Core Insights - The top three mortgage lenders with the best rates are Citi Mortgage, Navy Federal Credit Union, and PenFed Credit Union, remaining unchanged from the previous week [1][3] - Mortgage rates have decreased among most leading lenders, with the top five lenders consistently offering the lowest rates [3] - A significant difference of 1.17 percentage points in APR exists between the top lender, Citi Mortgage, and the bottom lender, Third Federal, highlighting the importance of comparing rates [5] Lender Rankings - The survey conducted on December 1, 2025, evaluated 16 lenders, with Wells Fargo, PNC, Flagstar Bank, Rocket Mortgage, and Third Federal not making the top 10 based on APR [4] - The methodology for determining the lowest rates is based on APR, which includes both interest rates and lender fees [14] Shopping for Mortgage Rates - Borrowers can save up to $44,000 over the life of a 30-year loan by shopping around for the best mortgage rates [8] - The APR is emphasized as the most important figure, as it encompasses both the interest rate and lender fees, providing a more accurate measure of borrowing costs [9] Discount Points - Lenders may offer mortgage discount points to lower interest rates, which are prepaid interest fees paid at closing [11] - Each point typically costs 1% of the loan amount and reduces the interest rate by approximately 0.25% [12] - Borrowers can request quotes from lenders without discount points for a clearer comparison of rates and fees [13]

Core Insights - The top three mortgage lenders with the best rates this week are Navy Federal Credit Union, Citi Mortgage, and PenFed Credit Union, as per a survey by Yahoo Finance [1][2] Mortgage Rate Trends - Mortgage rates have declined this week among most leading lenders evaluated, with Navy Federal Credit Union and Citi Mortgage joining PenFed Credit Union as the top three lenders with the lowest rates [2] - An APR difference of one full percentage point separates the top two lenders from Rocket Mortgage, highlighting the importance of comparing rates from multiple lenders [4] Lender Membership and Loan Types - Navy Federal and PenFed are prominent VA loan lenders, but the survey focuses on conventional loan rates. PenFed allows anyone to join, while Navy Federal membership is limited to military personnel, veterans, and their families [3] Survey Details - The survey included 13 lenders, with PNC, Flagstar Bank, and Rocket Mortgage not making the top 10 based on APR [3] Importance of APR - The annual percentage rate (APR) is emphasized as the most important figure for borrowers, as it includes both the interest rate and lender fees, providing a more accurate measure of annual borrowing costs [9] Shopping for Mortgage Rates - Borrowers can save up to $44,000 over the life of a 30-year loan by shopping around for mortgage rates [8] - It is recommended to request quotes from multiple lenders without discount points to facilitate accurate comparisons of rates and fees [13][14]

Core Insights - The article discusses the best grocery credit cards for 2025, highlighting various options based on their rewards structures and benefits. Group 1: Best Grocery Credit Cards - The Blue Cash Preferred® Card from American Express offers 6% cash back at U.S. supermarkets on up to $6,000 in eligible purchases annually, with a $0 intro annual fee for the first year and a $95 fee thereafter [3][5][6] - The Capital One Savor Cash Rewards Credit Card provides 3% cash back on grocery purchases with no cap, making it a strong option for frequent grocery shoppers [9][12][13] - The Blue Cash Everyday® Card from American Express has no annual fee and offers 3% cash back at U.S. supermarkets on up to $6,000 in eligible purchases annually [17][18] Group 2: Additional Benefits and Offers - The Amex Blue Cash Preferred Card includes additional cash-back categories for streaming, transit, and U.S. gas stations, enhancing its overall value [6][10] - The Capital One Savor card features a welcome offer of $300 in bonuses and a $100 credit for travel bookings, making it attractive for new cardholders [11][12] - The American Express Gold Card allows for 4x Membership Rewards points at U.S. supermarkets, which can be beneficial for those looking to convert grocery spending into travel rewards [23][24] Group 3: Spending Limits and Cash Back Potential - The average American spends approximately $5,703 annually on groceries, which influences the potential cash back earned from these cards [54][75] - The U.S. Bank Shopper Cash Rewards Visa Signature Card offers 6% cash back on the first $1,500 in combined purchases each quarter with selected retailers, including superstores [39][40] - The Citi Custom Cash Card provides 5% cash back on grocery purchases up to $500 per month, allowing for significant rewards for regular grocery shoppers [44][46]

