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[HFM.]

Date: 17th November 2025.

The US Reopens. Central Banks Pause. What Happens Next?

Global Markets Outlook: Uncertainty Persists as the US Reopens and Central Banks Hold Steady​

The US government is officially back in operation, but the shutdown has left a mark. Beyond the drag on fourth-quarter growth, the bigger issue now is the integrity of the economic data. Several key surveys were simply not conducted, meaning policymakers may be navigating with only partial visibility for weeks, possibly until 2026. This uncertainty could cloud the Federal Reserve’s view heading into the 9-10 December FOMC meeting. In the meantime, Fed hawks are taking the lead, arguing for a cautious, wait-and-see stance until the labour market and inflation picture becomes clearer.

Elsewhere, central banks are signalling stability, not action. The ECB looks firmly on hold. The BoE’s flexibility is constrained by budget pressures. And in Japan, fiscal and political developments continue to shape the BoJ’s next steps.

United States​

This week will finally bring a wave of US economic data back to the markets, with the delayed September nonfarm payrolls report on November 20 expected to attract the most attention. Yet how insightful these releases will be is another question entirely. The information is now outdated, and the October household employment survey may never be recovered. As a result, markets will be relying on older indicators to piece together the state of the economy.

Construction spending, industrial production, factory orders, trade price data, and consumer sentiment will all come through, but the labour market will remain at the center of the debate. Policymakers want to see whether the slowdown in employment is significant enough to justify a rate cut. Hawkish commentary in recent weeks has already pushed expectations lower, with markets now assigning roughly even odds for a cut next month.

Our expectation is for nonfarm payrolls to rise by around 40k, following modest gains in previous months. The unemployment rate is likely to hold steady at 4.3%, while wage growth should maintain a monthly pace of 0.3%, keeping the annual rate at 3.7%. Alternative indicators, from jobless claims to ISM employment components, suggest cooling rather than collapsing labour conditions. If data land in line with these expectations, it would strengthen the argument for holding rates steady.

This week will also be dominated by a packed Fedspeak calendar. Key policymakers, including Jefferson, Waller, Williams, Kashkari, Barr, Barkin, Logan, and Goolsbee, will be delivering remarks across the week. Their commentary following the jobs report will be particularly important, especially for understanding the direction of the December meeting. The release of the FOMC minutes on Wednesday adds another layer to an already heavy calendar.

Canada​

Canada will release October CPI and retail sales, both of which will be central to shaping expectations for the December 10 Bank of Canada meeting. The economy continues to soften under the weight of global trade pressures, tariffs, and a weakening job market. Inflation has eased, with headline CPI expected to remain slightly above 2% year-over-year, although core inflation is still hovering near 3%. This makes it difficult for the Bank to justify an additional cut without stronger evidence of cooling. Retail sales, which showed a solid increase in August before slipping in September’s advance estimate, will provide further clarity. For now, the odds of either a hold or a cut remain evenly balanced.

Eurozone​

ECB officials continue to stress that current interest rates are appropriate, and upcoming data is unlikely to shift that stance. Markets will focus on the flash HCOB PMI reports, where manufacturing activity is expected to inch slightly above the 50 expansion threshold, while services remain comfortably in growth territory. This combination supports the ECB’s narrative of an economy that is not strong, but still resilient.

Inflation should confirm the preliminary reading of 2.1% year-over-year, a figure that aligns closely with the ECB’s target. However, core inflation, and especially services inflation, remains elevated, reinforcing the view that rate cuts are not on the agenda anytime soon. Additional data from Germany, the Eurozone confidence surveys, and French business indicators will offer more insight but are unlikely to alter the overall picture.

United Kingdom​

In the UK, fiscal concerns have re-emerged following reports that Chancellor Reeves abandoned plans to raise income taxes. The decision came after more optimistic debt projections from the OBR, but it has reignited concerns about how the government intends to address a remaining fiscal gap estimated at around GBP 20 billion. Markets reacted nervously, particularly on fears that this uncertainty could limit the Bank of England’s ability to cut rates in December.

The November 26 budget will overshadow most other developments this week. Even so, the BoE will be watching the inflation report closely. CPI is expected to ease to 3.6% year-over-year, while core inflation should also decline slightly. Despite remaining above target, the downward trend gives the central bank some room to consider a cut, assuming the budget does not disrupt confidence further.

PMI figures are expected to soften, with services activity dipping but still above 50, while manufacturing may slide deeper into contraction. Retail sales will likely reflect the same cautious spending behaviour seen in recent months, with households saving more and spending less.

Japan​

Japan enters an important week with a flood of major economic reports, including GDP, CPI, trade data, production numbers, and machinery orders, arriving ahead of the December 18-19 BoJ meeting. While inflation is expected to remain near the 3% mark, GDP likely contracted sharply by around -2.0%, which supports the argument for keeping policy unchanged. Ongoing uncertainty around fiscal plans under the new Takaichi government adds another reason for a cautious approach. Apart from a few hawkish voices, most policymakers seem in no rush to tighten policy again in the near term.

China​

China’s loan prime rate announcements are also due, although no changes are expected. The PBoC has resisted easing, keeping the one-year and five-year LPRs at 3.00% and 3.50% respectively, levels last trimmed in May.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!

Click HERE to READ more Market news.

Andria Pichidi
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

 

[HFM.]

Date: 18th November 2025.

Stocks Slide: Nvidia, NFP and Asia Shake Up the Week.

