{"id":7470,"date":"2025-12-03T18:49:23","date_gmt":"2025-12-03T18:49:23","guid":{"rendered":"https:\/\/abingdonwealth.com.au\/?p=7470"},"modified":"2025-12-03T18:49:24","modified_gmt":"2025-12-03T18:49:24","slug":"bassanese-bites-nvidia-earnings-to-highlight-week-ahead-17-november-2025","status":"publish","type":"post","link":"https:\/\/abingdonwealth.com.au\/index.php\/2025\/12\/03\/bassanese-bites-nvidia-earnings-to-highlight-week-ahead-17-november-2025\/","title":{"rendered":"Bassanese Bites: Nvidia earnings to highlight week ahead &#8211; 17 November 2025"},"content":{"rendered":"<p>US equities were flat overall last week, with optimism around the re-opening of the federal government tempered by ongoing valuations concerns and trepidation ahead of the release of delayed economic data.<\/p>\n<div class=\"v2-image-container relative inline-block cursor-zoom-in overflow-hidden rounded-md group\" data-enlarge=\"true\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-81726\" src=\"https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart1-2.webp\" sizes=\"auto, (max-width: 1519px) 100vw, 1519px\" srcset=\"https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart1-2.webp 1519w, https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart1-2-300x262.webp 300w, https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart1-2-1400x1222.webp 1400w, https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart1-2-768x670.webp 768w\" alt=\"\" width=\"1519\" height=\"1326\" \/>\n<div class=\"absolute bottom-2.5 right-2.5 bg-darkestGray bg-opacity-80 rounded-full p-1.5 transition-transform transform group-hover:scale-125\">\u00a0<\/div>\n<\/div>\n<div class=\"v2-image-container relative inline-block cursor-zoom-in overflow-hidden rounded-md group\" data-enlarge=\"true\">\n<p>\u00a0<\/p>\n<div class=\"absolute bottom-2.5 right-2.5 bg-darkestGray bg-opacity-80 rounded-full p-1.5 transition-transform transform group-hover:scale-125\">\u00a0<\/div>\n<\/div>\n<h2>Global week in review: Washington re-opens!<\/h2>\n<p>Last week started positively, with news of a deal in Washington to allow the re-opening of the US government. The compromise deal \u2018kicked the can down the road\u2019 on the contentious issue of US healthcare insurance subsidies, but at least allowed planes back in the sky and food support for those most in need. This produced a series of positive news events, with the deal first passing the Senate, then the House of Representatives and finally signed into law by President Trump.<\/p>\n<p>Tempering this positive news were lingering concerns over equity valuations and growing discussion over whether the AI boom was turning into a bubble. Also dampening investor enthusiasm were a series of Fed speakers all generally pushing back on a December rate cut \u2013 markets now see it as only a 50-50 proposition. Last but not least was trepidation over what official economic data will tell us about the health of the US economy, now that official figures will start being released again.<\/p>\n<p>On perhaps a positive note, President Trump announced cuts to tariffs on various foods, effectively acknowledging \u2013 without admitting it openly \u2013 that they\u2019ve had some effect in raising prices. He also struck a deal with Switzerland, lowering its tariff from 39% to 15%.\u00a0<\/p>\n<h2>Global week ahead: Nvidia and payrolls<\/h2>\n<p>We\u2019ll get important updates on two key market concerns this week: the state of US corporate earnings and the economy. Nvidia, the major supplier of computer chips in today\u2019s AI boom and now the world\u2019s most valuable company, will release earnings on Thursday morning Australia time. With growing talk of an AI bubble, the market will be seeking reassurance that demand for its chips and its profitability remain strong.<\/p>\n<p>On Thursday morning US time, we also get the belated release of the US September payrolls report, amid heightened concerns that the US labour market is slowing. Last week\u2019s ADP payrolls report suggested employment continued to grow in October, albeit the pace of growth had slowed from earlier this year. For markets, a weak payrolls report could be mixed news as, while it poses downside economic risks, it might also increase the chances of a Fed rate cut next month.