Tesla's UK Car Sales Fall In November, Data Shows

Forex

Stocks

Summary:

Tesla'sUK car registrations dropped in November, industry data showed on Thursday, following steep declines in other European markets in the month amid intense competition particularly from Chinese rivals.

Key points:

· Tesla UK registrations dropped in November amid China rivalry

· BYD tripled UK registrations; Tesla struggles with aging lineup

· Overall UK car registrations fell; plug-in hybrids rose

November registrations, a proxy for sales, of Tesla cars in the UK fell 19% to 3,784 from 4,680 cars a year ago, preliminary data from research group New AutoMotive data showed.

Data from the Society of Motor Manufacturers and Traders (SMMT) showed a 17.2% year-on-year decline to 3,772 Tesla sales in the UK, lagging other legacy automakers and Chinese rivals.

The numbers are slightly different as SMMT and New AutoMotive use different sources of data and methods of calculation.

AGING LINEUP, CHINA RIVALRY ERODE TESLA'S UK SALES

The U.S. EV maker, which recently started rolling out new versions of its best-selling Model Y SUV, has been struggling with an aging lineup and growing competition in a crowded European market, especially from new entrants from China.

There are now more than 150 electric models available to British motorists, according to EV buying advice site Electrifying.com.

Amid the assortment of EV brands, registrations by Tesla's Chinese peer BYD, which also sells hybrids and plug-in hybrids, more than tripled in November.

What are Tesla's biggest markets in Europe?

Customer sentiment for Tesla has also fallen in recent months, after CEOElon Muskpublicly praised right-wing political figures and after his short stint as head of the U.S. Department of Government Efficiency.

The brand's November drop in registrations is in line with a 20% fall in Germany and a slump of almost 60% in France and other European markets, which were only partly offset by record-breaking sales in Norway.

Tesla's car sales falling in most European markets

Overall, total new car registrations in Britain fell 6.3% to 146,780 vehicles for November, according to New AutoMotive, while SMMT logged a slight 1.6% decline to 151,154 vehicles.

Those of battery-electric cars fell 1.1% to 38,742 vehicles, while plug-in hybrid registrations jumped 3.8% to 16,526, New Automotive data showed.

"On the surface, some consumers may feel that BEVs have increased in cost, but this is not necessarily the case," said Jamie Hamilton, automotive partner and head of electric vehicles at Deloitte.

"The new EV mileage charge will increase running costs of electric vehicles, but changes to the Expensive Car Supplement threshold may mean some drivers are actually better off over the course of their lease period," Hamilton added.

Source: TradingView

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Michelle

Forex

Economic

China's major state-owned banks bought dollars in the onshore spot market this week and held on to them in an unusually strong effort to rein in yuan strength, according to people with knowledge of the matter.

The dollar buying came as the yuanleapt to a 14-month high on Wednesday and extended a trend of state banks leaning against yuan gains in order to smooth its rise.

But unlike their usual trading strategy, the lenders did not appear to recycle the dollars into the swap market, market sources said, noting the move was likely aimed at tightening dollar liquidity and so raising the cost of long yuan bets.

Back-end dollar/yuan swap points have since dropped, reflecting a deeper negative carry of owning yuan with the one-year tenor (CNY1Y=) down from a one-month high hit last week.

The state bank actions were meant to moderate the pace of yuan rallies rather than reverse an upward trend, said one of the sources. All requested anonymity because they are not allowed to discuss the matter publicly.

Slower yuan gains also make it harder to hold long positions because profits don't make up for the difference in interest income between dollars and the much lower-yielding yuan.

State banks sometimes trade on behalf of the central bank, but they could trade on their own behalf or execute orders for their clients.

China's central bank, the People's Bank of China did not immediately respond to a request for comment.

The Chinese currency has gained about 3.3% on the dollar year-to-date and on Thursday looked set for the biggest annual rise since the pandemic year of 2020.