Global financial markets started the week under heavy pressure, with a sharp sell-off in US equities rippling across Asia-Pacific trading. Concerns over overextended tech valuations, a deeper risk-off shift, and two major US events, Nvidia’s earnings and the long-delayed September US jobs report, drove volatility higher across asset classes.

This broad downturn exposed deeper structural anxieties around inflation, interest rates, and the sustainability of the AI-driven rally that has powered equity markets throughout 2024 and 2025.

Wall Street Falls as Volatility Surges and Fear Index Hits Extreme Levels​

US markets started the week on the back foot after an aggressive wave of selling hit major indices on Monday.

• Dow Jones Industrial Average sank 557 points (-1.18%)
• S&P 500 shed 0.92%
• Nasdaq Composite fell 0.84%

The downturn was accompanied by a spike in volatility indicators:

• The VIX surged about 13%
• CNN’s Fear & Greed Index plunged into ‘extreme fear’ territory,the lowest reading since early April

Investors were particularly cautious given concerns that the Federal Reserve may alter its rate-cut expectations in light of stubborn inflation and stretched tech valuations.

US futures extended losses early Tuesday:

• S&P 500 futures: -0.6%
• Dow futures: -0.4%

This indicates risk aversion extending into the next trading session.

Nvidia Earnings Take Centre Stage as AI Trade Faces its Biggest Test​

Markets worldwide are focused on Nvidia, which is set to release its earnings on Wednesday. As the flagship of global AI optimism,and a major contributor to the S&P 500’s gains ,Nvidia’s performance could set the tone not only for US equities but for global semiconductor markets.

• Analysts expect quarterly revenue around $54 billion to $55 billion for Q3 FY2026.
• One commentary described the report as a ‘crucial test for the entire AI market.’
• Some analysts warn the stock could swing 6-8% upon release.
  

Nvidia shares were down about 1.8% Monday, though still up nearly 40% year-to-date. Other AI-linked stocks suffered steeper declines, including Super Micro Computer (-6.4%).

Investors are increasingly questioning whether the AI trade has legs, particularly as the tech-heavy Nasdaq is already down about 5.5% since its late-October record high.

Bitcoin Drops Below $90,000, Extending Six-Week Sell-off​

Crypto markets mirrored the negative tone:

• Bitcoin slid below $90,000 for the first time in seven months, losing more than 28% in just six weeks.
• Crypto-exposed equities also fell sharply: Coinbase (COIN) -7.1%, Robinhood Markets (HOOD) -5.3%.

The decline reflects not only speculative unwinding, but a broader reduction in risk appetite across asset classes.

Asian Markets Tumble as US Tech Weakness Spreads Globally​

The US tech-led sell-off spilled into Asian trading on Tuesday. Benchmarks in Japan, South Korea, and Taiwan, all heavyweights in global semiconductor supply chains, suffered sharp declines as investors reassessed chip demand and valuations.

Japan: Nikkei Declines as Bond Yields Spike​

• Nikkei 225 fell ~3% by midday
• Tokyo Electron -5.4%
• Advantest -4.6%
  

A key driver was the surge in long-term Japanese government bond yields: 30-year JGB yields hit ~3.31%, the highest in years.
The yen hovered above ¥155 per dollar, near its weakest level since February, and reached its lowest level against the euro since 1999.

Asia: Chip Giants Lead Declines​

• Kospi dropped ~3.1%
• Samsung Electronics -2.9%
• SK Hynix -5.7%
  South Korea’s economy, heavily reliant on semiconductors, was especially vulnerable to global tech turmoil.
• Taiex fell ~2.3%
• TSMC -2.4%: The global chip demand fears weighed heavily in Taiwan’s market.
• Hang Seng Index: -1.5%
• Shanghai Composite: -0.6%
• ASX 200 (Australia): -2.1%
  

These markets, though less tech-concentrated, were not immune to the global sell-off.

Fed Expectations Shift as Traders Reassess December Rate-Cut Odds​

One of the dominant narratives this week is the reshaping of interest-rate expectations.

Just a month ago, markets priced in about a 94% probability of a December rate cut from the Fed. Today, that probability has sharply fallen to around 45%.
Traders and investors are reacting to:

• Persistent inflation above the Fed’s ~2% target
• The US government shutdown, which delayed key economic releases
• Mixed labour-market signals
• Uncertainty around rate-cut timing
  

Fed officials have recently suggested that more clarity is needed before proceeding with another cut,in light of weaker data and the end of the shutdown.

Thursday’s US Jobs Report Could Shift the Entire Market Narrative​

The delayed September Non-Farm Payrolls (NFP) report, now due on Thursday, carries outsized importance this week.
Key points:

• A strong number would reduce the chance of a December rate cut.
• A weak number would raise recession concerns and could push the Fed to accelerate easing.
• A mixed print may leave markets in limbo.

Oil, Forex & Global Macro Moves Reflect Risk-Off Mood​

Commodity and currency markets also shifted into defensive mode:

• WTI Crude: ~$59.49 (-$0.42)
• Brent Crude: ~$63.77 (-$0.43)

FX and bond markets responded to the risk-off environment:

• USDJPY ~ 155.08
• EURUSD ~ 1.1600

With rising yields in Japan and USD weakness, global macro flows tilted toward safe-haven dynamics.