\u00a0<\/p>\n<p>Of some concern are estimates suggesting that AI investment spending has accounted for a big chunk of US economic growth so far this year. Were it not for the AI boom, tariff mayhem and immigration cuts might have left the overall economy looking a lot worse.\u00a0\u00a0<\/p>\n<p>Minutes from the October Fed meeting \u2013 at which rates were cut a further 0.25% \u2013 will also be released.\u00a0<\/p>\n<h2>Global equity trends<\/h2>\n<p>Equity returns were fairly subdued across the globe last week, although among the markets we track Europe fared best and Australia the worst. The NASDAQ-100 slipped only marginally, following its 3% decline in the previous week.\u00a0<\/p>\n<p>Underlying trends remain as follows: the NASDAQ-100 has still performed relatively well of late. We\u2019ve also seen stronger relative performance in Japan and emerging markets, although not Europe or (sadly) Australia.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-81727\" src=\"https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart2-2.webp\" sizes=\"auto, (max-width: 1699px) 100vw, 1699px\" srcset=\"https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart2-2.webp 1699w, https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart2-2-300x204.webp 300w, https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart2-2-1400x951.webp 1400w, https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart2-2-768x522.webp 768w\" alt=\"\" width=\"1699\" height=\"1154\" \/><\/p>\n<h2>Australian week in review: RBA holds as expected<\/h2>\n<p>The local market underperformed again last week with both economic data and RBA commentary all suggesting little prospect of a year-end rate cut.<\/p>\n<p><a href=\"https:\/\/www.betashares.com.au\/insights\/nvidia-to-report\/?lid=vtepcrfrqqf1&amp;utm_source=bs_email&amp;utm_medium=email&amp;utm_campaign=251117_mkt_etf_newsletter_all_bb&amp;utm_content=&amp;email=research@abingdonwealth.com.au&amp;userId=3597ff46-d961-45ec-908f-9a6a9ad93683#_ftnref1\" name=\"_ftn1\"><\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-81728\" src=\"https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart3-2.webp\" sizes=\"auto, (max-width: 1519px) 100vw, 1519px\" srcset=\"https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart3-2.webp 1519w, https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart3-2-300x261.webp 300w, https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart3-2-1400x1217.webp 1400w, https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart3-2-768x667.webp 768w\" alt=\"\" width=\"1519\" height=\"1320\" \/><\/p>\n<p>The week began on a dour note, with a speech by RBA Deputy Governor Andrew Hauser noting that the current rate cut cycle is taking place against the backdrop of lower-than-usual economic spare capacity \u2013 suggesting rate cuts might also not be as deep as usual.\u00a0<\/p>\n<p>Of course, all this depends on the trend in inflation. If it turns out that underlying inflation does fall to the middle of the RBA\u2019s 2-3% target band next year (as I expect), academic discussion of output gaps will be moot and the RBA would still likely ease policy rates back to a more neutral setting closer to 3%.<\/p>\n<p>Local economic data was also fairly upbeat, with a surprise 12% bounce in the Westpac measure of consumer confidence (likely reflecting stronger house prices) and a further modest lift in the NAB survey measure of business activity. Both business and consumer confidence are now around their long-run average levels.<\/p>\n<p>To cap off the week,\u00a0<a href=\"https:\/\/www.betashares.com.au\/insights\/oct-2025-labour-force\/?utm_source=bs_email&amp;utm_medium=email&amp;utm_campaign=251117_mkt_etf_newsletter_all_bb&amp;utm_content=&amp;utm_term=direct\" target=\"_blank\" rel=\"noopener\">October employment<\/a>\u00a0rose a stronger than expected 42k, with the unemployment rate edging back down to 4.3% from 4.5%.