The appreciation of the tightly managed currency has been helped by authorities' signalling their tacit approval, with the middle of the yuan's daily trading band repeatedly set firmer than market expectations.

But it has been smoothed by the state banks, prompting speculation the aim is a gradual rise that would avoid sudden yuan purchases by exporters and project the sort of stability that can encourage global use of the currency.

Dollar buying came on Thursday in tandem with a surprisingly soft midpoint fixingwhich has knocked the yuan from its 14-month high to trade about 0.1% weaker at 7.0694 per dollar.

Source: TradingView

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Gerik

Economic

Stocks

Cautious Optimism Lifts European Stocks

European equities edged higher on Thursday morning, with the pan-European Stoxx 600 index gaining 0.34% to trade at 578.19. This broad-based uptick reflects rising investor confidence spurred by a combination of geopolitical dialogue and corporate performance. The German DAX led the region’s gains, surging 0.87% to 23,899.41, followed by France’s CAC 40, which climbed 0.49% to 8,127.33. Meanwhile, Italy’s FTSE MIB was up marginally by 0.09%, and Spain’s IBEX 35 rose 0.34%.

However, the U.K.’s FTSE 100 bucked the regional trend, dipping slightly by 0.09%, dragged down by specific sector weaknesses and currency-related headwinds as the pound remained firm.

Corporate Movers: Inditex Extends Gains, Stellantis Upgraded

Inditex, the parent company of fashion giant Zara, continued to impress investors after delivering robust nine-month results on Wednesday, where shares jumped 10%. The momentum extended into Thursday’s session with a modest 0.2% gain, reflecting ongoing investor enthusiasm.

Conversely, Hugo Boss remained under pressure, having dropped 10% the previous day following a downward revision of its forward guidance. The fashion sector was clearly polarized, underlining divergent performances based on earnings resilience.

In the auto sector, Stellantis owner of Jeep gained 0.4%, continuing a rebound following an upgrade by UBS to “Buy.” The Swiss bank highlighted the company’s potential to reclaim 120 basis points of U.S. market share by 2026, supported by softer emission rules and aggressive cost-cutting. This plays into a broader narrative of European automakers recalibrating strategies amid shifting U.S. regulatory dynamics.

Meanwhile, Volvo Cars reported a 10% year-on-year drop in November sales, selling 60,244 vehicles. The only bright spot came from fully electric vehicle (EV) sales, which grew despite headwinds in the U.S. due to the expiration of EV tax credits.

Geopolitical Spotlight: Ukraine-Russia Talks, Macron in Beijing

Investor sentiment is also being shaped by ongoing Ukraine-Russia peace efforts. Ukraine’s national security chief, Rustem Umerov, is scheduled to meet U.S. envoy Steve Witkoff in Miami on Thursday, following inconclusive U.S.-Russia talks earlier in the week. While no breakthrough has emerged yet, continued diplomatic engagement is providing cautious hope for de-escalation.

Adding weight to the diplomatic front, French President Emmanuel Macron is in Beijing to meet President Xi Jinping, where he is expected to urge stronger Chinese cooperation in resolving the Ukraine conflict. This meeting also aligns with the EU’s renewed push to repurpose frozen Russian assets as reparations to Ukraine, although the proposal faces internal resistance within the bloc.

Currency and Global Context: Euro Rises, Eyes on Fed

The euro rallied to a seven-week high against the dollar, reaching 1.167, reflecting growing pressure on the greenback amid changing interest rate expectations. As U.S. inflation cools, market participants are now pricing in an 89% probability of a Fed rate cut at the upcoming December 10 meeting, a sharp rise from mid-November estimates.

Asian markets also posted gains Thursday in anticipation of this dovish shift by the Fed, which has broader implications for global liquidity and risk appetite. U.S. stock futures were largely flat Wednesday night, with Dow futures up 0.14%, S&P futures hovering at break-even, and Nasdaq 100 futures marginally lower.