Core Viewpoint - Harris Associates L.P. emphasizes a consistent investment philosophy focused on value investing, believing that stock prices will eventually reflect the underlying company's value [1] Investment Philosophy - The company is committed to superior investment research and high levels of customer service, which have remained unchanged since its founding in 1976 [1] - Harris Associates seeks companies trading at significant discounts to their underlying value, with substantial profit potential and management that acts as owners [1] Research Process - The investment process is framed as owning a piece of a business for the long term, highlighting the importance of intensive, fundamental research [1] - The research methodology involves a disciplined quantitative and qualitative screening process, with analysts acting as independent thinkers rather than relying on Wall Street [1] - Analysts at Harris Associates are generalists who evaluate companies based on their fundamental characteristics [1]

Core Viewpoint - Goldman Sachs predicts that the ongoing U.S. government shutdown is likely to end around the second week of November, while also warning that key economic data releases will be delayed [1][2][6]. Group 1: Government Shutdown Insights - Goldman Sachs indicates that the current government shutdown is approaching the record duration of 35 days set in 2018-2019, but believes the end is closer than the beginning [3]. - The prolonged shutdown is partly due to unconventional measures taken by the Trump administration, which has utilized unspent funds from the previous year to pay military salaries, temporarily alleviating some tensions [3]. - Key pressure points, such as air traffic controllers and airport security personnel missing their first full payday on October 28, are increasing the risk of travel delays, which historically have been strong catalysts for government reopening [3][5]. Group 2: Economic Impact and Federal Reserve Decisions - The shutdown has disrupted the Supplemental Nutrition Assistance Program (SNAP) payments, leading to delays in benefits despite court rulings allowing emergency fund usage [4]. - Congressional staff salaries are also affected, which may prompt lawmakers to expedite negotiations [5]. - Political events, such as elections on November 4 and Congress's planned recess after November 7, could create incentives for reaching an agreement before these dates [5]. Group 3: Federal Reserve Rate Cut Predictions - Goldman Sachs and Citigroup both express optimism that the government shutdown will end within two weeks, which is crucial for the Federal Reserve's data-driven decision-making [8]. - If the government reopens around mid-November, the Bureau of Labor Statistics (BLS) may take several days to release the delayed September employment report, with the November employment and CPI reports potentially facing a one-week delay [9][10]. - Citigroup maintains its forecast for consecutive rate cuts by the Federal Reserve in December, January, and March, contingent on the reopening of the government and the subsequent data recovery [11][12]. Group 4: Economic Cost of the Shutdown - Goldman Sachs estimates that if the shutdown lasts about six weeks, it could reduce the annualized real GDP growth for Q4 2025 by 1.15 percentage points due to federal employee furloughs, leading to a downward revision of Q4 GDP growth to 1.0% [13]. - However, this impact is expected to be temporary, with a projected GDP growth boost of 1.3 percentage points in Q1 2026 as furloughed employees return and federal procurement shifts from Q4 to Q1 [13].

Market Reaction to Tax Changes - Gold prices initially slipped by 1% in Asian trading but later recovered, with spot gold trading near $4,012 an ounce in London [2][4] - The recovery followed Beijing's announcement to limit VAT offsets for gold sourced from the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange (SHFE) [2][4] - Under the new rules, producers of non-investment gold can now deduct only 6% of VAT instead of the previous 13% [2][4] Impact on Jewellery Stocks - The tax changes led to a significant decline in jewellery stocks, with Chow Tai Fook Jewellery Group Ltd. dropping as much as 12%, Chow Sang Sang Holdings International Ltd. falling over 8%, and Laopu Gold Co. losing more than 9% [3][4] - Analysts predict that the industry will likely raise prices to pass through the cost pressure resulting from the tax changes [3][4] Investor Sentiment and Market Trends - Despite the turbulence, investor appetite for gold remains strong, with prices still over 50% higher since the start of the year [3][4] - Gold reached an all-time high in October due to a surge in retail buying, and core factors such as central bank purchases and safe-haven inflows continue to support the market [3][4] - The recovery in London trading indicates that bullish sentiment towards gold is still firm, despite concerns about the impact of tax changes in China [3][4][5] Performance of Other Precious Metals - In the broader precious metals market, platinum increased by as much as 2.2%, while silver and palladium also recorded small gains [5]

