{"id":81866,"date":"2025-12-03T07:00:00","date_gmt":"2025-12-02T23:00:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=81866"},"modified":"2025-12-03T08:58:14","modified_gmt":"2025-12-03T00:58:14","slug":"weekly-securities-newsletter-3-december-2025","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/weekly-securities-newsletter-3-december-2025\/","title":{"rendered":"Weekly Securities Newsletter: 3 December 2025"},"content":{"rendered":"\n<div class=\"wp-block-uagb-image uagb-block-50ebcba7 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/04\/WSN-Banner-2-1024x260.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/04\/WSN-Banner-2.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/04\/WSN-Banner-2.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/04\/WSN-Banner-2-1024x260.png\" alt=\"\" class=\"uag-image-66099\" width=\"2952\" height=\"750\" title=\"WSN Banner\" loading=\"lazy\" role=\"img\"\/><\/figure><\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>Retail Hasn\u2019t Capitulated<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Chart of the Week: <br>U.S. Volatility Rises as Retail Investors Hold Firm<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">U.S. equities set fresh highs in late October, but the optimism didn\u2019t carry into November. The market pulled back, with investors attributing the move to a lack of post-earnings catalysts, rich valuations prompting profit-taking, and uncertainty over a potential December cut by the Fed. Sentiment turned negative, though no major risk factors emerged.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Market Recap 1: <br>Rate-Cut Expectations Rebound as Investors Re-Enter, but Buying Is More Diffuse<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">New York Fed President Williams noted that monetary policy still has room for adjustment, pushing the probability of a 25 bps December cut from 40% a week earlier to nearly 90%. As expectations for a December cut by the Fed climbed again, investor sentiment improved noticeably. Buyers returned, lifting most major global markets, though gains across the three U.S. indexes were similar, indicating more dispersed buying.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">Market Recap 2: <br>Rate-Cut Expectations and Slowing Growth Support Bonds<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Rate-cut expectations and softer economic momentum helped drive broad gains in global bonds this week.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">What\u2019s Trending: <br>Gold Shines in 2024 While U.S. Equities Deliver Mid-Pack Returns<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Reviewing major global indexes, most risk assets posted solid gains this year. Key takeaways:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>U.S. Equities Solid but P 500\u2019s gain exceeded both its 5-yr annualized and long-term averages. Still, among major developed markets, U.S. equities ranked only mid-pack, reinforcing the importance of global diversification.<\/li>\n\n\n\n<li>Gold Outperforms: Supported by rate-cut expectations, trade tensions, and ongoing monetary expansion, gold has surged over 55% YTD\u2014its strongest annual gain since the 1980s.<\/li>\n\n\n\n<li>Bitcoin Spikes Then Reverses: Following Trump\u2019s inauguration, the administration\u2019s supportive stance toward crypto pushed Bitcoin to repeated highs, with YTD gains nearing 33% at one point. However, momentum faded into year-end, wiping out the advance and turning negative.<\/li>\n\n\n\n<li>China\/Hong Kong Rebound: The Hang Seng Index outperformed the three major U.S. indexes this year. Early-year DeepSeek momentum and developments in tech and robotics contributed, while a softer dollar also supported broader EM performance.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading has-white-color has-text-color has-background\" style=\"background-color:#012169\">In Focus: <br>Where to Allocate? Blended Defensive Equity Strategies<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">U.S. broad-market ETFs continue to see net inflows, though sentiment has turned more defensive. Sector rotation has emerged in recent months. While 3Q results were broadly solid and AI demand persists, earnings growth for the Magnificent 7 reached 23% YoY versus 12% for the remaining 493 stocks, narrowing the gap and driving rotation. Styles opposite to the Magnificent 7 have rebounded, and rate-cut expectations are also supporting small caps.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-ed4e1152\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-075e5b76\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-9b755ae4\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-80bc606a wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/Weekly%20Securities%20Newsletter\/KGI_Global%20Markets%20Weekly%20Kickstart%201%20Dec%202025_Client.pdf\" rel=\"follow noopener\" target=\"_blank\" role=\"button\"><div class=\"uagb-button__link\">Read Full Report<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-538fa70e\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-a3b933c6\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-09ce9008\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-5ae64502\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-a5d8cbdf wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">Contact us to find out more<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-2a8e253e\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-3e950960\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-4467fd1f\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-fdd2c8c4\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-62b24b08 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/www.whatsapp.com\/channel\/0029VayhkxMChq6JN6qO8x0B\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png\" alt=\"\" class=\"uag-image-69995\" width=\"760\" height=\"208\" title=\"1\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-82e9f322 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/t.me\/kgisg\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png\" alt=\"\" class=\"uag-image-69996\" width=\"760\" height=\"208\" title=\"2\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nvidia briefly reignited market optimism as 3Q revenue reached USD 57bn, up 22% QoQ and 62% YoY, beating expectations on improved supply-chain throughput and stronger-than-expected GB300 sales versus GB200. Data-center revenue hit a record USD 51.2bn\u2014about 90% of total\u2014up 25% QoQ. GPU-related revenue rose 27% QoQ, dispelling concerns about slowing GPU demand, while networking revenue surged 162% YoY. Both segments set new historical highs. Better supply-chain efficiency also narrowed the gap between orders and deliveries, supporting earnings upgrades. Nvidia\u2019s robust guidance triggered a sharp AI-stock rebound. However, accounts receivable rose sharply\u2014from USD 23.065bn to USD 33.391bn\u2014reviving concerns about whether AI workloads can generate enough profit to justify massive capex. AI-bubble worries persist.<\/p>\n","protected":false},"author":17,"featured_media":78162,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[35],"tags":[],"class_list":["post-81866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-markets-weekly-updates"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929.jpg?wsr",851,1280,false],"thumbnail":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929-150x150.jpg?wsr",150,150,true],"medium":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929-199x300.jpg?wsr",199,300,true],"medium_large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929-768x1155.jpg?wsr",768,1155,true],"large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929-681x1024.jpg?wsr",681,1024,true],"1536x1536":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929.jpg?wsr",851,1280,false],"2048x2048":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/g9fb145868bbf4b2a0a600cc5191443399fbcb8b9a0187cdd7c7e76e4e43f03ce27420dc14de53e4d0b320ccd4e12316d_1280-582929.jpg?wsr",851,1280,false]},"uagb_author_info":{"display_name":"Enya Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/enya-tankgi-com\/"},"uagb_comment_info":0,"uagb_excerpt":"Nvidia briefly reignited market optimism as 3Q revenue reached USD 57bn, up 22% QoQ and 62% YoY, beating expectations on improved supply-chain throughput and stronger-than-expected GB300 sales versus GB200. Data-center revenue hit a record USD 51.2bn\u2014about 90% of total\u2014up 25% QoQ. GPU-related revenue rose 27% QoQ, dispelling concerns about slowing GPU demand, while networking revenue&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/81866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=81866"}],"version-history":[{"count":2,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/81866\/revisions"}],"predecessor-version":[{"id":81872,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/81866\/revisions\/81872"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media\/78162"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=81866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=81866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=81866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}