The first session of the week and of December on international financial markets was marked by declines in the valuations of most instruments.
In Europe, declines prevailed on the German DAX, among others, which lost 1% on the cash market. Peace talks on Ukraine are dragging down key industry representatives in the region.
The Polish economy maintained solid growth in the third quarter of 2025. Gross Domestic Product increased by 3.8% year-on-year and 0.9% quarter-on-quarter, exceeding earlier estimates by the Central Statistical Office (GUS) and market consensus. Growth was driven primarily by investments, which increased by 7.1% year-on-year, mainly in the public and local government sectors, and public spending, which increased by 7.4% year-on-year. Household consumption grew at a rate of 3.5% y/y, indicating a stable growth structure without excessive inflationary pressure. Domestic demand increased by 3.7% y/y, exports by 6.1% y/y and imports by 5.9% y/y. Warsaw indices gained slightly on the wave of positive economic news.
On Wall Street, sentiment improved somewhat in the second half of the day, despite a negative start to the session. However, this does not change the fact that the major indices are losing ground on an intraday basis. The Nasdaq is currently down 0.1% and the S&P 500 is down 0.07%.
In November, the US industrial sector continued to contract. The ISM index for industry stood at 48.2 points, while the forecast was 49.0. The new orders index fell to 47.4, and industrial employment fell to 44.0, indicating weaker demand and job cuts in the sector. The services sector, on the other hand, is growing, as the ISM for services stood at 58.5 points, above forecasts.
On the Forex market, the Japanese yen is performing best during today's session in response to the latest comments by the Governor of the Bank of Japan (BOJ), who for the first time in months clearly suggested the possibility of an interest rate hike at the BOJ's December meeting.
On the commodities market, SILVER stands out in particular, gaining 3.5% and reaching new highs. Gold is also performing very well. GOLD contract prices are up 0.6%.
However, the most pessimistic area of the market at present is cryptocurrencies and companies based on this branch of the economy. Bitcoin is down 6.6% today, and Strategy Inc shares lost as much as 12% on the wave of comments by the company's CEO about the technical possibility of selling Bitcoin in a crisis situation, which, according to investors, is somewhat at odds with Michael Saylor's previous euphoric stance.
BREAKING: EURUSD ticks higher after weaker US ISM report 🔎
BREAKING: EURUSD muted after strong PMI manufacturing data from the US 📌
Crypto News: Bitcoin drops 5%📉 Market returns to sell-off mode
Chart of the day: USDJPY (01.12.2025)
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
