Markets have also taken comfort in the resilience of corporate America. The Dow has not only survived the political drama but closed at a record high. This morning, futures were in the green. AMD added to the cheer, forecasting data-centre chip sales of $100 billion within five years: a figure that suggests more confidence than modesty. Nvidia's stumble and CoreWeave's pessimism briefly dented enthusiasm for artificial intelligence stocks, but not for long.

The real economy, meanwhile, remains subdued. Private payroll data hint at a cooling labour market, and traders are already betting on another interest-rate cut in December. But there are some reports that the Fed, deprived of official data during the shutdown, is hesitating. There is much speculation about its intentions ahead of the central bank's last meeting of the year on 9 and 10 December. The market is still split, with two-thirds in favour of a rate cut and one-third in favour of maintaining the status quo (65.6% versus 34.4% this morning, according to the FedWatch tool).

Nevertheless, the Dow Jones, the Footsie, the TOPIX, the KOSPI, the STOXX Europe 600 all continue to wander into uncharted territory despite doubts about the strength of the materials that make up the AI bull rocket. 

Yesterday saw two significant declines in the US AI sector, but they did not derail the upturn, with the S&P 500 retaining 0.2% of its gains, while the Dow Jones gained 1.2% (and set a new record). The Nasdaq 100 was nevertheless penalized (-0.3%) by the 3% decline in Nvidia and the 16% plunge in CoreWeave. Nvidia lost ground after Softbank exited its capital. The ubiquitous Japanese technology investment company took its profits. Not out of mistrust of AI, it promised, but to see if the grass is greener elsewhere in the sector. Softbank is recouping $5.8 billion in the deal. As for CoreWeave, the star of the AI cloud, I was surprised yesterday that its warning only caused a 6% drop in after-hours trading. The stock finally took a hit more in line with sector volatility: -16.3% at the end of the day.

The most surprising thing is that these two negative signals had little effect on the rest of the market. Some of the stocks bearing the AI label suffered, but there were still gains in the rest of the technology sector, particularly among the ‘veterans' Apple, Microsoft, Alphabet and Amazon. The sharp rise in the healthcare sector also helped, it must be said. In Europe, the Stoxx Europe 600 gained 1.3% after rising 1.4% the previous day. The result? A new record for the broad European index, at 580 points, despite the decline in the defence sector, which is the main driver of performance this year along with banks.

Records are very much in vogue on the markets at the moment. Let's put aside Wall Street's peaks for a moment to take a look at three other markets. First, London, where the Footsie broke new ground, closing at 9,899 points. The symbolic 10,000-point mark is just 1% away. The British market has gained 21% this year, helped by its mining companies (notably Fresnillo, a gold and silver specialist), its defence manufacturers, its financial institutions and its pharmaceutical star, AstraZeneca, which has entered the top 5 European capitalisations.

The second market on its way to record highs is Italy. Yesterday, the FTSE MIB smashed through the 44,000-point ceiling, bringing its 2025 gains to 30%. But this is not a peak. In fact, the Milan stock exchange sailed even higher during the internet bubble (nearly 49,000 points one evening in March 2000). Yesterday's level is nevertheless symbolic, as it is the first time that the FTSE MIB has exceeded its level of 18 May 2007, just before the subprime crisis, which was its peak over the last 25 years. The recipe for success in 2025? Many banking stocks are rising sharply, along with a few industrial stocks and some utility companies that are back in favor.

The third very hot market is South Korea. And here, it is truly astonishing: +71% for the KOSPI, the main local index, in 2025. So much so that the authorities no longer know what to do to cool the enthusiasm of local investors… while preparing favorable reforms. The Korean overheating is also linked to the excellent form of its conglomerates, notably Samsung Electronics, which was said to be out of the running in the AI race but whose share price has doubled this year.

In the Asia-Pacific markets, only Australia and mainland China lost some ground at the end of the day. Markets rose in Japan (+0.4%, with the TOPIX up more than 1% to a record high), Hong Kong (+0.7%), India (+0.8%) and South Korea (+1.1%). Leading indicators are also up in Europe.

Today's economic highlights:

On today's agenda: the harmonized CPI of the European Union and the CPI in Germany. See the full calendar here.

