Market Information Wednesday 19 November 2025

Wall Street and global markets fell on Tuesday as investors grew cautious ahead of Nvidia’s earnings, which could determine whether the AI-driven rally has staying power amid concerns of overvaluation. The S&P 500 is on track for its fourth consecutive loss, down approximately 2.8% since Nov. 12, while the Dow and Nasdaq also declined. European and Asian markets mirrored the selloff, with German stocks hitting a five-month low and Japan’s Nikkei dropping over 3%. Risk-off sentiment pushed U.S. Treasury yields slightly lower, while crude oil, gold, and cryptocurrencies rebounded. The dollar held firm against major currencies, and investors appear to be locking in gains after a strong year for tech stocks.

Reverse stock splits have surged globally to a record high in 2025, with 288 executed through October compared to just 53 traditional splits, highlighting stress among small-cap firms struggling to meet listing requirements. Nearly 80% of these companies have market values under $250 million, and reverse splits, typically seen as a sign of financial strain, contrast sharply with traditional splits favoured by megacaps to attract retail investors. This trend underscores a widening market divide: small caps now represent only 1.2% of U.S. market capitalization, near a century low, while AI-driven tech giants have fuelled 75% of S&P 500 gains since late 2022. Retail inflows into Big Tech remain strong, with Netflix, Alphabet, Meta, Tesla, and Nvidia all seeing double-digit increases in 2025.

Bitcoin rebounded slightly on Tuesday to around $93,532 after plunging below $90,000, its lowest level in seven months, leaving it roughly 26% below October’s peak above $126,000. The broader crypto market has lost about $1.2 trillion in value over the past six weeks amid risk aversion, doubts over U.S. rate cuts, and heavy ETF outflows totaling $3.7 billion since October. Analysts warn that confidence can erode quickly as institutions unwind positions and retail buyers retreat following last month’s flash crash. Listed companies holding bitcoin, such as Strategy and Marathon, have also faced volatility, with Standard Chartered estimating that a sustained drop below $90,000 could leave half of corporate holdings underwater. Meanwhile, ether has fallen nearly 40% from its August high above $4,955.

The 6M Euribor is unchanged at 2.14% compared to previous business day. The 10Y Swap is unchanged at 2.76% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.