Core Insights - The Nasdaq-100® experienced a blended growth rate of 15.9% during a robust earnings season, but concerns over high valuations have created a narrow margin for error [1] - The market sentiment shifted in November, leading to increased volatility and a rise in U.S. investment-grade spreads above 80 basis points, the highest since June 2025 [1][2] - Despite strong corporate fundamentals, concerns regarding AI investments and elevated valuations contributed to a sell-off in November, impacting various indexes [3][4] Nasdaq Index Performance - The Nasdaq-100 Index® (NDX®) fell by 1.6% in November, although it remains up 21% year-to-date [4] - Among 124 indexes tracked, 62 posted gains while the average index declined by 0.3% [5] - The Nasdaq Sprott Lithium Miners™ Index (NSLITP™) was the best performer with a return of 19.3%, while the Nasdaq Ether Settlement Price™ Index (NQETHS™) saw the worst performance, losing 21.4% [5] Sector-Specific Performance - In the Nasdaq Featured Indexes, the Nasdaq-100 Low Volatility™ Index (NDXLV™) was the top performer with a return of 2.0%, while the Nasdaq-100 Technology Sector™ Index (NDXT™) lost 5.4% [6] - All six Nasdaq sector-specific indexes recorded positive returns, with the PHLX Gold/Silver™ Index (XAU™) rising 16.1% [9] Thematic Indexes - The Nasdaq Thematic Tech lineup saw negative performance overall, with an average decline of 2.4%, while the Nasdaq Biotechnology™ Index (NBI™) was the best performer in this group, gaining 8.4% [10] - The Nasdaq Crypto suite experienced an average decline of 18.6%, with Bitcoin and other digital currencies continuing to sell off [12] Global Indexes - Performance across Nasdaq Global Indexes was relatively strong, with six out of nine indexes posting positive returns; the Nasdaq US Small Cap™ Index (NQUSS™) was the top performer at 2.1% [8]

Core Viewpoint - Bristol Myers Squibb has successfully priced €5 billion of senior unsecured notes, indicating strong market demand and the company's solid financial position [1] Group 1: Financial Details - The €5 billion issuance consists of multiple tranches, with varying maturities and interest rates, reflecting the company's strategy to optimize its capital structure [1] - The notes are expected to be used for general corporate purposes, which may include refinancing existing debt and funding ongoing operations [1] Group 2: Market Implications - The successful pricing of these notes suggests a favorable environment for corporate debt issuance, highlighting investor confidence in the pharmaceutical sector [1] - This move may enhance Bristol Myers Squibb's liquidity and financial flexibility, positioning the company for future growth opportunities [1]

Company Overview - ArcelorMittal is one of the world's leading integrated steel and mining companies, operating in 60 countries with primary steelmaking operations in 15 countries [9] - It is the largest steel producer in Europe and among the largest in the Americas, with a growing presence in Asia through its joint venture AM/NS India [9] - In 2024, ArcelorMittal generated revenues of $62.4 billion, produced 57.9 million metric tonnes of crude steel, and 42.4 million tonnes of iron ore [9] - The company's purpose is to produce smarter steels that are cleaner, stronger, reusable, and made using innovative processes that use less energy and emit significantly less carbon [9] Financial Activity - ArcelorMittal announced the issuance of €650,000,000 3.250 per cent notes due 30 September 2030 [1] - The proceeds from this issuance will be used for general corporate purposes and refinancing of existing indebtedness [1]

Core Viewpoint - Rexel has announced a senior notes offering for a nominal amount of €400 million, which aims to enhance its financial structure and extend its debt maturity profile at favorable financing conditions [1][2]. Company Overview - Rexel is a global expert in multichannel professional distribution of products and services for the energy sector, operating in three main markets: residential, non-residential, and industrial [6]. - The company has a network of over 1,950 branches across 17 countries and employs more than 27,000 people [6]. - Rexel reported sales of €19.3 billion in 2024 [6]. Financial Details - The senior unsecured notes will be due in 2030 and are callable at Rexel's discretion starting from September 2027 [1]. - Proceeds from the notes will be used for general corporate purposes [2]. - The notes are expected to be rated by Moody's and Standard & Poor's, with announcements from the rating agencies anticipated shortly [3]. Regulatory and Market Information - The offering will be conducted exclusively for investors outside the United States and is expected to be listed on the Luxembourg Stock Exchange (Euro MTF) [2]. - In France, the sale will be limited to qualified investors, with no public offering planned [5][20]. - The notes are directed only at relevant persons in the United Kingdom and will not be available to retail investors [21][22]. Additional Information - Rexel is listed on the Eurolist market of Euronext Paris and is included in various indices recognizing its performance in Corporate Social Responsibility (CSR) [7].