1 December 2025 | Weekly Snapshot
Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 1 December 2025
Did you know?
Google released their newest AI model recently, Gemini 3.0. It is said to be industry leading. The below diagram shows the market share across existing leading AI models before the release of Gemini 3.0. From an investment point of view, the race still seems to be led by the largest companies (i.e. the ‘Other” category remains low and stable at approx. 15%). This is good news given we can invest in the leaders. It would be problematic for investors when an unknown private company comes through the ranks and takes market share away from the big listed companies. This is a risk we are keenly watching.
Market Movements
The Australian market rose 2.7% last week in a broad-based rally, with Healthcare (up 4.3%) and Industrials (up 4.2%) leading the gains. Resources also performed well, rising 3.3%, supported by stronger commodity prices including copper (up 3.0%) and gold (up 3.1%). Energy was the only sector in negative territory, down 0.1% as oil prices fell 0.3%. Among individual stocks, Wisetech surged 11.0% and BlueScope Steel rose 10.5%, whilst Suncorp fell 6.1%.
Overseas, it was also a strong week across global equity markets. The S&P 500 rose 3.7% whilst the tech-heavy Nasdaq was up 4.9%. All sectors were higher with Financials (up 3.0%), Consumer Discretionary (up 3.2%) and Industrials (up 3.0%) performing well. Among US holdings, Broadcom was a standout, rising 18.5%, whilst Tesla gained 10.0%. Nvidia didn’t follow suit, down 1.1%. Google shares surged on optimism around their recently released Gemini 3 AI model. Some reports noted that Google has surpassed their competitors (Chat GPT, Anthropic, et al), putting the company in a significant lead in AI development race.
On economics, October inflation accelerated to 3.8% in Australia, up from 3.6%. Prices pressures were broad-based, and Government policy is having a big impact across Housing inflation (prices up 5.9%) as immigration continues to surge and Electricity (up 37.1%) alongside ongoing energy supply constraints.
Portfolio Movements
QBE provides solid Q3 update – Announces buyback
- Insurance giant QBE has provided a Q3 update, reiterating revenue growth of mid single digits and high teens ROE.
- FY26 guidance also looks pretty good with the Combined Operating Ratio expected to hold around the 92.5% level. They commented that profitability remains attractive across the majority of lines.
- A 12 month on-market buyback of $450M commencing 12-Dec was also announced.
Ramsay Healthcare pops 13% on better Q1 trends
- Australia’s leading private Hospital owner / operator rose 13% last week after they provided a positive Q1 update at their AGM.
- The company noted improved Q1 trends and strong activity growth for their core Australian hospitals with revenue up 6.5% on Q1 last year and EBIT up 5.8%.
- The offshore businesses remain problematic though. A new CEO has been appointed to try to turn Elysium in the UK around. And they have finalised the strategic review of options for RamsaySanté. They didn’t say what those options were, but are committed to executing one of these options by the first half results in Feb.
Qube gets takeover bid from Macquarie, up 19% on news
- Qube were up 19% to $4.86 on a cash takeover proposal from Macquarie at $5.20/share.
- We feel this one has a better chance of going through (unlike the recent Santos takeover proposal) but will still take time.
- Qube is Australia’s leading provider of logistics and has been a long-term portfolio holding.
The Week Ahead
- Monday 1 December: Japan Capital Spending YoY (3Q) 6.0% (prior 7.6%).
- Tuesday 2 December: USA S&P Global US Manufacturing PMI (Nov F) 51.9 (prior 51.9), ISM Manufacturing (Nov) 49 (prior 48.7), Housing Starts (Sep) 1,330k (prior 1,307k), New Home Sales (Sep) 716k (–no prior due to US Gov Shutdown–), Trade Balance (Sep) -$63.2b (prior -$59.6b). Australia Building Approvals MoM (Oct) -5.0% (prior 12.0%).
- Wednesday 3 December: Australia GDP QoQ (3Q) 0.7% (prior 0.6%), GDP YoY (3Q) 2.2% (prior 1.8%).
- Thursday 4 December: USA Industrial Production MoM (Sep) 0.1% (prior 0.1%), ISM Services Index (Nov) 52.0 (prior 52.4). Australia Trade Balance (Oct) A$4,500m (prior A$3,938m).
- Friday 5 December: USA Initial Jobless Claims (Nov 29) 222k (prior 216k).
Saward Dawson Wealth Advisors Pty Ltd, a Corporate Authorised Representative of Akambo Pty Ltd t/a Accountants Private Advice
The information presented in this publication is general information only, and is not intended to be financial product advice. It has not been prepared taking into account your investment objectives, financial situation or needs, and should not be used as the basis for making an investment decision. Before making any investment decision you need to consider (with your financial adviser) your particular investment needs, objectives and financial circumstances.
Some numerical figures in this publication have been subject to rounding adjustments. Akambo Pty Ltd (including any of its directors, officers or employees) will not accept liability for any loss or damage as a result of any reliance on this information. The market commentary reflect Akambo Pty Ltd’s views and beliefs at the time of preparation, which are subject to change without notice.
