Financial Markets Update 19 November 2025
10 Dec is a long wait
News Overnight
No change in Jobless Claims but weak ADP again.
Markets are focused on FED/liquidity. We may have to wait for the next FOMC meeting on 10 December for clarity. That seems like an awfully long time.
Breaking
Blue Owl Plunges to 2023 Low After Blocking Exit From Fund [Bloomberg]
Oracle is already underwater on its ‘astonishing’ $300bn OpenAI deal [FT]
US House votes to release Epstein files [FT]
Fund managers warn AI investment boom has gone too far [FT]
China Accuses Takaichi of Reviving Japan’s ‘Militarist Demons’[Bloomberg]
For Free Subscribers
Japan 10 Year Yield Update 19 November 2025
This seems to be a talking point. “JGB yields crash global markets” or similar. It’s everywhere, particularly on X.
S&P 500 Update 19 November 2025
An 11% retracement brings price down to 6,200, the beginning of the move up from 1 August. The mood is sombre. So many different types of bad news. Yet we still can’t break the spike low from 10 October.
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Bitcoin Update 19 November 2025
Price nearly tagged the trend support at 88.9k and then a good bounce. Expect we’ll try the downside again a couple of times before some sort of consolidation. We’d be very surprised if price can get above the trend midline at 97.7k this week.
Gold Update 19 November 2025
We like that price tagged our support line at just below 4,000. Good psychological support. Upside limited to 4,200 for now.
Economic Indicators Today
Limit Up! Podcast 10 November 2025
