Core Viewpoint - President Trump has indicated he will soon announce his choice for the next Federal Reserve chair, aiming to replace Jerome Powell, who has faced criticism for not cutting interest rates quickly enough [1][7]. Group 1: Selection Process - Trump has confirmed he knows who he will pick for the Federal Reserve chair, intensifying focus on Kevin Hassett as a potential nominee [2][3]. - Treasury Secretary Scott Bessent is overseeing the selection process and has interviewed five finalists, including Hassett, Kevin Warsh, Chris Waller, Michelle Bowman, and Rick Rieder [8][10]. - The selection comes amid internal disagreements within the Federal Reserve regarding potential rate cuts in December [9]. Group 2: Market Reactions - Markets reacted positively to Trump's announcement, with interest rates decreasing and a successful treasury auction following the news [4]. - The expectation of a new Federal Reserve chair has led to market optimism, with the 10-year Treasury yield briefly falling below 4% [9]. Group 3: Economic Context - Current economic indicators show inflation remains above target, unemployment has risen to 4.4%, and key economic data has been delayed due to the government shutdown [11]. - Powell's cautious approach to rate cuts has frustrated Trump, who believes the Federal Reserve is hindering economic growth amid rising prices and borrowing costs [11][12].

Market Overview - Bitcoin experienced a significant decline, dropping to as low as $85,400, marking a 5% decrease overnight and continuing a six-week downward trend that began after reaching a record high of $126,000 in late October [1][2]. Value Loss - Since its peak in late October, Bitcoin has lost nearly one-third of its value due to extensive liquidations and sell-offs during October and November [2]. Market Sentiment - Bitcoin is currently viewed as a leading indicator for overall market risk sentiment, and its decline is seen as a negative signal for stock markets at the beginning of December [3]. Economic Data Impact - Traders are closely monitoring upcoming U.S. economic data releases, with expectations of a Federal Reserve rate cut on December 10. However, adverse data on jobs and inflation could impact the timing and extent of these cuts [4]. Structural Headwinds - The market is characterized by a "risk-off" sentiment as December begins, with expectations of ongoing structural challenges. The $80,000 level is identified as a critical support point for Bitcoin [5]. Stablecoin Concerns - S&P Global Ratings downgraded its assessment of USDT, the largest stablecoin, indicating that a further decline in Bitcoin's value could jeopardize its collateral adequacy. Tether, the issuer of USDT, has expressed strong disagreement with this assessment [5]. Other Cryptocurrencies - Other major cryptocurrencies, including Ethereum and Solana, also experienced declines of over 5% on the same day [6].

Core Viewpoint - Singapore REITs have faced challenges due to high financing costs and investor sentiment but are expected to recover as interest rates decline, making it a favorable time to consider quality REITs [1][14]. Group 1: Market Overview - Singapore REITs have been under pressure for the past two years due to high interest rates and dampened investor sentiment [1]. - The outlook is likely to improve with anticipated interest rate cuts, which typically boost distributions and support asset values [1][14]. Group 2: Individual REIT Analysis - **Mapletree Pan Asia Commercial Trust (MPACT)**: - Owns properties across multiple countries and reported a DPU of S$0.0201 for 2QFY2025/2026, up 1.5% YoY [3]. - Committed occupancy fell to 88.9% from 96.4% YoY, with NPI down 2.2% YoY to S$163.9 million [4]. - VivoCity achieved 100% commitment and 14.1% rental reversion [4][5]. - **Mapletree Industrial Trust (MIT)**: - Manages S$8.5 billion in assets and reported a DPU of S$0.0318 for 2QFY2025/2026, down 5.6% YoY [6]. - Occupancy rate was 91.3%, with a weighted average rental reversion of 6.2% for its Singapore portfolio [6][7]. - Average borrowing cost declined to 3.0%, with data center demand as a long-term growth driver [7]. - **AIMS APAC REIT (AA REIT)**: - Reported a DPU of S$0.0472 for 1HFY2026, up 1.1% YoY, with portfolio occupancy at 93.3% [9]. - Achieved positive rental reversions of 7.7% in 1HFY2026 and has stable income from essential industries [10]. - **CapitaLand Ascendas REIT (CLAR)**: - DPU dipped 0.6% YoY to S$0.07477 in 1H2025, with aggregate leverage rising to 39.8% by September 2025 [11][12]. - Achieved rental reversions of 7.6% for renewed leases in 3Q2025, supported by a strong sponsor [12][13]. Group 3: Investment Outlook - Lower interest expenses are expected to boost distributable income and attract investors back to REITs [14]. - REITs with strong sponsors and quality assets are likely to lead the recovery as interest rates decline [16]. - MPACT, MIT, CLAR, and AA REIT are highlighted as potential beneficiaries of the anticipated rate cuts [16].

