10 November 2025 | Weekly Snapshot

Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 10 November 2025

Did you know?

The total assets across the Australian Superfunds is about to breach $4T. Our superfunds are still in a position of ‘net inflows’, meaning that contributions continue to exceed outflows (pensions payments, etc). All this money has to find a home and can explain, in some part, why valuations across some of our favourite large companies are quite high.

Market Movements

Markets took a breather last week. The ASX was down 1.6% with only telecoms (up 0.6%) and energy (up 1%) higher. Tech stocks led the market lower (down 5%) with some reality returning to valuations. Goodman Group, which generates over half of their revenues from datacentre expansions, was down 6% last week as one example.

ANZ and NAB reported half year results. ANZ’s earnings were lower by 29% by virtue of large one-off employment and software expenses. NAB’s net income was flat on same time last year.

James Hardie (JHX) was down 19% last week after some abnormal trading on Thursday. The stock down some 15% before they went into a trading halt. They explained the move alongside a recent exclusion from the MSCI Australia index. This was odd in context of peer US homebuilders’ stocks, some of whom were significantly weaker on the US market earlier that night. At the recent AGM, JHX shareholders voted to remove the existing chair and two directors in a show of disdain alongside JHX’s Azek acquisition, whereby Australian shareholders had been excluded from being able to vote on the material US acquisition. Last week’s activity doesn’t show that the JHX board have learned their lessons.

In the USA, tech stocks also led the market lower with the Nasdaq index down 3%. Explaining these moves could likely be the Q3 reporting season in the USA, which was strong, but not strong enough to justify the valuation backdrop. 91% of S&P 500 companies have now reported with an EPS growth of 13.1%, above the 7.9% expected. Meta gave revenue guidance of +19% next quarter, but that expenses would grow at a faster rate. Microsoft guided for revenue growth of 15% next quarter with stable operating margins and higher capex growth. The below chart shows the valuation level for the S&P500 in orange, which is historically high, but is somewhat backwards looking in being reflective of the recent earnings growth rates.

On economics, the RBA held the cash rate steady. Australia building approvals 12% m/m in September. The US government shutdown means that news is ‘light on’. A private sector report showed Job cuts in the United States were higher by 175% in October according to Challenger, Gray & Christmas.

Portfolio Movements

Apple sets sales records at its Sept quarterly results

Better than expected quarterly results saw Apple set records for the full fiscal year, with $416B in sales and $112B in net income, topping previous highs set in 2022.
Gross margins jumped to 47.2% from 46.2% a year ago.
New products were launched including the 11-inch and 13-inch iPad pro and the 14-inch MacBook Pro.
Services revenue set a all-time record and when combined with a 13% year on year growth in iPhone sales, helped Apple report a solid $23B profit on $94B revenue for the quarter.

Uber reports positive underlying growth drivers

Uber reported an earnings beat of $3.11 a share for the quarter well ahead of 0.69c estimates. This was largely due to a $4.9B benefit from a tax valuation release and a $1.5B revaluation of the company’s equity investments.
Uber stock was down 5% on the night as investors showed concerns around the muted earnings forecast and smaller quarterly operating income of $1.1B v $1.62B expected. This was partially due to legal and regulatory charges.
Key metrics were strong with Mobility bookings +20%, Delivery +25%, Trips +22% and Users +17%. Uber’s autonomous vehicle growth rollout should continue to build on these solid figures.

Amazon jumps on earnings result and Open AI deal

AMZN delivered better than expected Q3 results and Q4 guidance with the highlight being a reacceleration of their cloud business +20% Y/Y. AWS margins jumped to 34.6% from 32.9% in Q2 and 3.8GW of new capacity was added in the last year.
Revenue for online ads soared 24% Y/Y to $17.7B with overall revenue of $180B Y/Y +12.2%
Earlier this week OpenAI announced a $38B multiyear deal with Amazon, giving the ChatGPT maker access to Amazons data centers and Nvidia chips. Shares +11% since Friday.

The Week Ahead

Wednesday 12 November: Australia Unemployment Rate (Oct) 4.4% (prior 4.5%), Employment Change (Oct) 20.0k (prior 14.9k).
Thursday 13 November: USA, CPI MoM (Oct) 0.2% (prior 0.3%), CPI YoY ((Oct) 3.0% (prior 3.0%), Initial Jobless Claims (Nov 8) 225k (–no prior data due to US Govt Shutdown–). China Retail Sales YoY (Oct) 2.8% (prior 3.0%), Industrial Production YoY (Oct) 5.5% (prior 6.5%). Japan PPI YoY (Oct) 2.5% (prior 2.7%), PPI MoM (Oct) 0.3% (prior 0.3%). United Kingdom GDP QoQ (3Q P) 0.2% (prior 0.3%), GDP YoY (3Q P) 1.4% (prior 1.4%)
Friday 14 November: USA Retail Sales Advance MoM (Oct) -0.2%, PPI Final Demand MoM (Oct) 0.2%.

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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.