**Analyst Weekly – November 3, 2025**
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### Trade Diplomacy: US’s “Asia Blitz” Targets China
While Washington debated spending, the US administration was busy redrawing Asia’s trade map. Recent agreements with Malaysia, Cambodia, Vietnam, and Thailand include provisions aimed at curbing China’s influence. These range from banning goods made with forced labor to tightening export controls on sensitive technologies.
Simultaneously, Washington and Beijing reached a one-year “managed decoupling” truce. Under the agreement, China paused new rare-earth export bans, the US delayed fresh sanctions on Chinese firms, and both sides agreed to expand agricultural and energy trade. The goal is to slow economic separation without disrupting global supply chains.
**Investor Takeaway:**
Expect renewed momentum for “China-plus-one” trade beneficiaries like Vietnam, Thailand, and India. ETFs tracking emerging Asian manufacturing markets could benefit from redirected supply chains. US semiconductor and energy exporters also stand to gain as trade flows rebalance.
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### Allies in the Fold: Japan, South Korea, and the AI Angle
The US deepened alliances with Japan and South Korea, signing investment pacts spanning nuclear energy, shipbuilding, and artificial intelligence (AI).
– **Japan** committed to help finance $80 billion worth of US nuclear projects.
– **South Korea’s** $350 billion investment plan will now prioritize heavy manufacturing and maritime industries.
Tech cooperation took center stage as Washington and Tokyo agreed to coordinate AI and quantum computing development. This includes ensuring allies rely on US-made AI chips. Taiwan also reported “progress” in its trade talks, reinforcing America’s tech sphere of influence.
**Investor Takeaway:**
The momentum behind “friendshoring” bodes well for AI infrastructure and chipmakers tied to US supply chains. Companies in semiconductors, clean energy, and industrial robotics may see sustained demand. Long-term investors might consider global thematic funds focused on AI or next-generation manufacturing.
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### Key Earnings Reports: Week of November 3, 2025
**Palantir Technologies (PLTR):**
Investors will focus on adoption of Palantir’s new Artificial Intelligence Platform (AIP) and its impact on growth. Expanding commercial AI use-cases have analysts forecasting a ~50% year-over-year revenue increase, underscoring Palantir’s AI leadership.
**Pfizer (PFE):**
Guidance and new product momentum will be key. Investors want to see Pfizer’s non-COVID portfolio, which grew 14% last year, compensate for declining COVID franchise sales and restore earnings growth.
**Advanced Micro Devices (AMD):**
The spotlight is on growth in AI and cloud segments, with ~27% YoY sales growth expected from demand for EPYC server processors and AI accelerators. Investors hope this momentum sustains AMD’s 2025 rally amid a weak PC market.
**Uber Technologies (UBER):**
Focus will be on execution and margin discipline as Uber aims for sustainable profitability in rides and delivery. Steady ride margins and improving food delivery economics coupled with bookings growth could extend Uber’s stock surge; any efficiency slip may raise concerns.
**BP (BP):**
Investors seek updates on cash flow and strategic moves amid uncertain oil prices. Key points include plans to sell Castrol lubricants and balancing higher refining margins against softer upstream earnings.
**Qualcomm (QCOM):**
The earnings report will test if growth areas—AI chips, PCs, autos, IoT—can offset weakness in smartphone chips. Market demand trends and diversification commentary will shape the stock reaction.
**Shopify (SHOP):**
Growth vs. profitability balance is under scrutiny. Key metrics include gross merchandise volume (GMV) and revenue growth in the high-20% range, alongside cost discipline to boost margins and free cash flow.
**McDonald’s (MCD):**
Same-store sales mix is critical. Investors watch the impact of value meal promotions on customer traffic and average check size. Comparable sales are expected to rise around 2.5% YoY, with pricing commentary shaping post-earnings sentiment.
**Novo Nordisk (NVO):**
The report hinges on blockbuster obesity and diabetes drugs Ozempic and Wegovy, which account for roughly 65% of sales. Investors will watch for demand vs. supply issues and competitive pressures impacting growth.
**Moderna (MRNA):**
The narrative shifts from COVID windfall to pipeline promise. The focus is on booster demand stabilization and progress in non-COVID vaccines like RSV and flu, essential for offsetting declining COVID sales.
**AstraZeneca (AZN):**
Core oncology and rare disease drug sales are key, alongside growth trends, pipeline updates, and how the company navigates drug pricing pressures amid impending patent expirations.
**Airbnb (ABNB):**
Travel demand and booking trends will define performance. Nights booked and average daily rates are key, with revenue growth near 8-10%. Management commentary on holiday bookings and margin pressures will be crucial.
**Amgen (AMGN):**
New drug growth vs. patent losses will be evaluated. Investors seek evidence that innovative therapies and recent acquisitions are driving revenue gains to maintain the stock’s strong performance.
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### Market Pulse: Volatility, Skew, and a GLD Hangover
Despite political noise, the S&P 500 traded sideways during peak earnings season. Volatility cooled with the VIX falling below mid-October highs. Big Tech earnings were mixed: Meta and Microsoft slipped while Google held steady.
A large gold call position that had driven gains was cut, signaling that gold’s 2025 rally may be peaking. Near-term option prices remain higher than long-term ones (volatility inversion), a setup that usually normalizes post-earnings.
**Investor Takeaway:**
With short-term volatility easing, broader equity participation could resume—especially in mid-caps and value stocks. As gold cools, funds may rotate into equities or bonds. Investors seeking diversification might rebalance from precious metals into dividend ETFs or high-quality cyclicals.
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### Palantir: Strong Rally, High Expectations Ahead of Q3 Earnings
Palantir Technologies will report Q3 earnings after Monday’s close. The data analytics firm is now among the 20 largest S&P 500 companies, with its stock up more than 160% this year.
The stock is in a new upward impulse, confirmed by a fresh record high last week. However, the short-term RSI is above 70, indicating overbought conditions. With a forward P/E above 260, valuations are high, raising correction risks. Even minor disappointments could trigger volatility.
**Analyst Expectations:**
– Revenue up 50.5% YoY to approximately $1.09 billion
– EPS growth of 67.4% YoY
**Support Levels to Watch:**
– $171.26 to $172.84: tested and defended thrice
– $160.87 to $161.06: deeper support if a correction occurs
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### Novo Nordisk: Downtrend Faces Crucial Q3 Test
Novo Nordisk reports before European markets open Wednesday. The stock has been in decline for over a year, losing about 70% since its July 2024 peak.
A long-term support zone between 290 and 310 DKK (from 2021) triggered a short-term rebound in July-August but no sustained trend reversal. A break above resistance at 463 DKK would signal technical improvement.
**Analyst Expectations:**
– Revenue up 7.9% YoY to 76.9 billion DKK
– EPS decline of 19.1% to 4.95 DKK
The earnings report will likely determine whether the downtrend continues or if a bottom is forming around long-term support.
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*Source: eToro*
https://www.etoro.com/news-and-analysis/market-insights/asia-realigned/