\u00a0 \u00a0<\/p>\n<h2>Australian week ahead: Labour market test<\/h2>\n<p>Given local discussion of output gaps and labour market tightness, Wednesday\u2019s Q3 wage price index report will be of interest \u2013 the market is expecting another fairly mild 0.8% increase. Modest wage growth argues against the idea that the labour market is too tight, although some might say it reflects poor productivity growth and that unit labour cost inflation remains firm.\u00a0<\/p>\n<p>Also of note tomorrow will be minutes from the RBA\u2019s recent policy meeting, although we\u2019re unlikely to learn much new on the Bank\u2019s thinking. RBA Assistant Governor Sarah Hunter will also share her views on Thursday.\u00a0<\/p>\n<h2>Australian equity trends<\/h2>\n<p>Dampened rate cut hopes have generally hurt high-beta local equity themes of late such as technology and small caps. Last week technology suffered further, although small caps managed to post a small gain.<\/p>\n<p>In the large cap space, resources are going from strength to strength with another solid gain last week while financials and property fell back.\u00a0<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-81729\" src=\"https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart4-1.webp\" sizes=\"auto, (max-width: 1699px) 100vw, 1699px\" srcset=\"https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart4-1.webp 1699w, https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart4-1-300x205.webp 300w, https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart4-1-1400x957.webp 1400w, https:\/\/www.betashares.com.au\/wp-content\/uploads\/2025\/11\/chart4-1-768x525.webp 768w\" alt=\"\" width=\"1699\" height=\"1161\" \/><\/p>\n<h2><strong>Have a great week!<\/strong><\/h2>\n<p><strong><a style=\"font-size: inherit;\" href=\"https:\/\/l.mail.betashares.com.au\/ls\/click?upn=u001.tNBRgBKzgu8PBYzxpXaBkquG5GbXplWX57Egg1DiQMxSf1tjG3aDkqwoXG-2BB7EcXEsT-2BjCkCXHJGg-2FHqiXmktcghV9jnVKcUq-2F80nA9zmmqHhzWqtKewuHVghs-2F4pK6zr7jwH7ua-2FZaE-2BLVlzNmFofGV9XpzgNyxRQ7zw1JyXlhW0hJBJ-2FiWxm0j5mPHsj0qtoVXhbz71uJieXEhnr1B34diU-2FlN2Mt6j-2Fs5byVVVcET6jMii6SA5dIrmYDhgEub4VJCH9jDBJSuBtbJGxaSBI0Uh6gxCWgFVkTM22dkMFSMtrOYDH7oGifngD6v65Dp7S8IdKFXO-2BV-2FZIw6quFEj-2Fcu2-2BxrOOGdCnk3JXebzTk-3DZ0Cr_OHU2wPP6rhOenvGhcT-2FWNqvcmpj2NAj9XGEaN-2BkXAccr5-2FQ-2FAU4YzL4-2FXD14HvlqoiNJaoVMW60KtT5io3aQC6C-2FKACZW4XtdULm8U8xd6xZlFFsJMifyovQ3wjUi3maS3Wx06URHHZlpisa9EeAM4fiYn4YHjvDnd2jyV-2BY-2FkCbzq3527wKHsLMojVBtykkJ5-2FFTrMuPeINq8cchnrTEPN6wjYEQsr2-2BdrGYamnD2lgfUfxWpd7y96A57aAc-2F8fy0ckkSp-2FqbQUwqYkV9WaNaxzVrrc3JOeR49CbAPUnE3IhTBkzcjQLdbZWNgQe9ClRpGbOb3EgXiBhRijwb57vKoAdY0XTpeV-2FfjQAqWqw6Yu9Alf4sak1kqcazcird7DAIDlaDPKZck1SZnwPmTnzRpf4KbvfCrFIif8E0Nk2FP-2Fx1muz4tpXN8X5RehpK2QKuoZe4UNQke-2F5eJi3suisq4gT-2FGrmbPsjytsAlLDSm3ySrgRXfYOm6CSOgIeUwCZPBVkXVxQZq7pPWbIBjXBXMXfzxI8QNx9pvOLdIUBTzpZ-2BFarPcZdTlzpbzRRyygjsb0jRPyEaJIvp3jxlL7hXeHeScMNrXa0VCj5Ft9eMHTfBlyfMzM7TV0Syzt8YFjxnFnVMEUwba7vqSTjpaJ45K-2Fc0ekdUKwLscTy8KgM8-2FWHmDksSF1CeF5JT3xOugQQmrskhspT6A4hsCCk7jb44w-3D-3D\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to read my full post<\/a><\/strong><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global week in review<\/p>\n<p>Global equities pushed higher last week, helped by solid US earnings reports and the completion of more major US trade deals.\u00a0<\/p>\n<p>Trump causes Japan and Europe to blink\u00a0<\/p>\n<p>Say what you like about US President Donald Trump but he does appear to have secured some fairly good trade deals with both Japan and the European Union \u2013 at least from his perspective. Both major US trading partners have agreed to a 15% tariff on most of their goods imported into the US, along with a commitment to invest billions into the US economy \u2013 and without trade retaliation!