MARKET WRAPS
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EU industrial production; U.K. GDP, industrial production, trade, business investment, France unemployment; trading updates from Siemens, Merck, Alstom, Burberry, Aviva, Deutsche Telekom, Rolls-Royce, Generali, Persimmon, Hapag-Lloyd, 3i Group, B&M European Value, Endeavour Mining, United Utilities Group
Opening Call:
European stock futures were mostly higher, while Asia stock benchmarks traded mixed. The dollar weakened slightly, and U.S. Treasurys were little changed. Oil futures fell, and gold advanced.
Equities:
European equity futures were mostly higher early Thursday with investors tracking corporate earnings and the end of the U.S. government shutdown.
President Trump signed a spending package to reopen the government late Wednesday that ended the record-long 43-day shutdown. U.S. stocks have recently rallied amid hopes that the government shutdown won't cause lasting damage to the economy.
"Investors are right to believe that we barely averted catastrophe. Had the shutdown phase crept into the biggest shopping season of the year, and during peak holiday travel, we would probably be talking about a greater chance of recession. Thankfully, we averted a bigger crisis," said Jeffrey Roach, chief economist for LPL Financial.
Carson Group chief market strategist Ryan Detrick remains focused on corporate earnings. "Earnings tend to drive long-term stock returns, and we've seen a spectacular earnings season, again justifying the fundamentals of this bull market."
Forex:
The dollar's safe-haven status is "cracking" due to concerns about rising debt, persistent deficits, monetary-policy credibility, and a loss of confidence in U.S. institutions, said Orbis's Nick Purser.
Orbis suggests building a basket of alternative currencies to mitigate risks to the dollar and recommends the Norwegian krone, Australian dollar, and Japanese yen as currencies to consider.
The dollar also looks expensive compared with other currencies. This was previously justified by high U.S. interest rates and robust growth, but that foundation is weakening, Purser added.
Bonds:
U.S. Treasury yields were little changed as the record-long 43-day shutdown ended. The White House has said that October inflation and employment indicators may never be released and "will be permanently impaired" due to the shutdown.
Meanwhile, Treasury Secretary Scott Bessen,t in prepared remarks at the annual Treasury market conference on Wednesday, said the stablecoin market, which is currently valued around $300 billion, "could grow tenfold by the end of the decade" and add to demand for short-term government debt or Treasury bills.
Future demand for Treasurys will also come from the $7.5 trillion market for money-market funds, a big investor in Treasury bills, Bessent said.
Energy:
Oil extended overnight price declines amid several headwinds. Spot crude oil prices fell below longer-dated futures contracts, marking the first time this so-called bearish structure has happened since February, ANZ Research analysts said. This is fresh sign of widely-expected supply glut, they said.
Also, sentiment hasn't been helped by bearish forecasts from major groups such as OPEC and EIA, the analysts added.
Metals:
Gold gained. Resumption of U.S. government operations would allow the release of key economic data, which the Fed considers before making its next rate decision, XS.com's Antonio Di Giacomo says in an email. A highly volatile week is expected, with investors closely watching for any signals regarding the outlook for rates, the senior market analyst added.
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Copper fell. Copper is likely seeing robust resistance at the $11,000-a-ton mark, Sucden Financial analysts said. Markets could need either a fresh supply disruption or a clear demand catalyst to push the metal's prices sustainably higher. In the absence of such drivers, any speculative rallies could quickly unwind as profit-taking sets in, they added.
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Iron ore gained. Lower iron ore shipments, improved profitability at steel mills and easing cost pressure from coking coal signal potential short-term price recovery and a slower rate of decline, Nanhua Futures said.
However, overall supply remains ample as accumulation of port inventories continue, which may drive price volatility in the short term, it added.
TODAY'S TOP HEADLINES
Trump Signs Spending Bill, Ending Longest Shutdown in U.S. History
WASHINGTON-President Trump signed a spending package to reopen the government late Wednesday, a measure passed by the Republican-led House after a record-long 43-day shutdown.
The legislation passed the House on a 222 to 209 vote, largely along party lines.
Breaking Down the Shutdown Deal, From Back Pay to Hemp Provisions
The House voted late Wednesday to pass legislation reopening the government after a record-setting shutdown that lasted more than a month. President Trump then signed it into law.
The package extends funding for much of the federal government through Jan. 30 and includes full-year funding for the Agriculture Department, military construction and the legislative branch. But it also includes other provisions, including one particularly controversial item involving potential payouts to senators.
White House Says October Jobs, Inflation Reports Unlikely to Be Released
Two major government reports on inflation and the labor market for October are "likely never" to be released, the White House press secretary said Wednesday.
The six-week government shutdown largely halted the release of government data that Wall Street and economic policymakers rely on to measure the economy's health. Though the shutdown is expected to end soon, the White House indicated the reports on inflation and employment for last month will be lost due to the long closure of federal agencies.
Britain Is Preparing Tens of Billions in New Taxes-Again
LONDON-The U.K. has long been torn between two mutually exclusive desires: Voters want European levels of welfare with American levels of taxation.
By accident or design, that debate is slowly being resolved in the direction of higher taxes, as Britain's Labour government prepares its second major tax increase in as many years.
The Gaza War Has Been Big Business for U.S. Companies
Two years on, Israel's war in Gaza might be finally drawing to a close. The conflict built an unprecedented arms pipeline from the U.S. to Israel that continues to flow, generating substantial business for big U.S. companies-including Boeing, Northrop Grumman and Caterpillar.
Sales of U.S. weapons to Israel have surged since October 2023, with Washington approving more than $32 billion in armaments, ammunition and other equipment to the Israeli military over that time, according to a Wall Street Journal analysis of State Department disclosures.
Cisco Systems Boosts Outlook on AI-Driven Demand
Cisco Systems raised its fiscal year outlook after profit and revenue increased in its latest quarter, driven by demand for its artificial-intelligence products.
The networking-equipment company said Wednesday that it now expects revenue of $60.2 billion to $61 billion for the fiscal year, up from a prior range of $59 billion to $60 billion.
Packaging Company Sealed Air in Talks to Go Private
Buyout firm Clayton Dubilier & Rice is in talks to take packaging-provider Sealed Air private, according to people familiar with the matter.
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Expected Major Events for Thursday
00:01/UK: Oct RICS Residential Market Survey
06:30/FRA: 3Q ILO Unemployment and Labour Market-related indicators
07:00/ROM: Sep Industrial production
07:00/SWE: Oct CPI
07:00/UK: Sep Index of production
07:00/UK: Sep UK trade
07:00/UK: Sep Index of services
07:00/UK: 3Q Business investment in the UK: provisional results
07:00/UK: 3Q First quarterly estimate of GDP
07:00/UK: Sep Monthly GDP estimates
07:30/SWI: Oct Import Price Index
07:30/SWI: Oct PPI
08:00/SVK: Oct Core & net inflation development
08:00/SVK: Oct CPI
09:00/CZE: Sep Monthly Balance of Payments
09:00/POL: 3Q Flash estimate GDP
09:00/FRA: Nov IEA Oil Market Report
09:30/UK: 3Q Mortgage Arrears and Possessions data
10:00/EU: Sep Industrial Production
11:00/IRL: Oct CPI
11:00/FRA: Sep OECD Harmonised Unemployment Rates
12:30/UK: Oct NIESR Monthly GDP Tracker
13:00/POL: Sep Balance of Payments
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(END) Dow Jones Newswires
November 13, 2025 00:00 ET (05:00 GMT)
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