Economic Indicators - Japanese corporate spending on factories and equipment rose by 2.9% in July-September compared to the same period last year, indicating resilience in the economy despite U.S. tariffs [1][12] - The yen gained 0.2% to 155.84 per dollar, moving away from its 10-month low of 157.90, which raised concerns about potential yen-buying interventions from Tokyo [2][12] Currency Market Dynamics - Finance Minister Satsuki Katayama noted that recent fluctuations in the foreign exchange market and the rapid weakening of the yen are not fundamentally driven [4][12] - The dollar has experienced a broad pullback, providing some relief to the yen, although it remains only 0.9% stronger for the year and is near lows against the euro and sterling [6][12] Federal Reserve Outlook - Markets are pricing in an 87% chance of a 25 basis point rate cut by the Federal Reserve in the upcoming meeting, influenced by recent shifts in Fed easing expectations [7][12] - The dollar faced its worst week in four months, impacted by the potential nomination of Kevin Hassett as the next Fed chair and expectations of a dovish policy shift [8][12] Other Currency Movements - The euro slightly increased by 0.02% to $1.1600 against a weaker dollar, while the British pound remained stable at $1.3240 after a positive budget announcement [6][7][12] - The Australian dollar decreased by 0.08% to $0.6543, and the New Zealand dollar fell by 0.09% to $0.5733, reflecting broader market trends [9][12] Cryptocurrency Performance - Bitcoin dropped by 3.6% to $87,881.82, while ether fell by 5% to $2,871.59, indicating volatility in the cryptocurrency market [10][12]

Market Performance - The Dow Jones Industrial Average increased by over 3%, the S&P 500 surged nearly 4%, and the Nasdaq rose more than 4% during the Thanksgiving-shortened week [1][2] - The S&P 500 is projected to reach 7,000 by the end of 2025, reflecting a 19% gain, following two consecutive years of over 20% surges [3] Future Projections - Analysts predict the S&P 500 could hit 7,700 in 2026, indicating a 10% increase from the 2025 forecast [3] - Deutsche Bank forecasts the S&P 500 will finish 2026 at 8,000, representing a 17% increase from the recent close [5] - JPMorgan anticipates the S&P 500 could end 2026 at 7,500, with potential to reach 8,000 if the Federal Reserve continues to cut rates [5] Economic Outlook - The Roaring 2020s scenario is expected to continue, with GDP growth, consumption, and corporate profits remaining strong [4] - Analysts highlight above-trend earnings growth, an AI capital spending boom, and rising shareholder payouts as key factors supporting market performance [6]

Core Insights - XRP is projected to increase by 65% as it approaches its all-time high, driven by new Wall Street products and institutional interest [1] - Currently, XRP's price is down 40% from its July peak of $3.65, trading at $2.20, but it has gained 50% year-to-date, outperforming Bitcoin and Ethereum [2] - Spot ETFs linked to XRP have attracted $644 million in investments in November, contrasting with significant sell-offs in Bitcoin and Ethereum ETFs [3] Market Dynamics - The launch of new XRP ETFs by Franklin Templeton and Grayscale indicates growing institutional interest in the cryptocurrency [3] - Macro conditions are favorable for a crypto rally, with expectations of easing financial conditions and potential interest rate cuts by the Federal Reserve [4] - The CME FedWatch tool indicates an 85% probability of a 0.25% interest rate reduction in December, which could further support the crypto market [4][5]

Market Overview - U.S. markets experienced a quiet day due to the Thanksgiving holiday, leading to reduced trading volumes, while global markets continued to rise on optimism regarding potential interest rate cuts by the U.S. Federal Reserve [1][8] - Major U.S. stock indices closed higher on November 26, 2025, with the S&P 500 up 0.7%, Nasdaq Composite up 0.8%, and Dow Jones Industrial Average up 0.7%, marking four consecutive sessions of gains [2] Federal Reserve Insights - The Federal Reserve's next FOMC meeting is scheduled for December 10, 2025, with a 79% probability of a quarter-percentage-point rate cut anticipated by traders [4] - The Beige Book indicated a stagnant job market and moderate inflation, with signs of softening in the labor market, further supporting rate-cut expectations [4] Corporate Developments - In the technology sector, Oracle (ORCL) shares rose by 4% following a bullish outlook from Deutsche Bank, while Nvidia (NVDA) and Microsoft (MSFT) gained 1.4% and 1.8% respectively, reflecting strong investor confidence in AI [5] - Conversely, Alphabet (GOOGL) saw a decline of 1.1%, and Deere & Company (DE) dropped 5.7% due to a negative forecast for the current year [5] - Gambling companies in the UK, including Flutter Entertainment (FLTR) and Entain (ENT), are facing challenges due to anticipated government tax increases [6][7] Upcoming Earnings Reports - The Cooper Companies (COO) is expected to report a year-over-year increase in earnings for the quarter ended October 2025 on December 4 [11] - Innocan Pharma Corporation (INNO) reported revenues of US $21.6 million for the nine months ended September 30, 2025 [11] - Wipro (WIPRO) announced a strategic alliance with the Indian Institute of Science to advance research in various AI technologies [11] - Paytm's parent company, One97 Communications, received approval from the Reserve Bank of India to operate as a payment aggregator [11] - Asian Paints (ASIANPAINT) plans to invest approximately ₹340 crore in a new paint manufacturing facility in the UAE [11] - Studds Accessories reported a 17.9% rise in quarterly profit and approved a new warehouse in Spain for European distribution [11] - Samvardhana Motherson International (SAMI) saw a 2.55% rise in intraday trading, reaching a high of ₹114.65 [11]