<\/p>\n<p>While this still amounts to a tax on US corporations and\/or households, markets will likely construe these deals as a win for Trump \u2013 major economies are rolling over just to get a deal done so we can all move on with our lives. As I noted last week, to the extent that most trading partners will face similarly stiff tariffs, they should not lose much competitiveness (at least against each other) with regard to selling into the US market.\u00a0<\/p>\n<p>Reports suggest an updated deal with China is also in the wings.\u00a0<\/p>\n<p>Is this good news?<\/p>\n<p>From a markets perspective, all this is great news \u2013 there are good grounds to think that tariff uncertainty will soon be behind us and the overall level of tariffs won\u2019t be enough to tip the US economy into recession.\u00a0<\/p>\n<p>That said, we do likely face a few months of higher-than-usual US monthly inflation gains (as some of the tariffs are passed through to prices) but markets seem well prepared for this. Provided this remains a one-off hit to the price\u00a0level\u00a0\u2013 and is not entrenched into higher\u00a0inflation\u00a0through a wage-price spiral \u2013 it\u2019s an acceptable outcome for markets.\u00a0<\/p>\n<p>There will also likely be some hit to US profits and household real incomes, which could temporarily slow economic growth. But the tariff hit is coming at a time of still-resilient US economic growth and easing underlying inflation pressures. Offsetting the tariff hit (to an extent) will be reduced trade uncertainty and the Fed waiting in the wings to cut interest rates further as required.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[10],"class_list":["post-7470","post","type-post","status-publish","format-standard","hentry","category-bassanese-bites","tag-format","post-no-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bassanese Bites: Nvidia earnings to highlight week ahead - 17 November 2025 - Abingdon Wealth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/abingdonwealth.com.au\/index.php\/2025\/12\/03\/bassanese-bites-nvidia-earnings-to-highlight-week-ahead-17-november-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bassanese Bites: Nvidia earnings to highlight week ahead - 17 November 2025 - Abingdon Wealth\" \/>\n<meta property=\"og:description\" content=\"Global week in review Global equities pushed higher last week, helped by solid US earnings reports and the completion of more major US trade deals.\u00a0 Trump causes Japan and Europe to blink\u00a0 Say what you like about US President Donald Trump but he does appear to have secured some fairly good trade deals with both Japan and the European Union \u2013 at least from his perspective. Both major US trading partners have agreed to a 15% tariff on most of their goods imported into the US, along with a commitment to invest billions into the US economy \u2013 and without trade retaliation! While this still amounts to a tax on US corporations and\/or households, markets will likely construe these deals as a win for Trump \u2013 major economies are rolling over just to get a deal done so we can all move on with our lives. As I noted last week, to the extent that most trading partners will face similarly stiff tariffs, they should not lose much competitiveness (at least against each other) with regard to selling into the US market.\u00a0 Reports suggest an updated deal with China is also in the wings.\u00a0 Is this good news? From a markets perspective, all this is great news \u2013 there are good grounds to think that tariff uncertainty will soon be behind us and the overall level of tariffs won\u2019t be enough to tip the US economy into recession.\u00a0 That said, we do likely face a few months of higher-than-usual US monthly inflation gains (as some of the tariffs are passed through to prices) but markets seem well prepared for this. Provided this remains a one-off hit to the price\u00a0level\u00a0\u2013 and is not entrenched into higher\u00a0inflation\u00a0through a wage-price spiral \u2013 it\u2019s an acceptable outcome for markets.