Alphabet Buckets the Trend as Berkshire Takes Major Stake​

One rare bright spot in Monday’s US session was Alphabet Inc. (GOOGL), which gained ~3.1% after Berkshire Hathaway disclosed a new ~$4.34 billion stake.

Warren Buffett’s investment is seen as a value-oriented vote of confidence, providing a counterbalance to the broader technology sell-off.

What Traders Should Watch Next​

Markets enter mid-week with a high-stakes setup:

Wednesday:

• Nvidia earnings: the major test of the AI trade
• Semiconductor sector reaction and global chip supply chain sentiment
  Thursday:
• US September Non-Farm Payrolls: pivotal for Fed policy and the dollar
• Potential strong volatility in indices, FX, and crypto
  Friday and beyond (Aftermath):
• Market digestion of earnings and jobs data
• Fed commentary and updated rate expectations
• Continued focus on Asian bond yields and semiconductor earnings

With valuations stretched, volatility elevated, and major catalysts lined up, this week may prove decisive for the direction of global markets.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!

Click HERE to READ more Market news.

Andria Pichidi
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

 

[HFM.]

Date: 19th November 2025.

Wall Street Extends Declines as AI Jitters Intensify Ahead of Nvidia Earnings.

Global markets shifted decisively into risk-off mode this week as Wall Street extended its decline for a fourth consecutive session. The sell-off reflects growing concerns over AI-driven valuations, a softening macro backdrop, and uncertainty ahead of Nvidia’s highly anticipated earnings report.

Investor sentiment has deteriorated sharply since early November, with many questioning whether the extraordinary run in AI-linked equities can be sustained. The S&P 500 is now experiencing its worst losing streak since the early stages of this year’s AI bubble fears, as traders reposition cautiously ahead of Wednesday’s key event: Nvidia’s Q3 earnings.

Wall Street Ends Lower but Off Intra-Day Lows​

All three major US indices finished Tuesday in the red, though losses were trimmed in afternoon trading:

• NASDAQ: –1.21%
• S&P 500: –0.82%
• Dow Jones: –1.07%

The worst performance came from consumer discretionary and information technology, two sectors particularly sensitive to shifts in growth expectations. Adding pressure, Home Depot shares sank more than 6% after disappointing results, amplifying concerns over US consumer resilience heading into the holiday season.

Bonds and Commodities React to Risk Aversion​

The drop in equities triggered a flight to safety, with Treasuries drawing renewed demand:

• 2-yr Treasury yield: 3.575% (–3.6 bps)
• 10-yr Treasury yield: 4.117% (–2.1 bps)

Safe-haven flows also pushed gold up 0.62% to $4,070 per ounce, while oil rebounded 1.35% to $60.70 after briefly touching a multi-month low at $59.31.

Dovish Waller Comments Revive Fed Rate Cut Bets​

Market expectations for a December Fed rate cut strengthened meaningfully following comments by Federal Reserve Governor Christopher Waller, who noted he ‘cannot envisage not cutting by 25 bps’ in December.

Rate futures reacted immediately:

• December implied cut: –12.6 bps (up from –9.8 bps before Waller’s remarks)
• January implied cut: –23.1 bps

Soft data from US jobless claims and the ADP employment report further bolstered rate-cut optimism, especially as signs of cooling in the labour market begin to align with the Fed’s objectives. Still, traders remain cautious, December’s outcome is far from guaranteed, and the market currently views the decision as a close call.

Nvidia Earnings: A Pivot Point for the AI Trade​

The spotlight now shifts to Nvidia (NVDA), whose earnings report on Wednesday could set the tone for the entire AI complex. Nvidia’s results are often viewed as a barometer for AI demand, given the company’s dominant role in powering cloud-based artificial intelligence workloads.

Market Nervousness Is Rising​

Nvidia shares closed 2.81% lower at $181.36 on Tuesday, extending a decline of roughly 12% from its record highs. According to analytics firm ORATS, this earnings event could trigger a market-cap swing of up to $320 billion, the largest potential post-earnings move in the company’s history.

Investors are torn between two competing narratives:

• A beat-and-raise scenario may reinforce concerns about over-investment and inflated expectations.
• A modest beat might suggest AI demand is stabilising sooner than hoped, raising fears of slowing growth.

Recent sales of Nvidia shares by major players, including Peter Thiel’s hedge fund and SoftBank, have also fuelled caution.

What Wall Street Expects​

Q3 consensus forecasts (Bloomberg):

• EPS: $1.26 (vs. $0.81 a year ago)
• Revenue: $55.2B (vs. $35.1B a year ago)
  • Data Center: $49.3B
  • Gaming: $4.4B
• Gross Margin: 73.62% (vs. 75% last year)

Nvidia continues to model zero revenue from China, with no progress reported on US-China AI chip export negotiations. Given the company’s influence, any surprise, positive or negative, could ripple across semiconductor stocks, cloud providers, and the broader market.

Bitcoin Struggles as ‘Digital Gold’ Narrative Weakens​

Bitcoin’s performance continues to disappoint, with the world’s largest cryptocurrency falling nearly 30% from its 2025 peak. The decline has left Bitcoin lagging behind gold, long-term Treasuries, emerging market equities, and even traditionally low-growth sectors like utilities.

On Tuesday, BTC briefly dipped below $90,000, near the average entry price of ETF inflows since launch, before recovering to trade around $93,241.