Outlook: Sentiment Firm But Fragile

Despite ongoing optimism, markets remain sensitive to both economic data and geopolitical developments. Key upcoming indicators include the eurozone’s HCOB Construction PMI, retail sales data, and U.K. car sales, all of which will shape investor expectations around regional growth and inflation dynamics.

Should the Ukraine peace talks gain momentum or the Fed signal a clear dovish pivot, European equities may gain further ground. However, sector-specific pressures especially in fashion and autos continue to pose downside risks.

Source: CNBC

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Glendon

Cryptocurrency

Economic

BlackRock, under CEO Larry Fink's leadership, announced on October 2023 that the rising $12 trillion U.S. national debt will drive increased crypto adoption, highlighting Bitcoin's potential as a financial safe haven.

This announcement underscores crypto's viability amid fiscal uncertainties, with BlackRock's significant Bitcoin ETF allocations reflecting institutions' strategic shifts toward digital assets due to escalating national debt risks.

BlackRock has announced a massive allocation of $100 billion towards Bitcoin ETFs. This decision comes in the wake of mounting concerns about the rapid increase in the U.S. national debt, as highlighted by BlackRock's CEO, Larry Fink.

CEO Larry Fink, known for steering BlackRock's investment strategies, expressed concerns in his 2025 Chairman's Letter. He emphasized that escalating U.S. deficits could shift financial power towards digital assets like Bitcoin, encouraging greater crypto adoption.

The investment in Bitcoin ETFs by BlackRock is anticipated to bolster institutional demand for cryptocurrency assets. This move aligns with broader market trends where crypto is seen as a safer alternative in light of increasing national debt.

Institutional flows into Bitcoin are expected to strengthen digital finance infrastructure. The pivot illustrates a significant shift in how institutions approach financial stability amid a looming economic uncertainty driven by national debt. As Larry Fink, CEO of BlackRock, aptly put it, "BlackRock has allocated approximately $100 billion toward Bitcoin ETFs, demonstrating substantial institutional financial commitment to crypto as a hedge against mounting U.S. debt."

The rising U.S. debt levels are prompting institutional investors to reassess their asset allocations. Bitcoin, often dubbed as digital gold, stands to gain traction from these dynamics, serving as a hedge against fiscal instability.

Over time, growing institutional interest, supported by regulatory clarity and market conditions, may solidify Bitcoin's position as a viable asset class. BlackRock's strategic actions, highlighting the economic value of diverse asset holdings, could inspire similar corporate investments.

Source: CryptoSlate

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Justin

Stocks

Economic

IndiGo's flights have been plagued with massive delays and cancellations [FILE: Nov 29, 2025]

Thousands of Indianairline IndiGo passengers suffered flight cancellations and delays for the third day on Thursday, as the airline grapples with new government regulations that affect its staff's working hours.

At least 175 IndiGo flights were canceled as of early Thursday, the Reuters news agency reported, with 150 more flights canceled on Wednesday. Passengers were left stranded at major Indian airports including New Delhi, Hyderabad, Pune and Bengaluru.

The airline accounts for 60% of domestic flights in India.

What do we know about the new flying regulations?

The Indian government announced last year new regulations for flying and staff that came into effect in early November.

They include:

· Increasing pilots' mandatory rest per week from 36 hours to 48 hours

· Allowing pilots only two night-time landings per week, down from six

· Tighter caps on cumulative duty hours

It is unclear why the new regulations only started to affect IndiGo this week. Other Indian airlines, including Air India and Spicejet, have not had to cancel flights.

What did IndiGo say about the flight disruptions?

The airline, which has long prided itself on its punctuality, acknowledged the delays in a statement shared by multiple Indian news websites.

"A multitude of unforeseen operational challenges, including minor technology glitches, schedule changes linked to the winter season, adverse weather conditions, increased congestion in the aviation system, and the implementation of updated crew rostering rules (Flight Duty Time Limitations), had a negative compounding impact on our operations in a way that was not feasible to be anticipated," IndiGo said.

