Bloomberg Surveillance US-China Trade Talk Optimism Fuels Market Rally
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Oct 27, 2025 
Lori Calvasina, Head of U.S. Equity Strategy at RBC Capital Markets, shares insights on why solid earnings can obscure troubling revision trends in equity markets. Henrietta Treyz, Co-founder of Veda Partners, analyzes the ongoing U.S. government shutdown and its potential political impact, while highlighting the optimism surrounding U.S.-China trade talks. David Rosenberg, Founder of Rosenberg Research, provides a macro perspective, warning of a market rally amid economic weakness, low inflation expectations, and a cooling labor market.
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Market Jitters Despite Solid Earnings
- Investors feel jittery despite strong YTD gains because valuations are extended and revision momentum is slowing.
- Lori Calvasina warns valuation whiplash is driving caution even as headline earnings appear solid.
Earnings Momentum Is Decelerating
- Earnings are a solid foundation but upward revision rates have decelerated from mid-year peaks.
- Calvasina notes tech is the main outlier still bumping against all-time highs while other sectors slow.
Career Start During Dot‑Com Peak
- Lori Calvasina recounts starting her career in March 2000 and watching the tech implosion.
- She uses that experience to contrast today's valuations with the dot-com era.