A graph of the German share price index DAX is displayed at the stock exchange in Frankfurt, Germany, November 20, 2025. REUTERS/Staff

A look at the day ahead in European and global markets from Gregor Stuart Hunter

It turns out Nvidia's earnings could only smother the blaze on markets for so long.

Stock markets are tumbling again after a renewed selloff in tech shares on Wall Street on Thursday, and even though there were some signs of dip-buyers creeping back into equities, investor confidence remains shot to pieces.

Anxious traders are on alert on Friday after explicit threats from Japanese Finance Minister Satsuki Katayama that intervention in FX markets could be imminent. That preceded the long-awaited announcement of a lavish $135 billion stimulus from the Takaichi administration that pummelled Japanese government bonds and the yen.

Adding to the pressure on the Bank of Japan, data released on Friday showed core inflation accelerated in October, rising 3.0% from a year earlier, firmly above the central bank's 2% target.

As panic gripped markets, the yen strengthened 0.2% against the dollar to 157.19 yen on the intervention talk and investor demand for safe havens, while the Nikkei fell 2.4%, taking its loss for the week to 3.5%.

MSCI's broadest index of Asia-Pacific shares outside Japan tumbled 2.5% to bring its weekly loss to 3.7%, the biggest since the Liberation Day tariff turmoil in early April.

European markets look set to join the selloff in early trading. Pan-region Euro Stoxx 50 futures and German DAX futures fell 1.4% apiece and FTSE futures were off 1%.

In commodities markets, oil prices fell for a third consecutive session on hopes that a peace deal between Russia and Ukraine could be near. Brent crude fell 1.3% to $62.54 per barrel. Gold was trading 0.7% lower at $4,059.27 per ounce.

And in another sign of distress, a fire broke out at the venue hosting the COP30 summit in Brazil, disrupting talks and triggering an evacuation just as negotiators were hunkering down to try to land a deal to strengthen international climate efforts.

U.S. stock futures showed some sign of a rebound, but were still far below recent highs. S&P 500 e-mini futures were last up 0.4%.

Key developments that could influence markets on Friday:

Economic data:

UK: Public sector net borrowing ex-banks and retail sales for October, Flash PMI for November

France: Business Climate Manufacturing and HCOB Flash PMI for November

Germany: HCOB Flash PMI for November

Euro zone: HCOB Flash PMI for November

Debt auctions:

UK: 1-month, 3-month and 6-month government debt

(Reporting by Gregor Stuart Hunter; Editing by Jamie Freed)