Morning Brew November 20 2025

Good Morning,

Nvidia went well, shares ended aftermarket up app. 5% and also calmed nerves of many AI investors. The Company beat expectations and gave a strong outlook. Earnings per share reached $1.30, which was 67% up from $1.08 in the same quarter of fiscal 2025.

This morning, the US500 is trading at 6729, the US Tech 100 NAS at 25100 and the GER40 23404.

And pulled risk sentiment up across the board. Wednesday Evening we will be streaming the Event with Our esteemed Head of Commodity Strategy, Ole S. Hansen will lead the discussion with his renowned expertise and more than 30 years of experience in commodities and capital markets. 

He will present the following topics in a live streaming from Zurich on November 26th 2025 at 6:30PM. Webinar Quarterly Outlook with Ole Hansen | Saxo Bank Switzerland

The U.S. has signaled to President Volodymyr Zelenskiy that Ukraine must accept a U.S.-drafted framework to end the war with Russia that proposes Kyiv giving up territory and some weapons, two people familiar with the matter told Reuters.

Precious metals traded in wild swings considering the safe haven status, at one point, silver rose as much as 3.2% yesterday, only to give up the gain, we are trading 4070 in Gold and 51.40 in Silver.

The USD Index rose to above 100 again, EURUSD is 1.1515, GBPUSD 1.3060.

Japanese Yields and the Yen remain in focus as the Yields are at millennium highs and the Yen is very weak having fallen to 157.50 yen per USD.

Today we are expecting the Non-Farm Payrolls at 14:30, expected at 50k. I am not sure of the significance as this is the September data. After Target issues a disappointing outlook, Walmart earnings will give insights to the retail spending in the US

The Bureau of Labor Statistics announced that the November Nonfarm Payroll will be published only after the December 10 FOMC Meeting. On this news the probability of a December cut falls to below 30%, this in turn boosts the USD and weighs on Risk sentiment.

Will risk sentiment hold to become a Christmas ralley?

Thursday November 20

China Rate Decision, US Initial Jobless claims, Nonfarm Payrolls (September) EU Consumer Confidence

Walmart,

Speaker Hammack, Cook, Golsbee, Paulsopn. 

Friday November 21

Japan CPI, UK Reetail Sales. International PMI.

Speakers: Bar, Jefferson, Logan