27 October 2025 | Weekly Snapshot

Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 27 October 2025

Did you know?

Chat GPT (owned by Open-AI) is overwhelmingly the most popular AI search engine, holding 60.7% of the market. What we can also see from the below table is that, from a low base, market share is increasingly accruing to the competition including Alphabet’s Gemini and Claude (owned by Anthropic, a public benefit company). This is important information for AI investors because if a handful of large providers control market share, those market share leaders could likely be good investments. Alternatively, if market share accrues to an increasingly large number of players, profits will be shared more broadly, which would be a harder landscape for investors.

Market Movements

The ASX market was almost flat last week (down 0.1%) with energy stocks showing strong performance (up 5%) alongside a strong rebound in the oil price (up 8%). Driving these moves were geo-political jostling between USA/Russia and the resulting un-ease of global supply. Gold stocks performed poorly (Newmont down 10%) alongside a 5% fall in the gold price. US bond yields have fallen this year, with the yield on a 10yr government bond at 4%.

The US market was somewhat stronger (up 0.8%). Info tech has been strong (up 1.4%) with Q3 reporting season starting to ramp up. 12% of S&P 500 companies have reported and 86% of them have reported a positive EPS surprise with an overall earnings growth rate of 8.5%, which is ahead of market consensus of 7.9% earnings growth. Market wide valuations are historically elevated, with the forward S&P 500 P/E ratio at 22.4 times, above the 5-year average of 19.9 times and the 10-year average of 18.6 times.

On economics, China 3Q real GDP rose 4.8% ( in line with expectations) and U.S. inflation rose 3.0% y/y for September, which was a slight improvement and aiding the above-mentioned falls in bond yields.

Portfolio Movements

South 32 reports solid Q3 – Shares rise

S32 reported a solid Q3 production report that included a 12% increase in copper production at Sierra Gorda and a 33% uplift in manganese volumes.
The Hermosa project development remained on track and on budget. Although, ongoing negotiations to secure electricity for Mozal Aluminium have not progressed and the smelter will unlikely have access to the required electricity supply.
They also welcomed the recent decision of the US Government to support the establishment of the Ambler Access Road, a key step in unlocking the potential of the Ambler Mining District, where S32 hold high-grade copper and zinc options.

Thermo Fisher Scientific beats Q3 estimates

Thermo Fisher Scientific reported a solid Q3 result with Q3 EPS of $5.79, ahead of the $5.50 estimate. Q3 revenue grew 5% to $11.12B, also a slight beat.
The company highlighted the launch of a range of high-impact, innovative new products during the quarter in precision medicine, diagnostics, and advanced research.
We were excited by the potential for their recently established a strategic collaboration with OpenAI to further increase the use of artificial intelligence (AI) across their operations to accelerate scientific breakthroughs, enhance drug development and drive greater productivity.

Lloyds beats Q3 estimates – Shares rise

UK banking group Lloyds reported a better-than-expected Q3 with underlying profit £1.29B ahead of the £1.10B expected. Net income £4.64B was slightly ahead the £4.61B expected and impairments of £176M were well below the £305M estimate.
2025 guidance was revised higher and now expect underlying net interest income to be £13.6B vs prior £13.5B.
CEO Charlie Nunn noted “The Group continues to perform well, demonstrating robust financial performance alongside strategic progress. Strong capital generation was supported by income growth, cost discipline, and strong asset quality in the first nine months of 2025, despite the impact of the additional motor finance charge in the third quarter. Our strategic progress combined with this financial performance gives us confidence in our performance for the year and our 2026 guidance.”

The Week Ahead

Monday 27 October: USA Durable Goods Orders (Sep P) 0.2%.
Wednesday 29 October: USA Conference Board Consumer Confidence (Oct) 93.4 (prior 94.2). Australia CPI QoQ (3Q) 1.1% (prior 0.7%), CPI YoY (3Q) 3.0% (prior 2.1%).
Thursday 30 October: USA FOMC Rate Decision (Oct) 3.75% to 4.0% (current 4.0% to 4.25%), GDP Annualized QoQ (3Q A) 3.0% (prior 3.8%), Initial Jobless Claims (Oct 25) 229k (–no prior data due to US Govt Shutdown–). Japan BOJ Target Rate 0.5% (current 0.5%).
Friday 31 October: USA Personal Income (Sep) 0.4% (prior 4.0%), Personal Spending (Sep) 0.4% (prior 0.6%). China Manufacturing PMI (Oct) 49.6 (Prior 49.8), Non-Manufacturing PMI (Oct) 50.2 (prior 50). Japan Tokyo CPI Ex-Fresh Food YoY (Oct) 2.6% (prior 2.5%), Jobless Rate (Sep) 2.5% (prior 2.6%).

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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.