Why BTC Is Underperforming​

Analysts point to several contributors:

• Lingering fallout from October’s crash, which liquidated ~$19B in leveraged positions.
• Weak risk sentiment stemming from sluggish Asian economic data and tech valuation corrections.
• Rising correlations between crypto and high-beta tech stocks ahead of Nvidia's results.
• Diminished confidence in Bitcoin as a hedge, diversifier, or store of value during recent market stress.

Options markets now imply less than a 5% chance of Bitcoin revisiting its $126,000 peak by year-end, with strong demand for downside protection between $85K–$80K. Despite near-term pressure, Bitcoin remains well above pre-election levels, and historically, sharp drawdowns have often set the stage for sizeable rebounds.

Conclusion​

Markets enter the midweek session on edge as investors brace for one of the most important earnings announcements of the quarter. With the Fed’s December meeting, AI valuation concerns, and crypto volatility all converging, sentiment may remain fragile until Nvidia provides clarity on the trajectory of AI-related demand.

The next 48 hours are poised to play a crucial role in shaping market direction into year-end, and potentially redefining the narrative around the AI boom, risk appetite, and the role of digital assets in diversified portfolios.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!

Click HERE to READ more Market news.

Andria Pichidi
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

 

[HFM.]

Date: 20th November 2025.

Nvidia’s Blowout Results Lift Global Stocks Ahead of Key NFP Jobs Data.

Asian Markets Rally After Strong Nvidia Earnings Boost Global Risk Sentiment​

Asian stock markets surged on Thursday after Nvidia reported quarterly earnings far exceeding expectations, easing fears that the AI-driven market rally may have overheated. The tech giant’s exceptional results helped lift global sentiment, sending US futures, Asian indices, and major tech stocks sharply higher.

Nvidia Earnings Spark Global Market Optimism​

Nvidia’s announcement of $57 billion in quarterly revenue, well above analyst forecasts, immediately reassured investors that demand for AI-related technologies remains resilient. The company’s earnings report helped push futures linked to the S&P 500 up 1.3% and Dow Jones futures up 0.7%, setting the tone for global trading.

Nvidia, which recently became the largest company on Wall Street after briefly crossing a $5 trillion valuation, rose 2.8% during Wednesday’s session and surged more than 5% in after-hours trading. With its growing weight in the index, the company’s results continue to play a significant role in shaping broader market direction.

Asian Markets Surge on Tech Strength​

Japan’s Nikkei 225 soared as much as 4.2% in early trading before settling to a 2.7% gain at 49,854.20 by the afternoon. Investors reacted positively to Nvidia’s performance, which lifted Asian semiconductor and technology stocks across the region.

South Korea’s Kospi advanced 2.5% to 4,026.12, supported by renewed strength in the chip sector. Samsung Electronics climbed 5%, while SK Hynix added 2.2%. Optimism was further boosted by reports that the United States may delay planned semiconductor tariffs, providing additional relief to the region’s exporters.

Not all markets shared in the rally. Chinese equities slipped, with the Hang Seng Index down 0.2% and the Shanghai Composite down 0.4%, as concerns resurfaced about the government’s next steps to stabilise the struggling property market. The People’s Bank of China left its one-year and five-year loan prime rates unchanged, adding to cautious sentiment.

Elsewhere, Taiwan’s Taiex gained 3.2%, India’s Sensex rose 0.4%, and Australia’s S&P/ASX 200 climbed 1.2% on strong tech-sector performance.

Wall Street Stabilises Ahead of Key US Data​

US markets experienced another volatile session on Wednesday before the S&P 500 closed 0.4% higher, breaking its longest losing streak in nearly three months. The Dow Jones Industrial Average added 0.1%, and the Nasdaq Composite rose 0.6%.

Investors remained focused on Nvidia throughout the day, using the company’s results as a barometer for the broader AI investment cycle. Nvidia’s ability to consistently deliver strong profits is central to calming fears that AI valuations have become excessive. The stock had recently pulled back about 10% from its highs, making the latest earnings report a crucial moment for the market.

Investors Await US Jobs Report and Fed Direction​

Market attention now shifts to the upcoming US September jobs report, a key indicator for assessing whether the Federal Reserve may continue cutting interest rates. The slowing labour market led the Fed to cut rates twice this year, and investors had been pricing in the possibility of another reduction in December.

However, recent comments from Fed officials suggested that policymakers may take a more cautious approach, especially as inflation remains above the 2% target. A potential pause in rate cuts has added fresh uncertainty at a time when equities remain sensitive to monetary policy signals.

Oil Prices Steady as Russia Sanctions Take Effect​

Oil prices stabilised after a sharp decline on Wednesday as traders assessed the impact of upcoming US sanctions on Rosneft and Lukoil, which take effect on Friday. Brent crude traded near $64 per barrel, while West Texas Intermediate hovered below $60. The sanctions have already begun redirecting global oil flows, particularly affecting shipments to India,and have prompted Lukoil to seek buyers for several international assets. At the same time, the European Union is exploring additional measures to tighten pressure on Moscow.

Currency Market Movements Reflect Broader Policy Expectations​

The US dollar strengthened to 157.58 yen, reflecting expectations that Japan may delay fiscal tightening as Prime Minister Sanae Takaichi increases spending to support the economy. The euro slipped slightly to $1.1523 as broader market uncertainty persisted.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!

Click HERE to READ more Market news.

Andria Pichidi
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

 

[HFM.]

Date: 24th November 2025.

