Published by Global Banking and Finance Review
Posted on November 27, 2025
By Anastasiia Kozlova and Purvi Agarwal
(Reuters) -European shares ended largely steady on Thursday after three consecutive sessions of gains, driven by rising hopes of a U.S. interest rate cut next month, while Puma jumped on takeover interest and Allfunds Group climbed on an acquisition offer.
The pan-European STOXX 600 ended 0.12% higher at 574.89 at a near two-week high. Major regional bourses were mixed. London's FTSE 100 was flat a day after the autumn budget was announced. Germany's DAX was up 0.2%.
U.S. markets closed for the Thanksgiving holiday, keeping trading volumes lighter than usual across global markets.
Puma surged 18.9% after reports said Chinese sportswear companies Anta Sports Products and Li Ning were among the firms exploring a potential takeover of the German sportswear retailer.
Allfunds Group climbed 22.1%, marking its biggest single-day jump on record, after the fund distribution platform entered exclusive talks to be acquired by German stock exchange operator Deutsche Boerse at an initial valuation of 4.7 billion euros ($5.42 billion).
The stock boosted the financial services sub-index, which jumped 0.74%.
The day's moves in the STOXX 600 came after a three-day rally driven by growing investor confidence that the U.S. Federal Reserve will deliver a rate cut next month, supported by economic data pointing to a weakening economy.
"We've seen a pretty decent rally back from the drop that we saw (recent global sell-off)...for markets, it takes a bit of time to find sort of a new narrative," said Joost van Leenders, senior investment strategist at Van Lanschot Kempen.
"It's a period of some consolidation after what we've seen."
Automobile stocks were the top gainers for the day, up 0.9%, helped by a 1.5% rise in Ferrari after UBS raised its price target for the carmaker.
Food and beverage stocks gained 0.65%, with Davide Campari and Pernod Ricard up 3.1% and 2%, respectively. Peer Remy Cointreau advanced 2.6% after its new CEO said the French spirits group is confident it will return to growth in the second half of its fiscal year.
On the flip side, healthcare shares were the biggest drag on the index, down 0.5%, weighed by declines in heavyweights Novo Nordisk and Roche.
Meanwhile, progress towards a Russia-Ukraine peace deal also contributed to the upbeat sentiment so far this week.
"It's more likely that we would see a ceasefire than a full peace... even so, there could be a bit of relief, and maybe that's what we've seen already," van Leenders said.
Still, the index is about 1.9% away from its record high hit earlier this month, as it struggles to recoup ground lost in the recent global sell-off stemming from concerns over tech valuations.
London's Unite Group fell 3.4% to a more than 10-year low after the student accommodation developer warned of lower earnings in 2026.
(Reporting by Anastasiia Kozlova, Purvi Agarwal and Nikhil Sharma in Bengaluru; Editing by Mrigank Dhaniwala, Sonia Cheema and Sharon Singleton)
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