automaker has partially avoided the brunt of those duties thanks to robust sales of its plug-in hybrid models.

Beazley (LSE:BEZ) saw its share price drop by more than 10% on Tuesday after the insurer posted weaker-than-expected third-quarter premium figures and trimmed its outlook for 2025.

Written premiums for Q3 came in at $1.48 billion, a decline of 1.3% from the prior year and roughly 5% below Morgan Stanley’s forecast. The brokerage described the result as “top line growth disappointing” and said the quarterly performance was “materially below our expectations” due to underperformance across the Cyber and Marine, Accident and Political divisions.

The company lowered its 2025 premium growth expectations to flat or low single-digit expansion, replacing its earlier guidance that anticipated more robust momentum. Morgan Stanley also noted that Beazley increased its combined operating ratio target for 2025 to the low-80s range from the mid-80s, commenting that this “should be largely expected given a benign Q3 (and Q4-to-date) environment.”

Beazley’s cyber unit—one of its largest—reported a 12% drop in premiums for the quarter. The firm acknowledged that “competition in the US continues to be a challenge,” while pointing out that “the European cyber book is a bright spot and should remain a source of strong growth.”

The Marine, Accident and Political segment registered further top-line weakness, with growth slipping to a 0.6% decline compared with the 8.9% expansion recorded in the first half. Property Risks was the only division to outperform expectations, beating forecasts by 2.5%.

Alongside the quarterly update, Beazley revealed a $500 million capital commitment to establish a new Bermuda platform from 2026. Morgan Stanley said the initiative supports a “drive into the alternative risk market,” though analysts noted the announcement included “minimal details.” They added that the expansion is “a natural step for Beazley,” while highlighting that “$500m is a sizeable sum.”

Investment returns for the quarter reached $150 million—above the $135 million expected by Morgan Stanley but below the $261 million achieved in the same period last year. The company recorded a negative $73 million in investment fund income and expenses. Its core investment book stood at $10.35 billion, with capital growth assets totaling $1.37 billion.

Morgan Stanley kept its “overweight” stance on Beazley shares with a price target of 960p. The stock closed at 860p on 24 November, trading within a 52-week band of 984p to 756p.

Zegona Communications (LSE:ZEG) delivered a strong set of second-quarter results, reporting continued momentum in customer additions across both fixed broadband and mobile contracts—despite a 1.5% drop in the share price on the day.

Fixed broadband performance strengthened further, with 17,000 net additions in Q2. This extends the improvement seen over recent periods: 7,000 in Q1, 23,000 in Q4 2025, and 6,000 in Q3 2025. The rebound is especially notable compared to Q1 2025, when the company shed 26,000 subscribers.

Mobile contract growth also accelerated, reaching 54,000 net adds in Q2. That compares with 39,000 in Q1, 26,000 in Q4, and 12,000 in Q3, underscoring a clear commercial recovery supported by falling churn.

Quarterly revenues came in at €895 million, down 1.9% year-on-year but broadly in line with expectations and showing an improvement from the 2.3% decline recorded in Q1. EBITDAaL rose 11% to €349 million—beating forecasts by 5.5%—while margins expanded to 39%, an increase of four percentage points. Capital expenditure fell 4% to €139 million, representing 15.6% of sales versus 15.9% a year earlier.

Operating free cash flow climbed 20% to €210 million, lifting margins to 23%, also up four percentage points. Net debt was largely unchanged at €3.63 billion, with leverage easing to 2.73x from 2.88x in Q1.

In a separate disclosure, Zegona and Telefonica announced the sale of a combined 40% interest in Fiberpass to AXA. Telefonica sold 8% while Zegona divested 32%, resulting in a revised ownership split of 55% for Telefonica, 40% for AXA and 5% for Zegona. The deal values Fiberpass at €1.5 billion, equating to a 12x EV/EBITDA multiple—below the 14.4x applied to PremiumFiber, another fiber platform established by Zegona alongside MasOrange. Fiberpass currently carries no debt, and no dividend recapitalisation is anticipated.

AO World PLC (LSE:AO.) has posted a solid set of interim results, reporting higher revenues and profits despite inflationary “headwinds.”
For the six months ending 30 September 2025, the Bolton-based electricals retailer generated £586 million in revenue, marking a 14% rise compared with the same period last year.

Operating profit and profit before tax each came in at £18 million, increases of 7% and 10% respectively. The company noted that recent rises in the national minimum wage and National Insurance added £4 million to its cost base during the period.

AO also highlighted progress at its musicMagpie subsidiary, where losses have been reduced from £6 million at acquisition to an expected £2 million for FY26, with the business on track to reach a breakeven exit run-rate. This follows what the company described as “significant progress in integrating, streamlining and simplifying” the offer.

