Your Weekly Market Wrap-Up

3rd - 7th November 2025

Global Highlights

U.S. Markets

U.S. equity indexes ended the week lower as concerns over elevated valuations and heightened scrutiny surrounding artificial intelligence (AI) spending weighed on many growth-oriented stocks that have fueled the market’s rally since early April. Despite these concerns, corporate earnings remain resilient, and AI investment plans show no signs of slowing.

European Markets

European equities also closed the week lower, pressured by worries over potential overvaluation in AI-related stocks. On the economic front, eurozone retail sales fell 0.1% month over month in September, marking the third consecutive monthly contraction. Meanwhile, the Bank of England (BoE) maintained its key policy rate at 4.0%.

Asian Markets

In Asia, Japanese equities declined over the week. However, sentiment was supported by reports that the government plans to roll out a fiscal stimulus package aimed at boosting household incomes, consumer confidence, and overall economic activity later this month. Chinese equities, meanwhile, edged higher as easing U.S.–China trade tensions helped lift risk appetite.

Weekly Spotlights

Corporate fundamentals continue to surprise to the upside. As of Thursday, approximately 85% of S&P 500 companies have reported third-quarter earnings, including five of the “Magnificent Seven” (Amazon, Apple, Meta, Alphabet, and Microsoft). So far, 82% of companies have exceeded earnings expectations—above the five-year average of 78%—putting the index on track for 12% earnings growth and marking the fourth consecutive quarter of double-digit gains.

Market Performance

Weekly market performance by index
Index	Current Price	1 Week Return %
S&P 500	6,728.80	-1.63%
DJIA	46,987.10	-1.21%
Nasdaq	23,004.54	-3.04%
Nikkei 225	50,276.37	-4.07%
FTSE 100	9,682.57	-0.36%
Shanghai Composite	3,997.56	1.08%
Sensex	83,216.28	-0.86%
ADX Index	10,075.12	-0.25%
Gold	4,009.80	0.48%
Brent Oil (Brent)	63.63	-2.21%

Outlook

While recent AI enthusiasm may appear somewhat stretched, it is likely not overdone, as underlying fundamentals remain supportive. We believe a balanced approach is key. Investors may consider broadening exposure across sectors, asset classes, and regions positioned to benefit from rising productivity and a potential global growth reacceleration. International small- and mid-cap equities, along with emerging markets, have gained traction this year amid a more favourable global outlook and a softening U.S. dollar. Notably, emerging markets have historically outperformed during Federal Reserve easing cycles and offer meaningful exposure to global technology innovation.

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Disclaimer

This commentary is provided for informational purposes only and does not constitute investment advice. For detailed insights, contact our investment team.