European equities advance as Spain’s Ibex 35 leads; Wall Street higher, U.S. curve flattens
Europe’s major bourses ended the session in the green, led by a strong rally in Spain’s Ibex 35. A steadier tone in long-end U.S. yields and firm risk appetite supported cyclicals, while FX desks weighed the implications of a front-end-led move in Treasuries for the dollar.
Closing snapshot: Europe and U.S. handover
- Ibex 35 (Spain): +1.36% (session leader)
- DAX (Germany): +0.98%
- CAC 40 (France): +0.88%
- FTSE 100 (UK): +0.50%
- FTSE MIB (Italy): +1.01%
As Europe closed, U.S. equities were broadly higher, with Nasdaq +1.02%, S&P 500 +0.93%, and Dow +0.90%, extending the global risk-on tone.
Rates and FX: front-end firmer, curve flatter
U.S. Treasury yields were mixed, with the front end rising faster than the long end—tightening financial conditions at the margin and nudging the curve flatter:
- 2-year: 3.487% (+2.8 bps)
- 5-year: 3.579% (+1.4 bps)
- 10-year: 4.005% (+0.4 bps)
- 30-year: 4.652% (-0.6 bps)
For FX, a firmer front-end typically offers some support to the U.S. dollar, even as improved risk appetite can favor European and cyclical currencies. The push-pull leaves traders sensitive to incoming data and central bank rhetoric.
Commodities and digital assets
- Crude oil (front month): $58.31, up $0.35
- Gold: $4,167, up $36
- Silver: $53, up $1.54 (3.04%)
- Bitcoin: $87,836, up $500
Precious metals advanced alongside a mixed U.S. rates backdrop, while crude ticked higher. Digital assets firmed, reflecting broader risk sentiment.
Market context
Today’s equity gains in Europe were broad-based, with Spain outperforming. A flatter U.S. curve and resilient Wall Street bid improved risk appetite, though FX volatility remains sensitive to shifts in front-end rates. Traders will watch whether sustained equity strength can overcome curve dynamics that often cap pro-cyclical currency upside.
Market snapshot
- Spain’s Ibex 35 outperformed with a 1.36% rise; Italy’s FTSE MIB and Germany’s DAX gained around 1%.
- U.S. stocks traded higher into the European close, led by tech.
- U.S. Treasury moves were front-end led, flattening the curve.
- Gold and silver rallied; oil edged up; Bitcoin advanced.
- FX focus: risk-on vs. firmer front-end yields—a near-term tug-of-war.
FAQ
Which European index led today’s gains?
Spain’s Ibex 35 led, closing up 1.36%, with solid participation across the region including Germany’s DAX and Italy’s FTSE MIB.
How did U.S. stocks trade as Europe closed?
U.S. equities were comfortably higher: Nasdaq +1.02%, S&P 500 +0.93%, and Dow +0.90%, helping sustain a global risk-on tone.
What happened to U.S. Treasury yields?
The front end rose more than the long end (2-year +2.8 bps vs. 30-year -0.6 bps), flattening the curve and signaling tighter near-term rate expectations.
What does the yield move mean for forex?
A firmer front-end can support the U.S. dollar, while improved risk appetite tends to aid cyclical FX and European currencies. Net impact depends on incoming data and central bank guidance.
How did commodities and crypto perform?
Gold and silver advanced, oil ticked higher, and Bitcoin gained, reflecting a constructive risk backdrop and mixed moves in U.S. yields.
Reporting by BPayNews.
Last updated on November 26th, 2025 at 05:06 pm
