Market Update November 2025: Your Stock Market News

The past weeks were shaped by a market environment defined by a mix of macroeconomic resilience, regional divergences, and increasingly selective market breadth. Despite geopolitical tensions, trade-policy uncertainties, and regulatory debates, many economies continue to prove more robust than expected. Solid corporate earnings, strong household balance sheets, and gradually easing inflation support the global picture.

Geopolitical Developments

United States: A Stress Test with a Resilient Core

The U.S. economy is currently sending mixed signals. Growth is losing momentum, yet consumption and investment remain surprisingly stable.

• Labor Market: While ADP job growth surprised to the upside, Challenger reports showed a notable rise in layoffs, especially in tech and AI-adjacent sectors.
• Sentiment: Political uncertainty weighed on confidence; the Michigan index dropped to its lowest level in three and a half years.
• Corporate Earnings: Many companies delivered solid results despite cooling economic conditions.
• Macro Trend: The key buffer remains exceptionally strong private-sector balance sheets, a central factor mitigating recession risks.
  The Fed is expected to shift to a more neutral stance starting in December, with three 25-basis-point rate cuts paving the way for a more constructive 2026.

Europe: Gaining Momentum Again

Europe recently surprised to the upside, showing significantly more dynamism than expected.

• Economy: In October, the Eurozone reached its highest activity level in over two years. New manufacturing orders rose sharply.
• Companies: Many firms exceeded earnings expectations, reflected in rising analyst revisions.
• Valuations: European equities remain attractively valued in historical terms, although medium- to long-term momentum remains closely tied to global demand.

Switzerland: Defensive Strength and Convincing Results

Switzerland stands out as one of the clear beneficiaries of the current phase.

• SMI: Over 3% performance in November, at times the strongest market among developed economies.
• Earnings Season: Broadly positive across almost all sectors.
• Insurers: Supported by steeper yield curves and strong capital ratios.
• Real Estate: Swiss property values remained stable; lower rate pressure and minimal vacancy rates provide support.

Asset Classes at a Glance

Equities: Strong, but Increasingly Selective

Globally, companies reported the strongest earnings momentum in three years. At the same time, market breadth continues to narrow, especially in the U.S.

United States: Continued heavy dependence on a handful of large tech leaders.

Corrections in selected AI names after overly ambitious expectations.

For 2026, many indicators point to an early-cycle environment with broader market leadership. Financials, industrials, and small caps traditionally benefit from recoveries, increased investment activity, and normalized yield curves.

Europe: Positive economic signals and solid earnings supported banks and industrials.

Switzerland: Insurers, pharma, and industrials led performance; the Q3 season underscores the market’s structural stability.

Asia & Emerging Markets: China remains weighed down by structural weaknesses. India, Brazil, and parts of the Middle East showed clear strength.

Fixed Income: Yields Are Back

The outlook for bonds has improved noticeably. Several major institutions expect:

a series of Fed rate cuts, easing tariff-related inflation pressures, monetary policy normalization in Europe. This brings longer duration back into focus as an attractive portfolio component.

Swiss Real Estate – Robust Fundamentals

High demand in urban areas, low vacancy rates, and declining rate pressure continue to support the performance of Swiss real estate, both funds and listed companies.

Commodities: Selective Strength

• Precious Metals: Gold and silver remained stable, serving as safe havens.
• Energy: AI-driven electricity demand provided positive impulses in selected segments.
• Industrial Metals: Still under pressure, mainly due to weak Chinese demand.

Everon Strategies

Multi-Factor Strategy

Our Multi-Factor strategies, Global, Switzerland Focus and Switzerland Only, achieved solid results in Europe and Switzerland. Broad diversification acted as a stabilizer and contributed meaningfully to performance. In the U.S., equal weighting was temporarily at a disadvantage, as major benchmarks were dominated by a few mega caps. Historically, however, equal-weighted structures tend to outperform when market leadership broadens, as expected for 2026.

Income Strategy

Our Income strategies clearly outperformed their dividend benchmarks across all regions. Particularly noteworthy is the Swiss strategy, which generated around 21% return, driven by quality factors, defensive stability, and a focused selection process.

Conclusion

A market that continues to offer support, but remains selective. The U.S. remains stable with early signs of strain, Europe is surprisingly positive, Switzerland is defensively strong, and emerging markets remain polarized.

Our focus remains unchanged : prioritise quality, apply diversification consistently, and rely on structurally robust strategies.