Europe Market Wrap 4 November: Madrid Leads a Nine-Index European Rally as Crude Slides
First published at 14:06 GMT; updated with the session’s closing edition at 17:38 GMT.
Madrid’s IBEX 35 jumped 3.00% to lead all nine European indices we track higher on Wednesday, the day after Democrats won control of the US Congress.
The Guardian reported that European shares powered ahead as markets reacted to the Democrats’ victory, while oil prices fell sharply. In The Edge’s reading, the rally looked more like a repricing of the risk from the war with Iran than a bet on stronger growth: banks led the sectors, while oil and gas shares fell as crude slid.
Madrid and the banks lead the advance
Spain’s IBEX 35 posted the largest gain of the nine, and the Stoxx Europe 600 banks index rose 4.32% to lead the eight sectors we track. In Frankfurt, the DAX closed 2.22% higher on Xetra’s closing price, with Heidelberg Materials at the head of the exchange’s list of its top gainers. Amsterdam’s AEX posted the smallest gain and snapped three straight declines, and the rest of the closes sit in the tables below.
Crude slides and oil shares fall a fourth day
CNBC reported that crude tumbled after Vice President JD Vance blamed the war against Iran for the Republicans’ midterm losses, with traders appearing to bet that the defeat would push President Donald Trump to negotiate with Iran. Brent for January delivery was 8.42% lower at $94.88 a barrel at 17:15 GMT, measured against Tuesday’s settlement. The Stoxx Europe 600 oil and gas index fell 2.35% for a fourth straight decline, the weakest of the eight sectors.
The European closes, ranked
| Index | Close | Change |
|---|---|---|
| IBEX 35 (Spain) | 19,370.90 | +3.00% |
| DAX (Germany), Xetra close | 26,437.67 | +2.22% |
| FTSE MIB (Italy) | 51,031.02 | +2.18% |
| Euro Stoxx 50 (euro area) | 6,265.71 | +1.97% |
| CAC 40 (France) | 8,177.89 | +1.96% |
| SMI (Switzerland) | 15,022.85 | +1.90% |
| Stoxx Europe 600 (Europe) | 657.40 | +1.82% |
| FTSE 100 (UK) | 10,829.21 | +1.79% |
| AEX (Netherlands) | 1,136.29 | +1.30% |
Closes of Wednesday 4 November 2026 from the exchanges’ own pages and, for the two Stoxx indices, the administrator’s 17:00 GMT final values on the price feed, ranked by change against Tuesday’s closes as published; no index fell. The DAX figure is Xetra’s closing price, ahead of the exchange’s dated history.
Stoxx Europe 600 sectors
| Sector | Change |
|---|---|
| Banks | +4.32% |
| Autos and parts | +3.26% |
| Personal and household goods | +3.22% |
| Telecoms | +1.96% |
| Technology | -0.20% |
| Oil and gas | -2.35% |
The three strongest and three weakest of the eight supersectors we track, at the 17:00 GMT final values; the other two: health care +2.52% and basic resources +2.05%.
Commodities and currencies
| Instrument | Level | Change |
|---|---|---|
| Gold, COMEX (Dec’26), dollars an ounce | 4,075.00 | +3.42% |
| Silver, COMEX (Dec’26), dollars an ounce | 52.29 | +5.10% |
| Brent Crude, ICE (Jan’27), dollars a barrel | 94.88 | -8.42% |
| WTI Crude, NYMEX (Dec’26), dollars a barrel | 88.44 | -7.96% |
| US Dollar Index (DXY) | 101.46 | -0.40% |
| Euro/Dollar | 1.1235 | +0.38% |
| Sterling/Dollar | 1.3476 | +0.48% |
| Dollar/Yen | 158.25 | -0.26% |
Intraday quotes at 17:25 GMT, the metals and crude as of 17:15 GMT, in fixed order; snapshots, not settlements, with the four futures measured against Tuesday 3 November’s official settlements and the currencies and dollar index against the feed’s prior reference levels.
Asia, session of Wednesday 4 November 2026
| Index | Close | Change |
|---|---|---|
| Shenzhen Component (China) | 11,335.69 | +4.22% |
| Shanghai Composite (China) | 3,686.17 | +2.16% |
| Hang Seng (Hong Kong) | 23,919.50 | +1.67% |
| Nifty 50 (India) | 23,960.60 | +0.63% |
| Kospi (South Korea) | 5,683.80 | +0.62% |
| Straits Times (Singapore) | 5,268.63 | -0.01% |
| S&P/ASX 200 (Australia) | 8,834.50 | -0.59% |
| Taiex (Taiwan) | 42,948.91 | -0.83% |
| Topix (Japan) | 3,895.38 | -0.89% |
| Nikkei 225 (Japan) | 62,188.63 | -1.42% |
Carried from our Asia Market Wrap of Wednesday 4 November 2026, gainers then losers; Tokyo’s figures are measured against Monday’s closes, after Tuesday’s holiday.
Middle East, session of Wednesday 4 November 2026
| Index | Close | Change |
|---|---|---|
| DFM General (Dubai) | 6,040.74 | +3.96% |
| EGX 30 (Egypt) | 50,650.18 | +2.83% |
| QE Index (Qatar) | 9,884.17 | +2.81% |
| Tadawul All Share (Saudi Arabia) | 10,038.89 | +1.65% |
| ASE Index (Jordan) | 4,074.22 | +0.91% |
| Boursa Kuwait All-Share (Kuwait) | 8,477.67 | +0.56% |
| MSX 30 (Oman) | 7,261.131 | +0.54% |
| Bahrain All Share (Bahrain) | 1,817.20 | +0.14% |
| FTSE ADX General (Abu Dhabi) | 9,461.41 | -0.02% |
Carried from our Middle East Market Wrap of Wednesday 4 November 2026, gainers then losers; the Bahrain, Muscat, Amman and Dubai pages show their changes without a sign, with the direction from our arithmetic.
What to watch: The Bank of England’s rate decision is due on Thursday 5 November, with the November Monetary Policy Report alongside, on the Bank’s calendar.
Correction, 4 November 2026: an earlier version of this wrap said health care snapped three straight declines; the sector had fallen for two sessions, and the sentence has been removed.
Closes are from the exchanges’ own pages and, for the Stoxx indices, the administrator’s final values on the price feed, measured against Tuesday’s closes as published, with run lengths counted against The Edge’s published records; percentages and counts not attributed to a source are The Edge’s calculations.
How these wraps are prepared: Methodology.
Sources: Deutsche Boerse, London Stock Exchange, Euronext, Borsa Italiana, BME, SIX, STOXX, Bank of England, The Guardian, CNBC, The Edge.
