{"id":26424,"date":"2025-11-24T11:51:40","date_gmt":"2025-11-24T10:51:40","guid":{"rendered":"https:\/\/www.bordier.com\/?p=26424"},"modified":"2025-11-24T16:23:56","modified_gmt":"2025-11-24T15:23:56","slug":"monday-report-en-24112025","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/es\/monday-report-en-24112025\/","title":{"rendered":"Monday Report"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Monday report of 24 November 2025\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/P4QuYmwWokg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Economy<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>In the United States, the statistics published were fairly satisfactory. Although the unemployment rate rose from 4.3% to 4.4% in September, job creation exceeded expectations (+119,000 vs. 53,000 est.). Confidence among property developers rose slightly in November from 37 to 38 (vs. 37 est.). In the same month, purchasing managers\u2019 confidence declined in the manufacturing sector (from 52.5 to 51.9 vs. 52 est.) while improving in services (from 54.8 to 55 vs. 54.6 est.). In the eurozone, the manufacturing PMI was slightly disappointing, falling from 50 to 49.7 (vs. 50.1 est.), while the services PMI was a pleasant surprise (from 53 to 53.1 vs. 52.8 est.). Finally, in China, 1-year (3%) and 5-year (3.5%) borrowing rates remained unchanged, in line with expectations.<\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Artificial Intelligence<\/h2>\n\n\n\n<p>Google unveiled Gemini 3, its new language model, which marks a significant advance in reasoning, multimodality and real-time performance, with several benchmarks placing it ahead of GPT-5 Pro. Initial favourable feedback pushed Alphabet\u2019s share price to an all-time high. By quickly integrating it into Search, Android and Workspace, Google is consolidating its position in AI ahead of its competitors.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-1.jpg\" alt=\"\" class=\"wp-image-4375\" style=\"object-fit:cover\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Markets<\/h2>\n\n\n\n<p>Uncertainty about the Fed\u2019s next decision and questions about the valuation of AI stocks, despite Nvidia\u2019s strong results, weighed on the markets. Ten-year sovereign rates fell by almost 10 bps in the US, rose by the same amount in Japan and remained stable elsewhere. Equities fell by 2% in the US, 2.2% in Europe and 3.7% in emerging markets. The sharp appreciation of the USD (+0.9%) weighed on gold (-0.4%). This week to watch: retail sales, house prices (FHFA and S&amp;P Cotality), consumer confidence and durable goods orders in the US; EC confidence indices (economy, industry and services) in the eurozone; industrial profits in China.<\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Swiss Market<\/h2>\n\n\n\n<p>Coming up this week: Q3 employment barometer (FSO), October accommodation statistics (FSO), November economic barometer (KOF) and detailed Q3 GDP figures (Seco).<\/p>\n\n\n\n<p>Julius B\u00e4r, EFG Int\u2019l, Epic and Dottikon ES will publish their figures.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-2.jpg\" alt=\"\" class=\"wp-image-4383\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Equities<\/h2>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>MERCK &amp; CO<\/strong> has been added to the US Core Holding list. Its PE valuation (10.5x) is in value territory and represents a buying opportunity given its improving fundamentals. The company is on track to limit the loss of Keytruda from 2028 onwards and has the financial capacity to pursue its M&amp;A strategy, which is necessary to fully offset the impact and ensure its long-term growth.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>NVIDIA <\/strong>(Core Holding) reported better-than-expected results, supported by the ramp-up of Blackwell systems and the widespread adoption of AI infrastructure among hyperscalers. The company anticipates continued strong demand in 2026, driven by the next generation of Rubin chips scheduled for release in the second half of the year. Management is confident, despite a more volatile market environment.<\/span><\/p>\n\n\n\n<p><span style=\"font-size: revert; color: initial;\"><strong>SGS <\/strong>returns to the Core Holding Europe list, thanks to its renewed growth and acquisition momentum and an attractive dividend yield relative to Swiss rates. The group has also announced its 18th acquisition of the year: Australia\u2019s Information Quality (IQ), a leading provider of information reliability services (111 experts).<\/span><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Bonds<\/h2>\n\n\n\n<p>In the US, the 10-year yield rose 9 bp over the week due to uncertainty surrounding the FOMC minutes published on Wednesday regarding a potential rate cut in December. The market drastically reduced the probability of a cut to 35% on Thursday, before rising back above 60% on Friday. In Europe, the 10-year OAT gained 1 bp and the Bund lost 2, with disappointing manufacturing PMIs but expanding services. This week, the market will be watching the ISM manufacturing index and Q3 GDP in the US.