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04 Nov 2025

Market wobbles return

• Market swings. A bout of risk aversion overnight. Valuation concerns weighed on equities. Bond yields dipped. USD firmer. AUD & NZD lose ground.• RBA hold. No change in rates by RBA yesterday. Updated forecasts & guidance suggest there is a chance no more cuts are delivered, in our view.• US data. US Government Shutdown still in place. Private sector stats in focus. ADP employment & services ISM due tonight. This may generate more vol. Global Trends A burst of “risk off” negative market sentiment has washed through global markets over the past 24hrs. A modestly weak day yesterday in...

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Markets flip into more cautious stance as easing hopes fade and correction fears grow

The almighty greenback is holding near a three-month high this morning as investors scale back their exposure to technology stocks and grapple with uncertainty surrounding the Federal Reserve’s next policy move. US equity markets are set to open lower after Palantir Technologies issued a somewhat-disappointing revenue forecast, risking the near-150-percent jump in its share price this year, and intensifying concerns about stretched valuations across the tech sector. Policy-sensitive Treasury yields are easing even after several officials—including Governor Lisa Cook, San Francisco’s Mary Daly, and Chicago’s Austan Goolsbee—signaled a lack of conviction in a potential December rate cut, citing the evolving...

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