Markets Rebound Ahead of Thanksgiving: Is a Fed Rate Cut Back on the Table?

US stock futures climbed on Monday as markets entered the shortened Thanksgiving trading week, supported by growing optimism that the Federal Reserve may move towards an interest-rate cut in December. The rebound comes after a broad pullback earlier in the month that eased the pace of 2025’s strong AI-driven equity rally.

Futures tied to major US indices showed a positive tone early in the day. Dow Jones Industrial Average futures edged higher by roughly 0.2%, S&P 500 futures advanced around 0.5%, and Nasdaq 100 futures gained close to 0.7%, signalling appetite for tech stocks after recent declines. The moves came as traders attempted to extend Friday’s rebound and position ahead of a data-heavy week.

Market sentiment improved following comments from New York Federal Reserve President John Williams, who noted that a December rate cut remains a possibility. His remarks offered relief after a series of cautious statements from other policymakers. Still, November has been a difficult month for equities. The S&P 500 fell about 2% last week, widening its month-to-date decline to roughly 3.5%. The Nasdaq Composite lost 2.7% and is now down more than 6% in November, while the Dow slipped nearly 2% over the same period and is off close to 3% for the month. The declines reflect a broader reassessment of stretched valuations, particularly across AI-related sectors that led gains earlier in the year.

The US is still dealing with the lingering impact of the longest government shutdown in its history, which has disrupted the release schedule for key data. Economic indicators are now slowly returning, and traders are watching closely. September’s producer price index and retail sales numbers are expected on Tuesday, followed by weekly jobless claims on Wednesday. These releases should help provide a clearer picture of inflation, consumer demand, and the potential timing of any Federal Reserve policy shift.

Earnings season is also winding down with a relatively quiet lineup. Reports from Alibaba, Dell Technologies, Kohl’s, Best Buy, and a few other retailers will be the highlights of the holiday-shortened week. US markets will be closed on Thursday for Thanksgiving and will operate on a shortened schedule on Friday, closing at 1 p.m. Eastern Time.

Trade policy remains another area of uncertainty. The Supreme Court is preparing to rule on whether the bulk of President Trump’s tariffs were imposed legally. According to reports, the Commerce Department and the Office of the US Trade Representative have been preparing contingency plans should the ruling go against the administration. The decision could have broad implications for global trade flows and corporate pricing strategies.

Gold prices edged lower on Monday as investors assessed the odds of a Federal Reserve rate cut before year-end, reducing demand for the precious metal. Gold futures traded near $4,055 an ounce after a modest weekly decline, with traders cautious amid mixed signals from US central bank officials.

Despite the uncertainty, comments from New York Fed President John Williams, who noted that there may be scope for a near-term reduction in borrowing costs, helped gold pare some losses on Friday, although the metal still ended the session in the red. The delayed release of economic data due to the government shutdown has made it more difficult for markets to gauge the true likelihood of policy easing. The return of September retail sales and producer-price data on Tuesday, along with jobless claims on Wednesday, should provide a more reliable read on the economic landscape. Futures markets currently assign a little over 60% probability to a quarter-point rate cut in December.

Gold has been consolidating after it surged to a record high above $4,380 per ounce on October 20. Even with recent softness, the metal remains up around 55% this year, supported by heightened geopolitical tensions, ongoing trade uncertainty, and concerns over deteriorating fiscal positions across major global economies. Analysts expect gold to continue trading within a relatively tight range for now. According to Ahmad Assiri, strategist at Pepperstone Group, the rate outlook is difficult to predict and may keep gold clustered around its current levels, creating an environment more conducive to two-way trading rather than sharp directional moves.

Spot gold slipped 0.3% to around $4,051.69 an ounce in Singapore trading. Silver held steady, while platinum and palladium posted gains. The Bloomberg Dollar Spot Index was little changed, providing limited support for bullion.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!

Click HERE to READ more Market news.

Andria Pichidi
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

 

[HFM.]

Date: 25th November 2025.

Asian Markets Rise as US Stock Rally Boosts Global Sentiment; Bitcoin Stabilises.

Asian stocks traded mostly higher on Tuesday, supported by a strong rally on Wall Street as investors increased their bets that the Federal Reserve may cut interest rates soon. Meanwhile, US futures slipped, oil prices fell, and Bitcoin attempted to recover after weeks of heavy selling.

Japan’s Nikkei 225 was little changed at 48,628.85 as markets reopened from a holiday. The index was pressured by a sharp 10.3% drop in SoftBank after concerns emerged that Google’s new Gemini AI model could challenge returns from SoftBank’s major investment in OpenAI.

In the rest of Asia:

• Kospi in South Korea rose 0.3% to 3,859.12.
• Taiwan’s Taiex jumped 1.5%, extending tech-sector strength.
• Hong Kong’s Hang Seng climbed 0.4% to 25,821.47.
• Shanghai Composite gained 0.9% to 3,872.45.
• Alibaba rose 1.6% ahead of its earnings release later in the day.
• Australia’s S&P/ASX 200 added 0.1%, closing at 8,537.00.

US Stock Market Rallies Ahead of Thanksgiving Week

US markets will pause on Thursday for the Thanksgiving holiday before Black Friday and Cyber Monday. Still, investors kicked off the shortened trading week with strong gains:

• S&P 500 jumped 1.5% to 6,705.12.
• Dow Jones added 0.4% to 46,448.27.
• Nasdaq Composite surged 2.7% to 22,872.01.

