Europe close: Markets creep higher at end of turbulent month
By Josh White
Date: Friday 28 Nov 2025
(Sharecast News) - European stocks crept higher on Friday as strong corporate moves offset mixed economic data and a disruption to futures trading caused by a power outage at a major US exchange operator.
The Stoxx 600 added 0.25% to close at 576.43, while Frankfurt's DAX and Paris's CAC 40 each rose 0.29%, to 23,836.79 and 8,122.71 respectively.
London's FTSE 100 gained 0.27% to 9,720.51.
Dan Coatsworth, head of markets at AJ Bell, noted that "the FTSE 100 looks set to end the week in decent fashion and US futures point to post-Thanksgiving gains when Wall Street opens for business."
Trading was unsettled after a power failure at a CME Group data centre halted activity in currencies, commodities and equity futures, cutting off access to a key pricing venue for global markets.
Patrick Munnelly, market strategy partner at TickMill, said: "Trading in futures and options on the CME was suspended due to technical difficulties.
"This problem impacted, among other things, trading in US Treasuries futures and S&P 500 Index contracts."
He added that forex trading was also affected, as "the EBS platform was impacted because of the CME stoppage."
German data paints mixed picture of economy
Sentiment was further tested by evidence that Europe's largest economy continues to struggle.
Germany's unemployment rate edged down to 6.1% in November, as the number of jobseekers fell by 26,000 to 2.855 million.
However, the labour market remained weaker than a year ago, with 111,000 more people out of work compared with November 2024.
Andrea Nahles, chairwoman of the Federal Employment Agency, warned that "the weakness of the economy persists and the labour market remains without momentum," noting that job vacancies have continued to decline despite some signs of stabilisation.
Retail activity in Germany provided little respite.
Sales unexpectedly fell 0.3% in October, reversing a revised 0.3% gain in September and missing analysts' forecasts for growth.
The drop - the fifth decline in seven months - was driven by weaker non-food and online demand, though annual sales growth improved slightly to 0.9%.
In the UK, retail indicators pointed in the opposite direction.
Total like-for-like sales rose 6.89% in the week to 23 December, buoyed by strong online purchases across categories, according to BDO.
Colder weather deterred some in-store visits, but year-on-year comparisons were flattered by last year's Storm Bert, while footfall rose 4.2%.
Coatsworth noted ongoing sector differentiation, remarking that "UK housebuilders remain in decent fettle after the Budget - which didn't contain any nasty surprises in terms of property taxes, bar the so-called 'mansion tax'," although he flagged that Berkeley "has greater exposure to the premium end of the market where the new supplementary council tax charges are more relevant."
UK manufacturing data also remained weak.
Vehicle output slumped 30.9% year on year in October to 62,116 units, as factories continued to recover from a cyber attack that disrupted production at Jaguar Land Rover.
The Society of Motor Manufacturers and Traders said commercial vehicle manufacturing fell 74.9%, though industry forecasts still pointed to a recovery from 2026.
SMMT chief executive Mike Hawes cautioned that while government support measures were helpful, a proposed electric vehicle tax "will undermine demand," adding that it risks eroding the UK's investment appeal at a critical juncture for the sector.
Delivery Hero surges on spin-off reports, Whitbread sinks
On the corporate front, Delivery Hero surged 14.6% after reports it may sell or spin off parts of its business under shareholder pressure.
Novo Nordisk climbed 1.96% as investors digested US plans to impose steeply discounted Medicare prices on its obesity and diabetes drugs from 2027.
Whitbread tumbled 11.06% after Bernstein cut its rating and warned the group's exposure to UK property taxes would weigh on earnings.
Coatsworth said Whitbread's downgrade "has sparked a big reaction. The share price has been shaken to its foundations by Bernstein making a handbrake turn from a positive to a negative view on the hotels group."
Reporting by Josh White for Sharecast.com.
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