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-3.jpg\" alt=\"\" class=\"wp-image-4388\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Sentiment of traders<\/h3>\n\n\n\n<p><strong>Stock markets<\/strong><\/p>\n\n\n\n<p>This shortened week in the US due to Thanksgiving is starting on a high note, following comments by Fed\u2019s J. Williams suggesting that a rate cut in December was possible. In addition, we should see the PPI figures and the leading index in the US, while CPI expectations will be published in the eurozone. Indices are rebounding on support thanks to promises of easing.<\/p>\n\n\n\n<p><strong>Currencies<\/strong><\/p>\n\n\n\n<p>Last week\u2019s risk aversion supported the US dollar: USD\/CHF 0.8085, sup. 0.80 res. 0.8155. Despite progress on the US plan regarding the war in Ukraine, the euro does not seem to be benefiting and is consolidating around EUR\/USD 1.1530. We anticipate the following ranges: \u20ac\/$ 1.1470-1.1580. After Friday\u2019s Fed commentary, currency traders anticipate a 69% probability that the Fed will cut rates again in December. The \u00a3 is struggling to climb to \u00a3\/$ 1.31, sup. 1.30, res. 1.3215. Gold is at $4063\/oz, sup. 3998, res. 4132.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Today\u2019s graph<\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"964\" height=\"584\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/11\/graphPourSite-9.jpg\" alt=\"US nonfarm payrolls bar graph, 2024-2025 trends.\" class=\"wp-image-26432\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/11\/graphPourSite-9.jpg 964w, https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/11\/graphPourSite-9-300x182.jpg 300w, https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/11\/graphPourSite-9-768x465.jpg 768w\" sizes=\"(max-width: 964px) 100vw, 964px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Performances<\/h4>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"889\" height=\"544\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/11\/perfANG-pour-site-3.jpg\" alt=\"Financial market data as of November 2025.\" class=\"wp-image-26433\" style=\"width:823px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/11\/perfANG-pour-site-3.jpg 889w, https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/11\/perfANG-pour-site-3-300x184.jpg 300w, https:\/\/www.bordier.com\/wp-content\/uploads\/2025\/11\/perfANG-pour-site-3-768x470.jpg 768w\" sizes=\"(max-width: 889px) 100vw, 889px\" \/><\/figure>\n\n\n\n<p class=\"has-small-font-size\">This document has been issued for information purposes and is exclusively supplied by Bordier &amp; Cie SCmA in the framework of an existing contractual relationship with the recipient of this document. The views and opinions contained in it are those of Bordier &amp; Cie SCmA. Its contents may not be reproduced or redistributed by unauthorized persons. The user will be held liable for any unauthorized reproduction or circulation of this document, which may give rise to legal proceedings. All the information contained in it is provided for information only and should in no way be taken as investment, legal or tax advice provided to third parties. Furthermore, it is emphasized that the provisions of our legal information page are fully applicable to this document and namely provisions concerning the restrictions arising from different national laws and regulations. Consequently, Bordier Bank does namely not provide any investment services or advice to \u201cUS persons\u201d as defined by the Securities and Exchange Commission rules. Furthermore, the information on our website \u2013 including the present document \u2013 is by no mean directed to such persons or entities.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Read the latest weekly report on the financial sectors and financial market, by Bordier Switzerland<\/p>\n","protected":false},"author":28,"featured_media":15629,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[19,134],"tags":[132],"news_country":[13],"news_language":[38],"class_list":["post-26424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","category-monday-report","tag-monday-report","news_country-switzerland","news_language-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/posts\/26424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/comments?post=26424"}],"version-history":[{"count":5,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/posts\/26424\/revisions"}],"predecessor-version":[{"id":26450,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/posts\/26424\/revisions\/26450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/media\/15629"}],"wp:attachment":[{"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/media?parent=26424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/categories?post=26424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/tags?post=26424"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/news_country?post=26424"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/es\/wp-json\/wp\/v2\/news_language?post=26424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}