Weekly Market Update (Nov 30, 2025)

Market Hedwig
11 minutes ago
2 min read

HIGHLIGHTS

Equities have almost recovered from the previous sell-off. Softer economic data this week has pushed the market towards pricing a December cut.

Data: The delayed data indicated weak consumer data and unfavorable inflation figures. Fed is more likely to cut 25bps in the coming meeting in December. As the next job report and CPI will be released after December Fed meeting, there is little on the calendar to derail a cut.

China: Trump and Xi are setting a constructive tone after the trade truce. Meanwhile, China’s tensions with EU and Japan are increasing. Shipping and trade data show that exports have been recovering recently.

Russia-Ukraine: Markets focus on prospect the Russia-Ukraine ceasefire again. It is expected that the ceasfire could bring down inflation and boost growth in Europe as the energy prices will be driven down.

MARKETS

Nasdaq	22,365.69	+4.91%
S&P 500	6,849.09	+3.73%
Dow	47,716.42	+3.18%
10-Year	4.02%	-4bps
Brent	62.38	-0.29%
DXY	99.46	-0.74%

*Data as of market close. 5-day change ending on Friday.

VIEW FROM THE STREET

Equity

Goldman Sachs: Volatility next year is likely to increase next year. The macro and policy outlook is more two-sided, increasing the implied volatility due to higher risks. We believe the low-volatility regime will not be sustainable.

Standard Chartered: We expect the semiconductor sector will stay strong in terms of valuation. Although it may drop when the growth is slower, the demand is strong enough to sustain the elevated valuation in the medium term.

Fixed Income

Standard Chartered: After the UK budget announcement, Gilt yields dropped as market expected the supply in long maturity bonds would be reduced. Markets also priced in rate cut of Bank of England in the December meeting.

Morgan Stanley: Equity market has been led by interest rate direction in recent years. Treasury is a poor risk diversifier when rates are in the driver's seat instead of inflation and economic growth. Shelter options are limited as bitcoin is in bear market, gold and dollar are both up (typically negatively correlated), REITs are flat and credit spread has widened.

Economy

Goldman Sachs: We believe growth will accelerate in 2026 driven by the tax cut, lower tariff drag and easier financial conditions. Job creation and unemployment rate are expected to improve.

UBS: Central banks and investors are diversifying away from US dollar. The deficit and increasing valuation reinforced the long-term view for a weaker dollar. Global currency are recalibrating as yield differentials shift.

KNOWLEDGE TRANSFER

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DISCLOSURE

This newsletter is meant for informational purposes only and is not investment advice. Always consult a licensed investment professional before making important investment decisions. Advertising and sponsorship do not influence editorial content or decisions. Market Hedwig is not responsible for the promises made or the quality or reliability of the products or services offered in any advertisement.