Morning Briefing
Published: 6:00 a.m. ET, November 26, 2025
Tags: #Markets #Economy #Policy
OVERNIGHT / THIS MORNING
Asian markets opened firmer after Wall Street’s late rally, with Hong Kong’s Hang Seng and regional tech names edging up while mainland China benchmarks were mixed amid earnings and liquidity chatter. Investors took heart from softer U.S. data that pushed up odds of an early Fed easing. European bourses followed higher in the morning session, modestly led by banks, miners and defensives as markets priced a greater chance of Fed cuts and awaited the U.K. autumn budget. KPRC+1
- GLOBAL MARKETS SNAPSHOT (overnight Asia / Europe)
• Asia: Hang Seng +0.3–0.5%; Shanghai flat-to-slightly down as select tech and e-commerce names reacted to earnings and profit revisions. KPRC
• Europe: STOXX 600 +0.2% intraday; DAX/CAC/FTSE modestly higher as rate-cut hopes and geopolitical headlines supported risk assets. Market breadth favored cyclical sectors. Reuters+1 - U.S. PRE-MARKET / EARLY INDICATORS
Futures point to a higher open as traders digest last week’s softer U.S. data and position ahead of this week’s PCE inflation prints — the Fed’s preferred gauge. Treasury yields drifted lower on rate-cut pricing; S&P futures were up modestly. Corporate headlines to watch include select tech and consumer earnings that have been driving headline volatility. Reuters+1 - CRYPTO MARKET BRIEFING & OUTLOOK
Crypto entered a consolidation phase after a sharp November sell-off. Bitcoin is trading in the mid–$80k range and Ethereum remains below $3,000, with volumes subdued and ETF flows continuing to influence direction. Analysts flag that consolidation could precede a wider move tied to macro cues (PCE, Fed tone) and liquidity — expect elevated correlation with risk-on/risk-off moves in equities over the near term. Watch ETF flows and large wallet activity for near-term price drivers. CoinDesk+1 - KEY POLICY / GOVERNMENT / REGULATORY DEVELOPMENTS
• Trade & tech policy: U.S.-EU negotiations remain in focus as Washington presses the EU for “balanced” digital rules tied to broader tariff and trade concessions — a development that could feed sector-specific volatility (steel, autos, tech). Reuters
• EU regulatory calendar: New implementing rules and council actions this week could affect cross-border trade and corporate compliance obligations for firms operating in Europe. Mayer Brown
WHAT TO WATCH TODAY
• U.S. pre-market: S&P futures, Treasury yields, and key corporate early prints. Reuters
• PCE inflation prints (watch for core vs. headline divergence).
• U.K. autumn budget details — tax and fiscal moves that could reverberate on gilts and sterling. Reuters
• Crypto flows / ETF activity and large-wallet movements. CoinDesk
• Any EU trade/tech announcements tied to U.S. tariff talks. Reuters
BULLET-POINT TAKEAWAYS
• Markets opened cautiously higher across Asia and Europe as softer U.S. data lifted Fed-cut expectations. KPRC+1
• S&P futures and lower Treasury yields signal risk appetite into the U.S. open; PCE will be a market mover. Reuters
• Crypto consolidating: BTC mid-$80k, ETH under $3k; ETF flows and macro cues will set near-term direction. CoinDesk+1
• Trade and digital-regulation talks between the U.S. and EU remain monitoring items that can trigger sectoral shifts. Reuters+1
• Watch corporate earnings and the U.K. budget for regional catalysts that could amplify moves already priced into markets. Reuters
— The Capitol Advisor newsroom
