Weak equity markets following US data

Eurizon Weekly, 24.11.2025. The week saw a slight increase in equity market volatility, driven by uncertainty over the sustainability of margins linked to investments in the US technology sector and expectations regarding the Fed’s future policy decisions in light of US labour market data. This has all resulted in a decline in US government bond yields, while European government rates have remained stable.
While the US macroeconomic outlook remains unclear, investor focus remains on the Fed’s next moves, particularly the possibility of a further rate cut in December, which does not yet appear to be fully priced in. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 24.11.2025.