November Market Insights: Rotation Beneath the Surface
Global markets stalled in November 2025 as investors weighed a resolved U.S. shutdown against uncertain data and shifting monetary policy. Technology stocks pulled back, defensive sectors outperformed and global bonds stayed flat while precious metals lifted commodities.
In this article
Global markets paused in November after a stellar run earlier in 2025. Despite the resolution of the record 43-day U.S. government shutdown, uncertainty around economic data and monetary policy tempered investor enthusiasm. Developed markets eked out a modest +0.3% gain, while emerging markets lagged, weighed down by tech-heavy regions like Korea and Taiwan.
Technology stocks led the decline, falling 1.3%, as concerns over lofty valuations and aggressive AI-driven growth forecasts overshadowed NVIDIA’s strong earnings. This reversal marked a sharp contrast to earlier months, with defensive sectors such as healthcare and consumer staples outperforming cyclical names.
Earnings Strength vs. Market Reality
The U.S. earnings season remained robust:
- 81% of S&P 500 firms beat estimates
- EPS growth hit 13% year-over-year, supported by revenue and margin expansion
- The “Magnificent Seven” saw 2025 EPS growth expectations surge to 22%
Yet, markets barely moved (+0.1%), signalling that optimism may already be priced in. At Intrasia Wealth, we caution that high valuations often come with heightened risk if growth targets falter.
Regional Performance Snapshot
- Europe ex UK: Financials and IT strength lifted equities +1.1%
- UK: Modest +0.03% for FTSE 100, held back by consumer weakness
- Asia ex Japan: Profit-taking hit Korea (-3%) and Taiwan (-4%)
Fixed Income & Commodities
Global bonds were flat (+0.2%) amid mixed U.S. labour data and Fed policy uncertainty. U.S. Treasuries led gains (+0.6%), while Japanese bonds fell sharply (-1.3%). Commodities rose on precious metals strength, offsetting energy weakness.
Investor Takeaways
November’s rotation highlights the need for regional diversification and quality exposure. Defensive sectors are regaining favour and high-quality bonds remain critical for risk management,especially if AI optimism cools. As we look ahead to 2026, balancing growth ambitions with valuation discipline will be key.
Performance to 28 November 2025
| Indices | Value at close | 1M | YTD | 1Y | 3Y | 5Y |
|---|---|---|---|---|---|---|
| MSCI World | 2,373.92 | 0.0% | 21.6% | 18.7% | 19.2% | 12.5% |
| US | ||||||
| S&P 500 | 6,849.09 | 0.1% | 16.4% | 13.5% | 18.8% | 13.6% |
| Dow Jones | 47,716.42 | 0.3% | 12.2% | 6.2% | 11.3% | 10.0% |
| Nasdaq | 23,365.69 | -1.5% | 21.0% | 21.6% | 26.8% | 13.9% |
| Europe | ||||||
| CAC 40 | 8,122.71 | 0.0% | 10.1% | 12.3% | 6.4% | 8.0% |
| FTSE 100 | 9,720.51 | 0.0% | 18.9% | 17.3% | 8.7% | 9.2% |
| DAX | 23,836.79 | -0.5% | 19.7% | 21.5% | 18.3% | 12.4% |
| Asia | ||||||
| Nikkei 225 | 50,253.91 | -4.1% | 26.0% | 31.5% | 21.6% | 13.7% |
| Hang Seng | 25,858.89 | -0.2% | 28.9% | 33.1% | 11.6% | -0.4% |
| Sensex | 85,706.67 | 2.1% | 9.7% | 7.4% | 10.7% | 14.2% |
| Currencies | ||||||
| USD/MUR | 46.30 | 0.8% | -1.9% | -0.3% | 1.9% | 3.0% |
| GBP/MUR | 60.83 | 1.5% | 2.9% | 2.8% | 5.4% | 2.9% |
| EUR/MUR | 53.25 | 0.9% | 8.5% | 8.5% | 5.9% | 2.4% |
| GBP/USD | 1.3238 | 0.6% | 5.8% | 3.9% | 3.2% | -0.1% |
| EUR/USD | 1.1596 | 0.5% | 12.0% | 9.7% | 3.7% | -0.6% |
| Commodities | ||||||
| Oil (WTI) | 58.55 | -4.0% | -17.8% | -13.5% | -10.1% | 5.2% |
| Gold | 4,230.63 | 5.7% | 61.2% | 60.5% | 33.7% | 18.9% |
Source: Morningstar, Investing.com & Mauritius Commercial Bank Ltd
Disclaimer: Intrasia Wealth Ltd (IWL) does not warrant for the correctness and accuracy of the information herein contained which is provided for indicative purposes only. IWL shall not, in any circumstance whatsoever bear responsibility or be held liable for any error, or omission, or any loss which may arise as a result of your reliance upon the present data.
This article is general market commentary, not investment advice or a personal recommendation. The value of investments can fall as well as rise, and past performance is not a guide to future returns. Written and reviewed under our editorial standards.
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