The rally was fuelled by rising expectations of a potential Fed rate cut in December, which would help support the US economy and boost equity valuations. AI-related stocks also drove momentum:

• Alphabet surged 6.3% on optimism around its latest Gemini AI technology.
• Nvidia climbed 2.1%, extending its AI-driven leadership.

Despite recent volatility, the S&P 500 remains within 2.7% of its all-time high, underscoring continued investor confidence in the US market outlook.

Markets are now awaiting the US Producer Price Index (PPI) for September, a major signal of inflation trends. Economists expect wholesale inflation to stay at 2.6% year-over-year.

A hotter-than-expected reading could reduce the likelihood of a December Fed rate cut, especially with inflation still above the central bank’s 2% target. Even so, traders currently price in an 85% probability of a rate cut, up sharply from last week’s levels.

In early Tuesday trading:

• WTI crude dropped 25 cents to $58.59 per barrel.
• Brent crude fell 30 cents to $62.42.
• The US dollar eased to 156.70 yen.
• The euro slightly declined to $1.1517.

Bitcoin, which has been under intense selling pressure in recent weeks, slipped 1.1% to $88,100, far below last month’s high near $125,000. The downturn erased over $1 trillion from the broader crypto market and drove Bitcoin to a seven-month low.

However, market signals suggest that the sell-off may be stabilising:

• Bitcoin’s 14-day RSI is now around 32, near oversold territory.
• Implied volatility on Bitcoin options has dropped to levels last seen in April.
• Put-option premiums have fallen sharply, with the cost of downside protection dropping from 11% to 4.5%, according to Orbit Markets’ Caroline Mauron.

‘This indicates that stress has eased significantly and investors believe Bitcoin may have found a near-term bottom,’ Mauron said.

Still, caution dominates the crypto space. Bitcoin remains on track for its worst month since 2022, and crypto ETFs appear set for their largest monthly outflows since launching.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!

Click HERE to READ more Market news.

Andria Pichidi
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

 

[HFM.]

Date: 28th November 2025.

Three Critical December Events That Will Shape Gold and the US Dollar.

November has been one of the few months where Gold and the US Dollar have simultaneously risen in value. Over the past 30 days Gold has risen 4.00% and the US Dollar by 1.15%. However, since 1 November the US Dollar has outperformed the precious metal.

The two instruments rarely rise simultaneously in value due to the inverse correlation. However, the US shutdown has made it possible for both assets to advance. Traders are now reassessing the outlook for both assets over the next one to two months, noting that both are unlikely to keep rising. Economists tend to support that one of the two tends to give way for the other to continue increasing.

The performance of the US Dollar Index and Gold will almost entirely depend on the next three days.

US Dollar Index 12-Hour Chart

10 December​

On 10 December, the Federal Reserve will make its decision on interest rates for the last time in 2025. The decision will be made three days after the release of the US Core PCE Price Index, therefore, their decision will also depend on this release. However, the US Core PCE Price Index has not seen any shocking releases over the past few months.

Currently, economists and investors are almost certain that the Federal Reserve will cut interest rates by 0.25%. According to the Chicago exchange, almost 80% of market participants believe the Fed will cut interest rates. The exchange also notes that 24% of traders believe the Fed will cut again in January 2026.

If the Federal Reserve cuts rates in December, Gold is likely to gain further, particularly if FOMC members point to economic or employment weakness. Simultaneously, the US Dollar Index may decline. Due to the rate adjustment already, economists and large institutions will largely be focused primarily on commentary about future rate adjustments. This is likely to be the biggest price driver, but the upcoming NFP figures may change how the Fed views interest rates in the first quarter of 2026.

16 December​

This is likely to be the most volatile day for the US Dollar Index, Gold and US indices. Due to the government shutdown, the previous NFP data had not been made public. On 16 December, the US will release the NFP Employment Change for both October and November. The release is a rare event where the US releases two months worth of data at once.

If the NFP report shows rising unemployment and weak job creation, the Federal Reserve may consider a larger rate cut. This could potentially include a 50-basis-point cut in January 2025. If the data is weak but the Fed does not opt for a larger cut, it will likely move towards smaller but more frequent rate reductions.

Another reason why 16 December is likely to be the most volatile day of the year is that, in addition to the NFP releases, the US will also publish its PMI data and ADP Weekly Employment Change. Therefore, investors will have plenty of data to analyse and digest. The most impactful news will be the NFP release, Unemployment Rate, PMI reports, Average Salary Earnings and then the ADP Weekly Employment Change.

18 December​

Only two days after the NFP release, markets are likely still adjusting their portfolios to reflect the new economic outlook, meaning volatility may remain elevated. However, the US is also set to publish its latest Consumer Price Index. Which will provide fresh insight into affordability, demand, and the Federal Reserve’s next steps.

If inflation reads lower than expectations or in line with expectations, Gold could potentially witness higher demand. Whereas, higher inflation paired with a cautious Fed would support the US Dollar.

Gold (XAUUSD)​

If the new releases support a dovish Federal Reserve for the first quarter of 2026, the price of Gold may potentially rise.

Possible targets include price ranges between: $4,381.30 and $4,555.00

HFM-Gold Daily Chart

US Dollar Index​

On the other hand, if the Federal Reserve is likely to opt for a prolonged pause due to higher inflation data and strong employment figures, the US Dollar potentially may rise instead of Gold.

