Eurozone manufacturing slipped back into contraction, with Germany and France weighing on regional momentum even as southern economies showed modest resilience. Oil steadied after OPEC+ confirmed its output stance for early 2026, while gold approached multi-week highs on stronger expectations of a December Fed cut. Crypto markets, meanwhile, retreated after a security scare in Yearn Finance triggered sharp profit-taking across major tokens.

Broader market themes also shifted. Government bond rallies continued, though changing demand patterns revealed a less stable foundation as central banks remain net sellers through 2025. Mega-cap technology stocks extended their influence over equity benchmarks, leaving many active funds struggling to keep pace.

China’s property worries resurfaced with renewed pressure on Vanke, the ECB flagged elevated stability risks, and EU leaders advanced a defence-industry initiative alongside plans to use frozen Russian assets as collateral for Ukraine-linked loans.

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