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    Multi-asset chart of the week

    Multi Asset chart of the week

    06 November 2025 Multi-asset
    Week to 7 November 2025

    Number of positive earnings season surprises hits multi-year highs

    Christopher Broadley, CFA, Portfolio Manager, said: “Third quarter earnings have painted an upbeat picture for US corporates, with the number of positive surprises at multi-year highs. Typically, an earnings season sees close to 50% of companies beat estimates while the current run rate for 3Q2025 is 64%. This has only been surpassed during the global reemergence from Covid-19 lockdowns and highlights the resilient growth backdrop even in the face of heightened uncertainty.”

    MAW 03 novV2 2025.png

    Source: Insight Investment, Bloomberg as at 03 November 2025.

    Week to 31 October 2025

    Soft US September CPI confirms expectations for the Fed to cut 25bps at both October and December meetings

    Kristin Qi, Portfolio Analyst, said: “US rates rallied after the September CPI report came in softer than expected, reinforcing expectations for near-term policy easing. Core CPI rose 0.2% m/m (vs. 0.3% consensus) and 3.0% y/y (vs. 3.1%). The market has now fully priced a 25bp cut at both the October and December FOMC meetings. Furthermore, another one or two rate cuts are expected by the market during 2026. For these rate cuts to be delivered, inflation will have to remain relatively well behaved. The chart shows that CPI is expected to be broadly stable over the next year, before starting to decline. Broader risk sentiment improved further after the soft CPI report. It was already strong as company earnings reports have been constructive and US-China tensions have eased somewhat.”

    29102025_Chart of the week.png

    Source: Insight Investment, Bloomberg as at 27 October 2025.

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