  • Dollar index: 99,502
  • Gold: $4,122
  • Crude Oil (BRENT): $64.56 (WTI) $60.45
  • United States 10 years: 4.08%
  • BITCOIN: $104,973

In corporate news:

  • ABN Amro is acquiring domestic peer NIBC from Blackstone for $1.1 billion to strengthen its Dutch market presence and boost profitability.
  • Chevron plans to grow annual free cash flow and EPS by over 10% through 2030 while cutting capex and increasing oil and gas production.
  • On Holding raised its annual revenue and margin forecasts for the third time this year after beating Q3 sales and earnings expectations amid strong global demand.
  • Visa has launched a pilot enabling stablecoin payouts via Visa Direct for creators and gig workers, with broader rollout planned for 2026.
  • Google's request to export map data from South Korea was delayed again, pending further documentation for regulatory review.
  • Amazon's AWS will become the official cloud provider of the DP World Tour, using AI to enhance fan engagement and tournament operations.
  • Google filed a lawsuit to dismantle a phishing-as-a-service operation known as "Lighthouse" under U.S. federal laws.
  • GoTo expressed support for potential mergers following speculation of a combination with rival Grab to enhance welfare for drivers and merchants.
  • General Motors is pushing thousands of suppliers to exit China-based supply chains by 2027 due to rising geopolitical tensions and trade risks.
  • Evotec received a $5 million milestone payment from Bristol-Myers Squibb after FDA accepted an investigational new drug under their protein degradation partnership.
  • Tencent Music Entertainment reported higher-than-expected Q3 revenue and earnings, driven by strong growth in its core business.
  • PayPal relaunched its UK operations with new debit and credit products and a loyalty program following previous restructuring.
  • TotalEnergies signed a 15-year clean energy supply deal with Google to power data centers in Ohio from a solar farm.
  • Foxconn posted a 17% profit jump and forecast strong AI-driven growth in 2026, hinting at an upcoming announcement involving OpenAI.
  • Venture Global and Mitsui signed a 20-year LNG supply deal starting in 2029, marking the third such agreement between the U.S. exporter and a Japanese buyer.
  • Liontown Resources partnered with Metalshub for online auctions of spodumene from its Kathleen Valley lithium project, boosting shares over 5%.
  • JD.com saw Singles' Day orders surge nearly 60% year-over-year, highlighting robust performance across retail and logistics services.
  • Volkswagen and Xpeng plan to launch a co-developed electric SUV in China in 2026, targeting the smart EV market.
  • Electrolux Professional AB acquired the assets of Royal Range, a U.S.-based commercial kitchen equipment company.
  • Finning International Inc. experienced strong Q3 revenue and earnings in 2025, driven by mining sector activity and increased equipment sales.
  • CCL Industries Inc. surpassed expectations in Q3 sales and EPS, fueled by strong performance in its CCL, Checkpoint, and Innovia segments.
  • BILL Holdings is exploring a potential sale, working with financial advisers to solicit buyer interest.
  • Centerspace's board is reviewing strategic alternatives, including a potential sale or merger.

Analyst Recommendations:

  • At&T Inc.: KeyBanc Capital Markets upgrades to overweight from sector weight with a target price of USD 30.
  • Bath & Body Works, Inc.: Raymond James downgrades to market perform from outperform.
  • Floor & Decor Holdings, Inc.: Piper Sandler & Co upgrades to overweight from neutral and raises the target price from USD 75 to USD 80.
  • Fortinet, Inc.: Daiwa Securities downgrades to neutral from outperform with a price target raised from USD 80 to USD 86.
  • AMD (Advanced Micro Devices): Melius Research LLC maintains its buy recommendation and raises the target price from USD 300 to USD 380.
  • Datadog, Inc.: Citi maintains its buy recommendation and raises the target price from USD 170 to USD 230.
  • Oklo Inc.: Cantor Fitzgerald maintains its overweight recommendation and raises the target price from USD 84 to USD 122.
  • Organon & Co.: BNP Paribas maintains its outperform recommendation and reduces the target price from USD 16 to USD 12.
  • Unity Software Inc.: CITIC Securities Co Ltd maintains its buy recommendation and raises the target price from USD 38 to USD 50.
  • Venture Global, Inc.: Wells Fargo maintains its equalweight recommendation and reduces the target price from USD 14 to USD 11.
  • Wayfair Inc.: Oppenheimer maintains its outperform recommendation and raises the target price from USD 100 to USD 144.