\u00a0 There will also likely be some hit to US profits and household real incomes, which could temporarily slow economic growth. But the tariff hit is coming at a time of still-resilient US economic growth and easing underlying inflation pressures. Offsetting the tariff hit (to an extent) will be reduced trade uncertainty and the Fed waiting in the wings to cut interest rates further as required.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/abingdonwealth.com.au\/index.php\/2025\/12\/03\/bassanese-bites-nvidia-earnings-to-highlight-week-ahead-17-november-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Abingdon Wealth\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-03T18:49:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-03T18:49:24+00:00\" \/>\n<meta name=\"author\" content=\"Mike Avey\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Avey\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/abingdonwealth.com.au\\\/index.php\\\/2025\\\/12\\\/03\\\/bassanese-bites-nvidia-earnings-to-highlight-week-ahead-17-november-2025\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/abingdonwealth.com.au\\\/index.php\\\/2025\\\/12\\\/03\\\/bassanese-bites-nvidia-earnings-to-highlight-week-ahead-17-november-2025\\\/\"},\"author\":{\"name\":\"Mike Avey\",\"@id\":\"https:\\\/\\\/abingdonwealth.com.au\\\/#\\\/schema\\\/person\\\/8da42c906cebd4d6b6f6134563a3a92c\"},\"headline\":\"Bassanese Bites: Nvidia earnings to highlight week ahead &#8211; 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Both major US trading partners have agreed to a 15% tariff on most of their goods imported into the US, along with a commitment to invest billions into the US economy \u2013 and without trade retaliation! While this still amounts to a tax on US corporations and\/or households, markets will likely construe these deals as a win for Trump \u2013 major economies are rolling over just to get a deal done so we can all move on with our lives. As I noted last week, to the extent that most trading partners will face similarly stiff tariffs, they should not lose much competitiveness (at least against each other) with regard to selling into the US market.\u00a0 Reports suggest an updated deal with China is also in the wings.\u00a0 Is this good news? From a markets perspective, all this is great news \u2013 there are good grounds to think that tariff uncertainty will soon be behind us and the overall level of tariffs won\u2019t be enough to tip the US economy into recession.\u00a0 That said, we do likely face a few months of higher-than-usual US monthly inflation gains (as some of the tariffs are passed through to prices) but markets seem well prepared for this. Provided this remains a one-off hit to the price\u00a0level\u00a0\u2013 and is not entrenched into higher\u00a0inflation\u00a0through a wage-price spiral \u2013 it\u2019s an acceptable outcome for markets.\u00a0 There will also likely be some hit to US profits and household real incomes, which could temporarily slow economic growth. But the tariff hit is coming at a time of still-resilient US economic growth and easing underlying inflation pressures. Offsetting the tariff hit (to an extent) will be reduced trade uncertainty and the Fed waiting in the wings to cut interest rates further as required.","og_url":"https:\/\/abingdonwealth.com.au\/index.php\/2025\/12\/03\/bassanese-bites-nvidia-earnings-to-highlight-week-ahead-17-november-2025\/","og_site_name":"Abingdon Wealth","article_published_time":"2025-12-03T18:49:23+00:00","article_modified_time":"2025-12-03T18:49:24+00:00","author":"Mike Avey","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Mike Avey","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/abingdonwealth.com.au\/index.php\/2025\/12\/03\/bassanese-bites-nvidia-earnings-to-highlight-week-ahead-17-november-2025\/#article","isPartOf":{"@id":"https:\/\/abingdonwealth.com.au\/index.php\/2025\/12\/03\/bassanese-bites-nvidia-earnings-to-highlight-week-ahead-17-november-2025\/"},"author":{"name":"Mike Avey","@id":"https:\/\/abingdonwealth.com.au\/#\/schema\/person\/8da42c906cebd4d6b6f6134563a3a92c"},"headline":"Bassanese Bites: Nvidia earnings to highlight week ahead &#8211; 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