It said it has introduced "calibrated adjustments" to address the delays, suggesting the issue might last another 48 hours.

India's aviation watchdog, the Director General of Civil Aviation (DGCA), has scheduled a meeting with IndiGo officials on Thursday to further inspect the matter.

The two-decade old airline operates over 2,000 flights daily, utilizing a fleet of over 400 planes.

IndiGo staff often proudly announce "IndiGo Standard Time" when boarding has been completed ahead of schedule, a play on "Indian Standard Time."

The two-decade old airline operates over 2,000 flights daily, utilizing a fleet of over 400 planesImage: Pius Koller/imageBROKER/picture alliance

Source: DW

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Samantha Luan

Forex

Economic

British construction activity contracted last month at the fastest pace since May 2020, with steep falls in civil engineering, residential, and commercial building, partly due to uncertainty ahead of the government's budget, a survey showed on Thursday.

S&P Global's monthly purchasing managers' index for the construction industry fell to 39.4 in November from 44.1 in October, extending its longest downturn since the global financial crisis and remaining well below the 50 mark that divides growth from contraction.

Residential construction activity was at its weakest since May 2020, when lockdowns during the COVID pandemic halted building work.

Activity in the commercial sector in November dropped at the sharpest pace in five-and-a-half years, with its subindex at 43.8. Civil engineering and new orders were also their weakest since May 2020.

"November data revealed a sharp retrenchment across the UK construction sector as weak client confidence and a shortfall of new project starts again weighed on activity," said Tim Moore, economics director at S&P Global Market Intelligence.

"Total industry activity decreased to the greatest extent for five-and-a-half years, led by steep falls in infrastructure and residential building work. Commercial construction also faced severe headwinds during November as business uncertainty in the run-up to the budget pushed clients to defer investment decisions.

Other recent business surveys have also shown similar concerns about investment, hiring and demand in the lead-up to finance minister Rachel Reeves' annual budget on November 26, which included 26 billion pounds ($35 billion) in tax rises.

S&P Global said the pace of job-shedding accelerated last month, with the employment index at its lowest since August 2020, with firms citing elevated wage costs and less work.

The survey's gauge of optimism struck a nearly three-year low, and cost pressure rose slightly.

The all-sector PMI, which combines the services, manufacturing and construction sectors, stood at 50.1 in November compared to October's 51.4.

($1 = 0.7525 pounds)

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Samantha Luan

Stocks

Economic

Plans to spend £28bn to upgrade Great Britain's electricity grid have been signed off, in a move that should improve the energy networks, speed the transition to new forms of energy…and increase household bills.

Energy regulator Ofgem has just announced that energy companies have been given approval to "strengthen the stability, security and resilience of our energy networks". by upgrading the energy grid.

The majority of the spending – £17.8bn - announced today is to maintain Britain's gas networks.

There's also £10.3bn to improve the nation's high-voltage electricity network – the biggest expansion of the grid since the 1960s.

In total, it's around £4bn more than was provisionally signed off in the summer.

Ofgem says the investment is the most cost-effective way to harness clean power, support economic growth and protect the country from a repeat of the 2022 gas price shock.

Customers will see the impact on their bills, which will rise to cover the cost of the investment. The regulator says £108 will be added to bills per year by 2031; £48 for gas and £60 for electricity.

But it claims, the investing will actually save customers £80 each compared to a word where the grid is not expanded.

So overall, the net increase in bills to cover all costs by 2031 works out at £30.

Jonathan Brearley, Ofgem CEO, insists the regulator isn't allowing "investment at any price", adding:

Every pound must deliver value for consumers.

Ofgem will hold network companies accountable for delivering on time and on budget, and we make no apologies for the efficiency challenge we're setting as the industry scales up investment.

We've built strong consumer protections into these contracts, meaning funds will only be released when needed and clawed back if not used. Households and businesses must get value for money, and we will ensure they do."