{"id":3152,"date":"2025-11-20T18:19:28","date_gmt":"2025-11-20T07:19:28","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3152"},"modified":"2025-12-23T19:27:16","modified_gmt":"2025-12-23T08:27:16","slug":"20251119en","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/es\/2025\/11\/20\/20251119en\/","title":{"rendered":"Amillex Daily Market Commentary: Tech Stocks Rebound Ahead of Nvidia Earnings; Japan Bond Yields Surge to 17-Year High Triggering a \u201cTriple Shock\u201d; Gold Breaks Above $4,120; Oil Slides Below $59 on Supply\u2013Demand Imbalance"},"content":{"rendered":"<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<h2 class=\"wp-block-heading\">November 20, 2025 \u2014 U.S. equities closed broadly higher with the Nasdaq up over 0.4%, while Alphabet hit a record high. Japan\u2019s 10-year JGB yield spiked to 1.765%, the highest since June 2008, sending the yen to 155.89. Spot gold jumped more than 1.1% above $4,120, WTI crude fell 3% to $58.69, and Bitcoin dropped below $92,000.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">1. U.S. Equities: Tech Stocks Broadly Higher; Alphabet Sets All-Time High as Sentiment Improves Before Nvidia Earnings<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">The S&amp;P 500 rose 0.13%, the Dow added 0.10%, and the Nasdaq edged up 0.12%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">The Nasdaq Golden Dragon China Index fell 1.4%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Sector ETFs:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Airlines ETF +1.32%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Banks ETF +0.54%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Energy ETF \u20131.88%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Stock highlights:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Alphabet jumped 6%, pushing its market cap to $3.63 trillion (Gemini 3 Pro ranked No.1 on LMArena).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Nvidia gained 2% pre-market as investors await earnings to confirm AI demand\u2014its market cap now exceeds that of the entire energy, materials, and real estate sectors combined.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Core logic:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Earnings preview: Strategas noted Nvidia\u2019s results \u201ccould reignite AI optimism,\u201d though expectations are significantly elevated.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Sector rotation: Funds rotated out of energy and into tech; Fed December rate-cut probability remains below 50%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">2. Asia-Pacific Markets: Japan Hit by \u201cTriple Shock\u201d in Stocks, Bonds, and FX as Fiscal Fears Intensify<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">The Nikkei 225 fell 0.3%, TOPIX declined 0.2%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Japan\u2019s 10-year JGB yield surged to 1.765%, a new 17-year high.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">The yen weakened to 155.89, the lowest since January.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Drivers:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Fiscal concerns: Markets expect PM Sanae Takai\u2019s government to unveil a massive supplementary budget, likely boosting JGB supply.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Policy signal: PM\u2019s economic adviser Kataoka said, \u201cA rate hike is unlikely before March,\u201d reinforcing a dovish stance and pressuring the yen.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Regional spillover:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 KOSPI fell 0.6%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 China\u2019s A-share new energy sector continued to face selling pressure.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">3. Precious Metals &amp; Commodities: Gold Surges on Safe-Haven Demand; Oil Drops as Supply Conditions Worsen<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Spot gold rose 1.1% to $4,120; spot silver climbed 2.29% to $51.8.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Safe-haven demand was supported by Japan\u2019s fiscal concerns and stretched U.S. tech valuations.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Crude oil:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 WTI crude fell 3% to $58.69; Brent followed lower.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Bearish catalysts:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2013 API crude inventories rose 4.45 million barrels (vs. \u20130.6 million expected)<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2013 OPEC+ compliance deteriorated<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Copper edged lower as global demand expectations weakened.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">4. FX &amp; Crypto: Yen Falls to 10-Month Low; Bitcoin Extends Decline<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 The Dollar Index rose 0.2%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 EUR\/USD fell to 1.1580; GBP weakened.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Policy divergence:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Fed remains hawkish (rate-cut odds &lt;50%).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Bank of Japan stays accommodative \u2014 widening the U.S.\u2013Japan rate differential.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Crypto:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Bitcoin \u20130.7% to $91,780;<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Ethereum \u20131% to $3,065.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Volatility in risk assets increased, putting pressure on leveraged long positions.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">5. Bond Markets: JGBs Sold Heavily While U.S. Yields Stay Flat<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Japan 10-year yield rose 2 bps to 1.765%, a 17-year high.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 U.S. 10-year Treasury yield held steady at 4.11% as investors await NFP and Fed minutes.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 German bund yields edged lower amid safe-haven flows and soft European equities.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Today\u2019s focus<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Nvidia Earnings<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Market expectation: $54.9B revenue (+56% YoY).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Focus: AI chip orders and supply chain visibility.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2022 Impact:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2013 Beat: Nasdaq may challenge recent highs<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u2013 Miss: Broad pullback likely across AI-linked stocks<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Fed October Meeting Minutes<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">U.S. September Nonfarm Payrolls Report<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Eurozone CPI<\/h2>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>November 20, 2025 \u2014 U.S. equities closed broadly higher with the Nasdaq up over 0.4%, while Alphabet hit a record high. Japan\u2019s 10-year JGB yield spiked to 1.765%, the highest since June 2008, sending the yen to 155.89. Spot gold jumped more than 1.1% above $4,120, WTI crude fell 3% to $58.69, and Bitcoin dropped [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news","entry","has-media"],"_links":{"self":[{"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/posts\/3152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/comments?post=3152"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/posts\/3152\/revisions"}],"predecessor-version":[{"id":3154,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/posts\/3152\/revisions\/3154"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/media\/3153"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/media?parent=3152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/categories?post=3152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/tags?post=3152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}