In September, AO narrowed its profit forecast to a range of £45 million to £50 million. It now expects FY26 profit before tax to land at the top end of that range. The retailer ended the half with £200 million in total liquidity.

The company also launched Switch24, a membership product giving customers access to the latest Apple phones—starting with the iPhone 17 from £17 per month, upgraded every two years. AO said its Five Star membership programme also delivered improved renewal rates, higher spending and a larger share of wallet during the period.

“These numbers speak for themselves, and it’s been another positive six months of operational and financial progress,” said founder and CEO John Roberts.

“I am incredibly excited to have launched Switch24… this is a first in the UK market. It is a great example of AO continuing to disrupt and innovate on behalf of our members to bring them the latest products at the lowest prices.

“It’s this kind of value and service that is cementing our position as the UK’s most trusted electricals retailer with our world class 4.9 / 5 Trustpilot score on over 850,000 reviews.

“Our strategy is working and we’re as confident as ever about AO’s upwards trajectory. As always, I’d like to thank every single one of our awesome AOers for their continued focus and dedication to giving our customers the best possible value.”

EasyJet (LSE:EZJ) reported a 9% increase in earnings for the 2025 financial year, posting headline profit before tax of £665 million. The airline exceeded its medium-term performance targets for easyJet holidays and has now lifted its profit ambition for the division to £450 million by 2030. Operational enhancements—ranging from better punctuality to higher customer satisfaction—helped strengthen performance, while continued investment in new routes and incoming aircraft is expected to fuel further expansion. Backed by a solid balance sheet, EasyJet remains focused on modernising its fleet and is aiming to generate over £1 billion in profit before tax over the medium term. The company also proposed a dividend and reaffirmed its commitment to sustainability, noting its position as Sustainalytics’ top-rated airline globally.

EasyJet’s favourable outlook is anchored by its strong financial rebound and appealing valuation metrics. Although technical indicators present a mixed picture, the company’s financial strength and signs of undervaluation support a broadly positive view.

More about EasyJet

EasyJet PLC is a leading European low-cost airline offering affordable travel across its extensive route network, complemented by holiday packages through its easyJet holidays business. The carrier operates from major hubs including London, Milan and Rome, maintaining a strong presence in key European markets.

Seraphim Space Investment Trust PLC (LSE:SSIT) reported a modest increase in net asset value for the first quarter of the financial year ending 30 September 2025. Portfolio valuation benefited from positive foreign exchange movements and follow-on investments, offsetting a reduction in liquid resources and a decline in market capitalisation. Among the key portfolio developments, ICEYE secured a substantial contract with the Finnish Defence Forces, while HawkEye 360 completed a successful satellite launch—both reinforcing their competitive positions. The Trust remains confident about long-term prospects, supported by rising government engagement and the accelerating build-out of commercial satellite constellations.

SSIT’s outlook reflects a strong balance sheet and improving profitability metrics, though headwinds persist in the form of negative cash flows and bearish technical indicators. Despite these challenges, the Trust is strategically placed within the expanding SpaceTech arena, offering meaningful long-term growth potential. Valuation appears reasonable, though the lack of a dividend may dampen near-term investor interest.

More about Seraphim Space Investment Trust plc

Seraphim Space Investment Trust PLC is the world’s first publicly listed SpaceTech-focused investment vehicle. It backs high-growth companies operating across the space sector, aiming to capitalise on rapid advances in commercial space activity and defence-related capabilities.

Renew Holdings plc (LSE:RNWH) posted record results for the year ended 30 September 2025, with group revenue rising 5.6% to £1,116.1m and adjusted operating profit edging up 1.7% to £72.1m. The company continued to extend its market reach through targeted acquisitions, entering the onshore wind services sector via its purchase of Full Circle and strengthening its overhead line maintenance offering with the acquisition of Emerald Power Ltd. These strategic additions—combined with successful refinancing efforts and a strong, well-funded order book—underline Renew’s alignment with the UK Government’s infrastructure investment priorities and reinforce its platform for long-term growth.

Renew’s outlook is supported by solid financial performance and constructive technical indicators, contributing to a favourable overall assessment. Its valuation appears reasonable, presenting a balanced investment case. With no meaningful updates from earnings calls or corporate events, these factors do not affect the near-term view.

More about Renew Holdings plc

Renew Holdings plc is a major UK engineering services provider focused on essential maintenance and renewal of national infrastructure. Operating through a portfolio of independently branded subsidiaries, the company works across regulated, long-term markets such as rail, broader infrastructure, energy—including wind and nuclear—and environmental services. These sectors benefit from dependable funding streams, providing Renew with strong visibility and operational stability.