🌅 Morning Update (20.11.2025)

📈 U.S. indices extend their rebound as strong Nvidia results keep tech sentiment upbeat. The US100 has gained a total of 2.00% this week, while the US500 is up 1.25%. This morning, both indices add another 0.75% and 0.70% 📊

💡 Nvidia posted one of the strongest earnings in its history: Q3 revenue reached USD 57 bn, and Q4 guidance is near USD 65 bn. Demand for Blackwell chips and cloud GPUs is described as “huge”, and next-gen chip revenue could approach USD 500 bn by 2026. Shares are up more than 5.00% to USD 196.

💴 BoJ’s Koeda signalled the need for further rate increases, raising expectations of a December hike.

Yet JPY remains the weakest G10 currency, as markets focus on the structural selloff in JGBs rather than BoJ commentary.

📉 JGB yields continue their surge to two-decade highs:

• 30-year – 3.40%

• 20-year – 2.84%

• 10-year – 1.81%

Fiscal concerns and expected debt issuance keep pressure on bonds.

🇦🇺 RBA’s Sarah Hunter said the latest inflation surprise invalidates earlier projections. She warned that stronger-than-expected growth risks reigniting inflation, which may limit the scale of future rate cuts.

🇺🇸 Bloomberg reports the White House is pressuring Congress to reject new export restrictions on Nvidia’s advanced AI chips, arguing that overly strict limits would damage U.S. competitiveness.

🇨🇳 Loan Prime Rates were kept unchanged for the sixth month:

• 1-year – 3.0%

• 5-year – 3.5%

Beijing is considering mortgage subsidies, tax relief and lower transaction costs to support the property market. Developer stocks are edging higher.

📊 BoJ outlook: 53% of economists expect a December rate hike to 0.75%, and all surveyed foresee this level by Q1 2026. The weak yen increases the risk of imported inflation.

📘 Barclays expects strength in megacap tech and friendlier monetary conditions to lift the index to 7,400 in 2026, though warns of risks for non-tech sectors and typical mid-term volatility.

📅 Economic Calendar – 20 November 2025

🇺🇸 17:00 – Existing Home Sales (October)

Forecast 4.1 mn, Previous 4.06 mn

🇺🇸 01:00 – Weekly Jobless Claims

Previous 232k

🇨🇳 03:00 – 1-Year Loan Rate (November)

Forecast 3.00%, Published 3.00%

🇨🇳 03:00 – 5-Year Loan Rate (November)

Forecast 3.50%, Published 3.50%

🇺🇸 15:30 – Private Payrolls (September)

Forecast 62k, Previous 38k

🇺🇸 15:30 – Non-Farm Employment Change (September)

Forecast 55k, Previous 22k

🇺🇸 15:30 – Unemployment Rate (September)

Forecast 4.3%, Previous 4.3%

📌 Stay tuned with NordFX for the latest market insights and key trading signals throughout the day!