Market Overview - European stocks are showing mixed performance as investors digest regional economic news and await the European Central Bank's monetary policy meeting minutes [1] - The pan European Stoxx 600 was roughly flat at 574.11, while the U.K.'s FTSE 100 decreased by 25.52 points or 0.26% to 9,666.05 [2] - Germany's DAX increased by 82.87 points or 0.35% to 23,778.10, and France's CAC 40 rose by 5.37 points or 0.07% to 8,101.80 [2] Company Performance - In the U.K. market, notable gainers included St. James' Place, Land Securities, Centrica, and Natwest Group [2] - Conversely, Imperial Brands fell by more than 3%, while other companies like Anglo American Plc and British American Tobacco saw losses between 1% to 1.7% [3] - In Germany, Deutsche Boerse climbed over 4%, with Siemens Energy gaining about 2.3% [3] - In France, Pernod Ricard gained nearly 2%, while companies like Hermes International and Kering showed weakness [4] Consumer Sentiment and Economic Indicators - A monthly survey indicated that German consumer confidence is expected to improve in December, despite deteriorating economic and income expectations [4] - The forward-looking consumer sentiment index improved to -23.2 from -24.1, slightly below the forecast of -23.6 [5] - The Eurozone Economic Sentiment Indicator increased to 97.0 in November from 96.8 in October, marking its highest level since April 2023 [5]

Core Insights - The infrastructure and specialty-construction markets are experiencing growth due to robust public infrastructure spending, benefiting companies like Primoris Services Corporation (PRIM) and MasTec, Inc. (MTZ) [2] - Recent Federal Reserve rate cuts are further enhancing growth prospects for these companies, with expectations of additional cuts in the near future [3] Company Analysis: Primoris Services Corporation (PRIM) - Primoris Services is focused on cost control and disciplined capital management, capitalizing on strong demand across various sectors including power delivery and renewable energy [5][7] - The One Big Beautiful Bill Act, which includes tax incentives and significant defense spending, is expected to provide a substantial volume of projects for Primoris in the coming years [6] - For the first nine months of 2025, Primoris reported a 65.7% year-over-year increase in adjusted EPS to $4.54, with an optimistic outlook for 2025 adjusted EPS raised to $5.35-$5.55 [7] - Despite strong demand, Primoris faces margin pressures, with third-quarter 2025 margins contracting by 120 basis points to 10.8% due to various operational challenges [8] Company Analysis: MasTec, Inc. (MTZ) - MasTec is benefiting from strong activity in communications and clean energy markets, with a record backlog of $16.78 billion as of September 30, 2025, reflecting a 21.1% year-over-year increase [11] - The Pipeline Infrastructure segment has shown a revenue growth of 20% year-over-year, driven by increased spending on grid reliability and energy transition infrastructure [12] - However, MasTec is facing challenges such as project delays and fluctuations in capital spending, which have impacted revenue visibility [13][14] Stock Performance & Valuation - Over the past three months, MasTec's stock performance has outpaced that of Primoris and the broader construction sector [15] - Historically, MasTec has traded at a premium valuation compared to Primoris, with current estimates indicating a stronger growth trajectory for MasTec [16][18] - The Zacks Consensus Estimate for PRIM's 2025 EPS indicates a 31.3% year-over-year growth, while MTZ's estimate suggests a 60.8% increase [19][20][21] Investment Recommendation - While Primoris Services shows steady growth and strong demand, it is hindered by margin pressures and operational challenges [22] - MasTec, despite facing some project delays, has a stronger growth outlook and backlog strength, making it a more favorable investment option at this time [24]

Group 1: Federal Reserve Interest Rate Outlook - The odds of the Federal Reserve lowering interest rates in December have increased significantly in just one week, with a Federal Open Market Committee meeting scheduled for December 9 and 10 [13][14] - As of November 24, the probability of a 0.25% rate cut was 84.4%, compared to 50.1% just a week earlier [14] Group 2: AI Stocks Valuation - AI stocks, particularly Palantir, are experiencing strong revenue, earnings, and cash flow growth, but their valuations are considered sky-high and difficult to justify [1] - SoundHound AI is highlighted as a less favorable example, as it is not profitable and relies heavily on acquisitions for revenue growth, with no disclosed organic revenue growth [2] Group 3: Market Comparisons - There is a belief that a bubble exists in the AI sector, but not all AI-related stocks are overvalued, indicating a need for careful differentiation among companies [3] - The current market conditions differ from the dot-com bubble of the late 1990s, primarily due to the absence of rising interest rates, which were a significant factor in the previous bubble's burst [4][5]