24 November 2025 | Weekly Snapshot
Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 24 November 2025
Did you know?
Electric cars make up 20% of all new car sales. What is also interesting from the below chart is that total new car sales for 2024 is lower than 2018. This could be because of the pace of technological change, including electric cars and self-driving vehicles, which might be giving consumers reason to pause on new car purchases. Taken together, this reveals what an interesting time it is for the auto industry. In the future, we think that many of today’s auto companies won’t be around in 10 years’ time by virtue of the pace and magnitude of change.
Market Movements
The Australian market fell 2.5% last week with broad-based weakness across most sectors. Technology stocks declined 3.8%, matching the underperformance seen in utilities, which were also down 3.8%. Financials fell 2.9% whilst resources declined 4.3%, reflecting weakness in commodity prices. Energy was lower by 3.3% as oil prices fell 2.6% for the week. The only bright spot was consumer staples, which held flat. Sonic Healthcare rose 8.3% and James Hardie gained 7.0%, bucking the broader market trend.
In the USA, the S&P 500 fell 2.0% whilst the tech-heavy Nasdaq declined 2.7%. Google was up 8.4% after Warren Buffet’s Berkshire fund disclosed a new position. Communication services rose 1.0%, providing some offset to the broader market weakness. The market was unkind (again) to stocks with high valuations, including Palantir (down 11.0% for the week). Palantir is trading on a price-to-earnings ratio of over 150x against a broader US market, which is closer to 20x.
On commodities, gold was essentially flat, up just 0.2% for the week but remains higher by 55.1% year-to-date. This didn’t help gold stocks however, with Newmont down 8.% last week. Natural gas was a standout, up 5.0%, contrasting with crude oil’s 2.6% decline.
The recent market pullback has been led by high-growth, highly valued stocks, which are best represented by the Nasdaq Index. The chart below shows a 5-year chart. The blue line in the bottom half shows the valuation level, which still sits at 27x next year’s earnings, which is still historically high. This level is justified if this index continues to capture the majority of earnings growth, as it has done over the past 5-10 years. If not, we could continue to see more downside here.
Portfolio Movements
BHP makes 2nd unsuccessful bid for Anglo American
- BHP has reportedly made a 2nd unsuccessful takeover offer for UK listed Anglo American over the weekend and has confirmed it is no longer considering a combination after preliminary talks for the second time with miner failed.
- BHP said the deal would have delivered “strong strategic merits and created significant value for all stakeholders but it remains confident in its own growth pipeline.
- BHP shares were under pressure Friday as China’s state-run iron ore buyer told the countries major steel producers and traders to stop purchasing another iron ore grade from BHP, as pricing talks with the world’s top miners drag on.
Macquarie makes takeover offer for Qube
- Qube and Macquarie have announced this morning that the two have entered into exclusive talks for Macquarie Asset Management (MAM) to acquire Qube for $5.20 a share in cash, a 28% premium to Qube’s $4.07 closing price on Friday.
- The takeover offer is conditional on due diligence, board and regulatory approvals, including FIRB and ACCC sign-off so could take a while to go through.
- The offer apparently follows a prior unsolicited approach at a lower price. The QUB board said the offer price will be adjusted for any future dividends.
Microsoft to invest $5B in Anthropic – Anthropic to buy $30B of cloud compute from Microsoft
- Microsoft announced they will invest $5B in AI company Anthropic in its upcoming private equity funding round valuing Anthropic at $350B, up from $183B in September.
- In turn, Anthropic will purchase $30B of Microsoft’s Azure cloud computing capacity. It’s not unusual for companies to invest in their suppliers and customers if there is mutual benefit.
- However, some concerns have emerged around the AI-industry’s ‘circularity’. Markets will continue to ask questions around these high valuations, which also apply to Open-AI, until end user revenues catch up.
The Week Ahead
- Tuesday 25 November: USA Housing Starts (Sep) 1,329k (prior 1,307k), Building Permits (Sep P) 1,347k (prior 1,330k), Federal Budget Balance (Oct) -$230.0b (prior -$257.4b)
- Wednesday 26 November: USA Retail Sales Advance MoM (Sep) 0.4% (prior 0.6%), PPI Final Demand MoM (Sep) 0.3% (– no prior due to US Gov Shutdown–), PPI Final Demand YoY (Sep) 2.6% (prior 2.6%), Conference Board Consumer Confidence(Nov) 33.4 (prior 64.96). Australia CPI YoY (Oct) 3.6% (prior 3.5%).
- Friday 28 November: USA Initial Jobless Claims 226k (prior 220k), Durable Goods Orders (Sep P) 1,965k (prior 1,974k).
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.
