Morning View

In the Eurozone, GDP grew by +1.4% year-on-year in the third quarter of 2025.

Internacional

This morning, the third publication of the Gross Domestic Product (GDP) for the third quarter of 2025 in the Eurozone was released. The data showed growth of +0.3% compared to the previous quarter, above the expected +0.2% and +1.4% year-on-year.

Today, the focus will be on the Personal Consumption Expenditures (PCE) inflation data for September in the United States, which is expected to be +0.3% monthly and +2.8% year-on-year, while the core measurement, which excludes food and energy, is expected to be +0.2% monthly and +2.8% year-on-year. 

The main US stock indices remained largely unchanged yesterday. The S&P 500 gained +0.1%, the Nasdaq +0.2% and the Dow Jones -0.1%. So far in 2025, the indices have accumulated variations of +16.6%, +21.7% and +12.5%, respectively.

Meanwhile, US Treasury bond yields widened yesterday. The 1-year bond closed at 3.59%, up from 3.56% previously, the 3-year bond rose to 3.54% from 3.50%, and the 10-year bond closed at 4.10%, also exceeding Wednesday's 4.06%.

Fuente: PUENTE Hnos, Bloomberg

In the United States, ADP employment data was lower than expected

International

In the United States, yesterday saw the publication of employment data from the private agency ADP. Around 10,000 jobs were expected to have been created in November, although the report showed a drop of 32,000. At the same time, October's figure was revised slightly upwards, from 42,000 to 47,000. On the other hand, the Purchasing Managers' Indices (PMIs) stood at 54.1 points according to S&P Global (vs. 55 expected) and 52.6 according to ISM (vs. 52 expected). We recall that a measurement above 50 points implies expansion of activity, and below 50 points implies contraction.

In this context, the main US stock indices advanced yesterday. The S&P 500 gained +0.3%, the Nasdaq +0.2%, and the Dow Jones +0.9%. Thus, so far in 2025, the indices have accumulated variations of +16.5%, +21.5%, and +12.5%, respectively.

Meanwhile, US Treasury bond yields narrowed slightly yesterday. The 1-year bond closed at 3.56%, down from 3.58% previously, the 3-year bond fell to 3.50% from 3.53%, and the 10-year bond closed at 4.06%, also down from 4.09% on Tuesday.

Sources: PUENTE Hnos, Bloomberg