AlphaTrack – 11 November 2025

Thoughtful insights and approachable analysis.

Quick Market Overview

European stocks are set to open higher as confidence grows that the US shutdown is nearing an end. Futures signal solid early gains across the FTSE, DAX, CAC 40 and FTSE MIB after the Senate passed a funding bill headed to the House. The lift follows a Wall Street rally powered by AI giants, though US futures were flat and Asia mixed overnight. European investors now turn to earnings from SoftBank, Nebius, Munich Re, CEZ Group and Vodafone.

General Market Health (SPX500)

• Friday printed a dragonfly doji, hinting that sellers were losing control as buyers dragged prices sharply off the day’s lows.
• Yesterday the index rallied 1.54%, pushing the EMAs into a bullish crossover and lifting the RSI back above 50.
• If the RSI holds there, it signals underlying positive momentum and suggests the dip is being well supported.

Potential Trade Setups

AstraZeneca PLC (LSE:AZN)

• AZN printed a breakaway gap on 1 October 2025.
• The RSI has stayed above 50, signalling that underlying momentum continues to lean bullish.
• The EMAs have now crossed to the upside, with a clear bullish angle and growing separation.
• AstraZeneca shares climbed after baxdrostat hit its phase 3 targets, delivering significant blood-pressure reductions in patients poorly served by current treatments. The drug came via last year’s CinCor acquisition for up to $1.8 bn, and the results suggest that bet is working. With over a billion people living with hypertension, the commercial runway is vast.

Prosus N.V. (AEX:PRX)

• PRX’s EMAs have crossed to the upside.
• The RSI is holding above 50, and the longer it stays there, the stronger the case for momentum driving prices higher.
• Prosus is weighing a possible bid for Mobile.de as Permira and Blackstone prepare the German auto-marketplace for a €10 bn IPO. A listing remains the base case, but interest from Prosus, via OLX, and buyout firms including EQT, Cinven and Apax shows alternatives are on the table. No talks are under way and a bid may not emerge, though sector momentum is building. Prosus has just bought France’s La Centrale for €1.1 bn.

Biadu Inc. class A (HKEX:9888)

• Baidu’s EMAs are in a bullish formation with clear angle and separation developing.
• The RSI is holding above 50, pointing to underlying positive momentum. The longer it stays above 50, the greater the probability of further upside.
• Baidu has launched its Xiaodu AI Glasses Pro at 2,299 yuan, nearly a year after first showing them. The 39-gram frames offer first-person recording and support prescription lenses, dropping Baidu straight into China’s crowded AI-wearable market.
• Baidu will begin driverless trials in Switzerland this December, working with PostBus through its Apollo Go unit ahead of a full “AmiGo” service planned for 2027. The rollout will use Baidu’s RT6 EV, built to operate without a steering wheel, and extends the millions of autonomous rides it already runs in China and the Middle East.

Hot News, Cold Logic

US economic data will restart quickly once the government reopens, but the catch-up will be patchy. September reports like jobs, inflation and retail sales are ready to go, while October and November releases will be slower after weeks without surveys or price checks. Some data may not arrive before the Fed’s 9–10 December meeting, leaving policymakers with thin evidence. Private indicators help, but they can’t replace official benchmarks, meaning the fog around monetary policy will persist even after the shutdown ends.

Final Thought

Markets look upbeat as Fed-cut bets and a potential end to the shutdown fuel a broad risk-on mood, with tech and gold doing much of the heavy lifting. Yet beneath the rally sits a cluster of fragile macro risks, from Europe’s fiscal cracks to China’s uneven recovery and simmering geopolitical tension. It’s a market climbing, but with one eye firmly on the fault lines.