Bloomberg Surveillance Stocks Set for Monthly Loss as CME Outage Disrupts Trading
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Nov 28, 2025 Max Kettner, Chief Multi-Asset Strategist at HSBC, dives deep into sinking Q4 earnings expectations and highlights a bullish stance on US equities and AI investments. Steve Sadove, former CEO of Saks Inc., shares insights on holiday retail trends and the creative strategies behind luxury brand management. Jeffrey Roach, Chief Economist at LPL Financial, discusses economic tailwinds for 2026, while Jordan Rochester analyzes the FX landscape, emphasizing market skepticism around UK borrowing forecasts. It's a rich blend of finance and innovation!
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Q4 Earnings Expectations Are Very Low
- Q4 earnings expectations have been cut sharply and now show a likely sequential drop versus Q3.
- Max Kettner warns the bar is so low that many sectors could still surprise to the upside.
Lean Into US Tech And Cyclicals
- Max Kettner recommends being long equities, especially US tech tied to AI capex.
- He also advises rotating into cyclicals like industrials to capture underestimated fundamentals.
High-Yield Technicals Are Supportive
- Credit technicals look supportive with improved index quality and a lighter maturity wall next year.
- Max expects limited room for spreads to widen and views credit as a carry-harvesting trade near term.