Core Insights - Gold prices dipped below $4,000 an ounce following China's decision to end a long-standing tax rebate for certain retailers, which may negatively impact demand in a major precious metals market [1][2] - The immediate delivery price of gold fell by as much as 1 percent before recovering most of the loss, coinciding with a significant drop in Chinese jewelry stocks [2][4] - Despite a record high in October driven by retail buying, gold prices have seen a sharp decline in the last two weeks of the month, although they remain over 50 percent higher year-to-date [3] Industry Impact - The tax changes in China, the largest consumer of gold, are expected to dampen global sentiment towards gold, according to industry experts [4] - Major jewelry companies in Hong Kong experienced significant stock declines, with Chow Tai Fook Jewelry Group Ltd falling by 12 percent, Chow Sang Sang Holdings International Ltd dropping over 8 percent, and Laopu Gold Co decreasing by more than 9 percent [4] - Analysts predict that the entire gold industry may raise prices to offset the cost pressures resulting from the new tax policy [4] Tax Policy Changes - The new tax policy, effective until the end of 2027, restricts the value-added tax deduction to members of the Shanghai Gold Exchange and Shanghai Futures Exchange for gold sold as investment products [5] - Non-members and exchange members producing non-investment gold, such as jewelry, can now only offset 6 percent of the input value-added tax when selling to consumers, down from 13 percent [6]

Group 1 - Citigroup's stake in China Merchants Bank's H-shares increased from 4.96% to 5.04% as of October 27 [1]

Core Viewpoint - Goldman Sachs predicts that the ongoing partial government shutdown in the U.S. is likely to end within two weeks, which is crucial for the data-driven decision-making of the Federal Reserve [1][2]. Group 1: Government Shutdown Outlook - Goldman Sachs indicates that the shutdown, which is approaching the record duration of 35 days from 2018-2019, is nearing its end, with a likely resolution around the second week of November [2][3]. - The prolonged shutdown is attributed to unconventional measures taken by the Trump administration, such as utilizing unspent funds from the previous year, but this temporary relief is diminishing [2]. - Key pressure points, including missed paychecks for air traffic controllers and airport security personnel, are increasing the urgency for Congress to reach a compromise [2]. Group 2: Impact on Federal Reserve Decisions - The duration of the shutdown is seen as a critical variable influencing the Federal Reserve's interest rate decisions in December [1][4]. - If the government reopens by mid-November, the Bureau of Labor Statistics (BLS) may take additional days to release delayed employment reports, which could affect the timing of key economic data releases [4]. - Citigroup analysts express growing confidence that the government will reopen soon, allowing the Fed to receive multiple employment reports before its December meeting, potentially supporting a 25 basis point rate cut [4]. Group 3: Economic Consequences of the Shutdown - Goldman Sachs estimates that if the shutdown lasts about six weeks, it could reduce the annualized real GDP growth for Q4 2025 by 1.15 percentage points, leading to a downward revision of the GDP growth forecast to 1.0% [5]. - The report suggests that the economic impact of the shutdown is likely to be temporary, with a rebound expected in Q1 2026 as furloughed employees return to work [5].

Core Viewpoint - The Japanese stock market is showing strong momentum towards a long-term bull market, driven by a robust global market and optimistic expectations regarding new government economic policies. Citi predicts that the Nikkei 225 index could reach 50,000 points as just a "checkpoint" on its way to 55,000 points by the end of 2026 [1][6]. Group 1: Government Policies - The establishment of the new government under Prime Minister Sanae Takaichi is seen as a core logic supporting the long-term bullish trend of the Japanese stock market. The government is expected to implement supportive economic policies, including tax cuts, to assist households facing declining real incomes [3][4]. - The new government's policy framework aims to create a virtuous cycle of wages and prices by encouraging investment in growth sectors and improving productivity [3][4]. Group 2: Corporate Earnings - Japanese companies are demonstrating strong profitability even in a persistent inflationary environment, with over 50% of companies exceeding quarterly earnings expectations since 2023. This trend is particularly evident in the non-manufacturing sector, driven by domestic demand [4][5]. - The report indicates that rising prices are helping companies improve their profit margins, and if the new government's measures succeed in boosting real incomes, it will further solidify inflation expectations and ensure sustained strong earnings for domestic-focused companies [4]. Group 3: Valuation and Foreign Investment - Despite short-term signs of overheating in the valuation of Japanese stocks relative to global markets, there remains significant potential for long-term valuation recovery. The average return on equity (RoE) for Japanese companies is increasing, supported by improved profit margins and stock buybacks driven by corporate governance reforms [5][6]. - There is still ample room for foreign capital inflow into the Japanese stock market, with net purchases by foreign investors reaching 5 trillion yen since 2025. This suggests that despite previous net selling trends, there is a substantial amount of overseas capital waiting to enter the market [5][6].