In that case, Gold may potentially fall to prices between $3,831.00 and $3,605.50

Key Takeaway Points:​

• Gold and the US Dollar rose together in November, but both are unlikely to continue climbing in the coming months.
• Markets expect a Fed rate cut on 10 December, with guidance on future policy being the main focus.
• 16 December could be highly volatile, with two months of NFP data released alongside major economic reports.
• Weak NFP figures may push the Fed toward larger or more frequent cuts, supporting Gold and pressuring the Dollar.
• The 18 DecemberCPI release will guide early-2026 expectations and determine whether Gold or the Dollar gains momentum.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!

Click HERE to READ more Market news.

Michalis Efthymiou
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

 

[HFM.]

Date: 1st December 2025.

December Opens Strong: Stocks Up, PMIs Down, Oil Rebounds.

December opens with a surprisingly firm tone across global financial markets. Equities remain solidly positive for the year, with the MSCI World Index still trading just below its record highs from October. Despite concerns that higher global tariffs would damage economic activity, the impact has been more limited than feared. Supportive central banks and renewed optimism around artificial intelligence continue to underpin sentiment.

At the same time, attention is shifting toward consumer and holiday spending, an important indicator of how resilient demand remains amid affordability concerns and broader economic uncertainty. Early readings suggest holiday spending will be strong. Salesforce estimates global online Black Friday sales at $79 billion, while Adobe reported record online spending throughout the long weekend, including $11.8 billion on Black Friday alone. The National Retail Federation expects US November–December sales to exceed $1 trillion for the first time ever.

Central bank policy remains a key theme into year-end. The Federal Reserve and Bank of England are widely expected to cut rates by 25 basis points, while the ECB, BoC, BoJ and SNB are expected to hold steady.

US markets have shifted decisively back toward expectations of a December rate cut after weeks of uncertainty. Implied rates currently reflect roughly 20 bps of cuts for December and nearly 30 bps for the January meeting. Dovish remarks from NY Fed President Williams, combined with softer economic data, have outweighed the more hawkish tone from Chair Powell earlier in November.

This week brings a busy economic calendar with PCE price data, personal income and spending figures, ISM manufacturing and services reports, jobless claims, ADP employment, consumer sentiment, industrial production, and corporate layoff announcements. Notably, there is no Non-Farm Payrolls release this week due to the calendar structure.

Holiday spending remains a central focus. Despite inflation and a cooling labor market, consumers were highly active throughout the Black Friday and Cyber Monday period. Adobe expects Cyber Monday to reach $14.2 billion in online sales, while online spending over the weekend remained consistently strong. Retailers such as Macy’s, Kohl’s, Abercrombie & Fitch and others saw mixed performance as investors try to gauge how durable consumer demand will be going into 2025.

The December 10 FOMC meeting may still be contentious. Powell is expected to aim for broad consensus on a 25 bps cut, with some members, such as Miran, leaning toward a larger move. A signal of a likely pause in January may help minimize dissent within the committee and maintain policy credibility. Historically, more than two dissenting votes are rare, making Powell’s messaging especially important.

Asian markets began the week with a mixed tone. Japan’s Nikkei 225 fell nearly 2% after weaker corporate investment figures and another month of contraction in the Manufacturing PMI. The PMI rose slightly to 48.7, but remained below the 50 threshold for the fifth straight month, reflecting soft domestic and global demand.

China’s factory activity also contracted for the eighth consecutive month, highlighting ongoing economic challenges despite an extended trade truce with the US. Elsewhere, Hong Kong’s Hang Seng rose nearly 1%, supported by gains in tech, while the Shanghai Composite, Australia’s ASX 200, Taiwan’s Taiex, and Korea’s Kospi delivered modest or flat moves.

Weakness in regional PMIs reflects the lingering impact of US tariffs and weaker global manufacturing demand. However, exports in several Asian economies have shown signs of recovery in recent months, offering a partial offset to domestic softness.

US stock indices ended the post-Thanksgiving session higher, with the S&P 500, Dow Jones, and Nasdaq all advancing. Still, the tech sector was volatile through November. Nvidia closed the month with a double-digit loss, while Oracle and Palantir also posted steep declines. In contrast, Alphabet recorded a nearly 14% monthly gain on the back of excitement surrounding its Gemini AI model, reinforcing that AI developments remain a major driver of sector leadership.

Oil prices rose more than $1 per barrel early Monday after OPEC+ reaffirmed its intention to keep production hikes on hold during the first quarter. Brent traded above $63, while WTI hovered near $60.

However, November marked the fourth consecutive monthly decline for crude as expectations of a substantial supply surplus in 2026 weighed on sentiment. At the same time, geopolitical tensions, including US rhetoric toward Venezuela, Middle East instability, and damage to Kazakhstan’s pipeline infrastructure, continue to limit the downside and keep markets on edge.

The US dollar weakened against major currencies, with USDJPY sliding to 155.33 and the EURUSD rising slightly to $1.1609. Rate-cut expectations, shifting risk appetite, and improving global equity sentiment all contributed to the dollar’s softer tone.

Crypto markets experienced sharp losses after nearly $646 million in leveraged positions were liquidated across major exchanges. Bitcoin fell over 5% to around $86,000, while Ethereum dropped more than 6% to the $2,815 level. Altcoins such as Solana, XRP, BNB and Dogecoin also saw declines between 4% and 7%.

