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Daily Note 05/11/2025 – Market View: Day Ahead, Macro, Stocks, Debt Markets

06.11.2025



  • Equity Markets: Equity markets declined as concerns over high valuations and a rally driven mainly by large tech stocks fuelled worries about market vulnerability. The S&P500 fell -1.17% and the Nasdaq -2.04%. Europe fell -0.30%. In the US, five sectors were in positive territory with 43% of stocks ended higher. Financials (+0.55%) and Consumer Staples (+0.52%) were best, while IT (-2.28%) and Consumer Discretionary (-1.85%) were weakest. Palantir fell (-7.94%), as concerns about the company’s valuation and the durability of the AI-driven rally unsettled investors. In Europe, five of eleven sectors were in positive territory with 35% of stocks ending higher. Health Care (+0.92%) and Consumer Staples (+0.91%) were best, while IT (-1.26%) and Consumer Discretionary (-0.97%) were worst. Hermes fell (-1.51%) as Barclays downgraded the stock to Equal Weight from Overweight, as it sees less catalysts following earnings. Nestlé shares rose (+1.54%) after Berenberg mentioned the market is pricing in too much risk, upgrading its rating on the packaged food company to Buy from Hold. 
  • Macro: In macro news yesterday, in Europe, Germany Factory Orders MoM for September came in higher than estimated at 1.1% (0.9% est). From the ECB, Governing Council member Olli Rehn stated that the European Central Bank should remain flexible and keep all options open, as there are both upward and downward risks to the inflation outlook, citing that ‘growth in the euro area remains sluggish but resilient’. From the Fed, Vice Chair Michelle Bowman said finalizing Basel III plans is a priority but must align with broader bank capital rules.Economic releases today include Eurozone and UK PMI numbers, while in the US we have MBA Mortgage Applications and ADP Employment Change releases.
  • Stock: Glanbia PLC: (Overweight PT €17.0, c.18% Upside): Commentary on solid Q3 results and continued momentum. Price Target increased from €16.50 to €17.0.Novo Nordisk: (Overweight. PT: DKK474 c.50% Upside): Commentary on Q3 results with a revised Price Target of DKK474 from DKK489.
  • Debt: Bond markets caught a little bit of a bid yesterday on the back of equity and crypto weakness, but it was reasonably contained, and Bunds are in the middle of the most recent trading range at 2.64% this morning.