Macro at a Glance
Japan's November economic activity centered on the "Takaichi Doctrine," with the Cabinet approving a ¥21.3 trillion ($135 billion) stimulus package to address stagflation. This fiscal expansion conflicts with the Bank of Japan's rate normalization efforts amid 3% inflation and Q3 GDP contraction. The Nikkei 225 consolidated record highs above 50,000, while 10-year JGB yields climbed to 1.835%—their highest level since 2008. The BoJ's December 18-19 meeting is anticipated as critical.
The US and Switzerland finalized a tariff agreement on November 14, reducing additional US tariffs on Swiss goods from 39% to 15%. Swiss companies committed $200 billion in US investments through 2028, with approximately $67 billion expected in 2026. Pharmaceutical and semiconductor tariffs were capped at 15%.
Taiwan proposed a supplementary defense budget of $40 billion (2026-2033) focused on strengthening military capabilities against Chinese threats, including arms acquisitions and enhanced drone and missile systems. Parliamentary approval remains pending.
One Sector, One Insight
Basic Materials and Energy
Yttrium rare earth prices surged dramatically—from under $8/kg in late 2024 to $120–270/kg, representing a "+1'400% - 3'200% YTD" increase. China's tightened export controls triggered this spike. Rainbow Rare Earth's Phalaborwa project could see yearly EBITDA increases of nearly $30 million.
Consumption and General Public Services
Kimberly-Clark acquired Kenvue for $48.7 billion on November 3, creating a "$32 billion revenue 'wellness powerhouse.'" The transaction valued Kenvue at $21.01 per share—a 46% premium comprising $3.50 cash and 0.14625 KMB shares. Kenvue stock jumped 17% following announcement; KMB shares fell 12%.
Financial Services
Federal banking agencies finalized capital standard modifications for Global Systemically Important Banks on November 25. The enhanced supplementary leverage ratio for depository subsidiaries was capped at 1%, limiting total requirements to 4%. This adjustment is projected to reduce aggregate Tier 1 capital requirements by nearly 2% for major lenders. The rule takes effect April 1, 2026.
Healthcare
Bayer announced positive Phase III OCEANIC-STROKE trial results for experimental stroke-prevention drug asundexian on November 3, with shares rising 9.9% the following day. The success offered relief following years of litigation related to Monsanto's glyphosate product.
Industrials
Nexperia, a Dutch chipmaker owned by China's Wingtech, faced Dutch government intervention via the Cold War-era Goods Availability Act on September 30 over governance and national-security concerns. On November 19, the government suspended this order following diplomatic negotiations, easing supply-chain tensions while leaving legal disputes unresolved.
Technology and Network Equipment
Alphabet stock surged approximately 16% since October 29's Nasdaq peak, outperforming other major tech stocks. Q3 2025 revenue reached $102.4 billion (up 34% year-over-year) with adjusted EPS of $2.87, beating estimates. The Gemini 3 model's adoption and a partnership with Anthropic involving 1 million TPUs drive momentum.
Stock of the Month
MicroStrategy (MSTR) shares plummeted over 25% to seven-month lows in November as major institutional investors—BlackRock and Vanguard—reduced positions by approximately $5.4 billion. The stock's Net Asset Value multiple compressed to 1.16x from previous highs as Bitcoin dipped below $90,000, suggesting the market now favors direct Bitcoin exposure over leveraged proxy models.
Key Performance Metrics (As of November 30)
| Index/Asset | Value | Monthly Change | YTD Change |
|---|---|---|---|
| S&P 500 | 6,849.09 | +0.13% | +16.45% |
| Dow Jones | 47,716.42 | +0.02% | +12.16% |
| NASDAQ | 23,365.69 | -1.94% | +21.00% |
| FTSE 100 | 9,720.51 | +0.25% | +18.93% |
| CAC 40 | 8,122.71 | -1.14% | +10.05% |
| DAX | 23,836.79 | -1.82% | +19.73% |
| SMI 20 | 12,833.96 | +3.83% | +10.63% |
| MSCI WORLD | 4,398.44 | +0.18% | +18.63% |
| VIX | 16.35 | -0.43% | -5.76% |
| CHF/USD | 1.2437 | -0.45% | +12.95% |
| CHF/EUR | 1.0722 | -0.85% | +0.74% |
| Brent Crude | $61.97/bbl | -3.14% | -16.14% |
| Gold Spot | $4,218.30/oz | +7.28% | +63.27% |
Upcoming Events
- December 5: US PCE inflation release
- December 9-10: FOMC monetary policy meeting
- December 18-19: Bank of Japan policy meeting