The majority of liquidations were long positions, indicating the move was driven primarily by forced unwinding rather than fundamental shifts in sentiment. Open interest in BTC and ETH futures fell further, suggesting the leverage accumulated during the October rally continues to wash out. With liquidity still thin and macro uncertainty elevated, intraday volatility is expected to remain high.

The first days of December offer a picture of resilient consumer spending, strong global equity performance, and cautious central banks preparing for year-end policy decisions. Yet challenges remain: Asian manufacturing continues to weaken, tech stocks are navigating renewed volatility, oil markets face conflicting forces, and crypto remains exposed to leverage-driven swings.

As the month progresses, markets are likely to remain sensitive to inflation data, central bank guidance, and holiday-related consumer trends. For now, the balance of risks suggests a cautiously optimistic tone, but with the potential for sharp moves across asset classes.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!

Click HERE to READ more Market news.

Andria Pichidi
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

 

[HFM.]

Date: 2nd December 2025.

Asian Markets Steady as BoJ Rate-Hike Signals Boost Global Yields and Trigger Bitcoin Drop.

Asian markets held steady on Tuesday following a volatile start to the week, as strong demand for Japanese government bonds helped stabilise sentiment after hawkish signals from the Bank of Japan unsettled global markets. Investors had been reacting to fresh expectations of a potential Bank of Japan rate hike, a shift that pushed global bond yields higher and weighed on risk assets.

A successful auction of 10-year Japanese government bonds offered some reassurance. Solid demand, particularly from domestic pension funds, signalled that investors still see value in JGBs even as Japanese bond yields rise to multi-year highs. This helped calm a market that has been on edge since Governor Kazuo Ueda’s recent comments revived speculation of policy tightening as early as this month.

The yen stabilised after Monday’s swings, and Japanese equities closed slightly higher, supported by financial stocks that typically benefit from higher interest rates. The backdrop of a weak yen and elevated import costs continues to place pressure on households and small businesses, further fuelling expectations that the BoJ may need to act sooner rather than later.

Carry Trade Risks in Focus as Investors Watch Yen Volatility

The renewed rise in global yields and the steady decline of the yen have also reignited discussions around the yen carry trade, a strategy where investors borrow yen cheaply to invest in higher-yielding assets abroad. While some fear that growing currency volatility could trigger an unwind, several economists noted that current market conditions do not yet suggest a large-scale reversal.

Asia-Pacific Markets Mixed After Wall Street Pullback

Across the wider region, Asian markets delivered a mixed performance. Hong Kong and South Korea posted notable gains, with the Kospi supported by strong demand for technology names such as Samsung Electronics and SK Hynix. Mainland Chinese shares were more subdued.

This followed a soft session on Wall Street, where major indices retreated as rising global bond yields reduced appetite for equities. Investors continue to reassess expectations for Federal Reserve policy, especially as US manufacturing data indicates ongoing pressure on hiring and supply chains.

Bitcoin Price Drops on Thin Liquidity and Macro Stress

Cryptocurrencies faced sharper declines. Bitcoin fell below key support levels in a fast, liquidity-driven drop that traders attributed to the combination of thin weekend markets and the sudden spike in global yields following the BoJ’s policy shift.

Another emerging concern is the pending MSCI methodology review that may affect companies with heavy crypto exposure on their balance sheets. A potential reclassification could force index funds to adjust positions, prompting capital outflows. Market participants say traders are already factoring in the possibility of such forced moves.

Despite broader market weakness, selective crypto ETFs, particularly those tracking Solana and XRP, continued to attract inflows. On-chain data also shows that leverage in the system has been gradually declining, which may help reduce future volatility even if short-term sentiment remains cautious.

Bank of England Loosens Capital Requirements as UK Banks Pass Stress Tests

In the UK, the Bank of England introduced a notable regulatory shift by lowering its benchmark for bank capital requirements, the first major adjustment since the post-2008 reforms. After major banks passed the latest stress tests with a comfortable buffer, the BoE signalled confidence in the sector’s resilience and encouraged lenders to support households and businesses more actively.

The central bank also noted that capital requirements in the UK remain comparatively high relative to the US and EU, prompting a review of leverage rules. The move has been welcomed by banks and is expected to support credit conditions in the coming year.

UK Pension Funds Reduce US Equity Exposure Amid Tech Concentration Risks

Meanwhile, several large UK pension schemes managing more than £200bn have been reducing their exposure to US equities. The rapid rise of the Nasdaq, driven largely by a handful of megacap technology companies, has raised concerns about concentration risk and the possibility of an AI-fuelled valuation bubble.

To safeguard retirement savers, many funds have diversified into other regions or added hedging strategies to mitigate the risk of sharp corrections in overvalued sectors.

Outlook: December Set to Shape Global Market Direction

Looking ahead, investors expect December to be a defining month for global markets.

• The Bank of Japan’s rate decision will be crucial for yen stability and Asian markets.
• The Federal Reserve meeting could confirm whether rate cuts are nearing.
• Crypto markets remain sensitive to potential MSCI-related reclassifications.
• UK banks will be adjusting to new capital rules.

For now, the easing of JGB volatility and selective gains across Asian equities provide a measure of stability. But with rising global yields, currency swings, and fragile liquidity in several asset classes, markets remain braced for further shifts as year-end approaches.


Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Click HERE to access the full HFM Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!

Click HERE to READ more Market news.

Andria Pichidi
HFMarkets

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.