Headlines
Friday, November 21, 2025
NY Fed President John Williams said the Fed can still cut rates 'in the near term', shifting market odds for December easing.
Final November reading from the University of Michigan showed the consumer sentiment index near multi-year lows, signalling weaker spending backdrop.
S&P Global's flash US manufacturing PMI eased to 51.9 in November, signalling slower factory momentum and rising inventories.
Reports that Washington is pushing a Russia-Ukraine peace framework reduced near-term geopolitical risk, pressuring crude prices and energy risk premia.
S&P Global’s flash Japan manufacturing PMI stayed below 50 for the fifth month, pointing to ongoing factory-sector weakness and softer export demand.
Markets rallied into the close as Williams’s comments and mixed macro prints increased odds of policy easing, trimming weekly equity losses.
Thursday, November 20, 2025
NVIDIA reported a blowout quarter driven by datacenter GPU demand, issued an above-consensus revenue guide and reinforced brisk AI capex expectations.
Walmart announced it will move its primary listing to Nasdaq in December, a high-profile exchange transfer that shifts index and order-flow dynamics.
The PBoC held one- and five-year Loan Prime Rates steady, signalling a pause in broad easing while using targeted liquidity tools for support.
Weekly jobless claims fell while a delayed monthly payrolls report showed September gains; data leaves Fed timing for cuts ambiguous.
Brussels proposed a package simplifying AI, data and cookie rules—the 'Digital Omnibus'—delaying parts of the AI Act and easing some privacy constraints.
U.S. equity indexes fell after an intra-day reversal: tech gains faded and macro data increased uncertainty, pushing the VIX higher.
Wednesday, November 19, 2025
FOMC minutes show a divided committee on further rate cuts and broad support to stop quantitative tightening on Dec 1, shifting liquidity and rate expectations.
NVIDIA reported record revenue and data-center sales, beating estimates and guiding higher, prompting a broad rally in AI-related stocks and suppliers.
ONS data showed CPI fell to 3.6% in October from 3.8%, increasing market bets on an imminent Bank of England rate cut and pressuring sterling and gilt yields.
People's Bank of China kept Loan Prime Rates unchanged and executed short-term reverse repo injections, signalling a steady but less dovish stance while supporting liquidity.
The ECB approved next steps for Appia (tokenised wholesale ecosystem) and authorised publication of the Financial Stability Review materials, affecting payment system outlook and bank risk assessment.
Russian official Novak said Russia expects to reach its OPEC+ production quota by end-2025/early-2026, supporting supply expectations and weighing on oil prices.
Tuesday, November 18, 2025
Major U.S. indices fell for a fourth straight session amid valuation worries in tech and pre-earnings caution, tightening market liquidity.
Following equity weakness, U.S. corporate credit spreads widened as investors demanded higher compensation for credit risk.
Market attention focused on Amazon’s ~$15bn bond deal and the broader wave of large tech debt issuance financing AI capex.
Reports flagged a wave of large tech debt deals, prompting questions about debt market capacity and sector leverage.
Market pricing trimmed chances of a December Fed rate cut, prompting traders to buy hedges and adjust duration exposure.
BOJ Governor held his first bilateral meeting with Prime Minister Takaichi, emphasising policy coordination for a smooth approach to price goals.
Analysts warned of concentrated AI valuations and potential rotation out of megacaps, informing portfolio adjustments and flows.
European credit desks flagged the spillover of U.S. tech debt supply to European primary and secondary markets, monitoring spread moves.
Monday, November 17, 2025
Amazon filed to raise roughly $15bn in U.S. corporate bonds across multiple maturities to fund AI infrastructure and corporate purposes.
TotalEnergies agreed to acquire 50% of EPH's flexible power platform for €5.1bn in shares, making EPH a ~4.1% Total shareholder.
Berkshire Hathaway’s recent 13F revealed a new multibillion-dollar stake in Alphabet, prompting renewed investor interest in the stock.
Major U.S. indices ended the session down as traders reduced exposure ahead of a busy week of earnings and macro data.
Japan reported a contraction in Q3 GDP, driven by weaker exports, marking a pause in its growth momentum.
Switzerland’s early Q3 GDP estimate indicated a modest contraction, reflecting weakness in industry and pharmaceuticals.
Market coverage flagged a wave of large tech bond deals (including Amazon), prompting discussion on credit supply and sector leverage.
Analysts and market pieces warned investors about concentrated AI valuations and potential near-term sector rotation.
Sunday, November 16, 2025
A formation of China Coast Guard vessels transited waters around the Japan-administered Senkaku Islands, escalating bilateral tensions and raising regional risk premia.
Treasury Secretary Scott Bessent expressed optimism a U.S.-China deal on rare-earths trade and licensing would be finalised by Thanksgiving, easing supply-chain uncertainty.
Bitcoin fell about 1.6% to roughly $93,684 as investors reduced exposure to risk assets amid macro and liquidity concerns.
Oil prices slipped after industry reports and market analysis signalled potential oversupply in 2026, prompting traders to trim risk premiums built into crude.
A Kyodo News poll published Nov 16 found Japanese opinion divided on whether to exercise collective self-defence if China attacked Taiwan, raising policy uncertainty.