Market & Portfolio Update - November 2025
After very strong gains through the year, the global share market (represented by the MSCI World Gross Index) took a breather in November, returning 0.1% in NZ dollar terms. Although the longest US government shutdown, lasting 43 days, ended in the middle of the month, market uncertainty regarding the ambiguous data environment, the impact on growth and the progress of monetary policy weighed on investors.
The third-quarter earnings season concluded in November and confirmed the strong earnings trend from the previous quarter. In the US, 81% of companies in the S&P 500 (an index of the 500 largest publicly traded US companies) beat consensus earnings.
Excellent quarterly results from the world’s largest publicly listed company, Nvidia, failed to allay concerns about high valuations and fears of overly optimistic profit expectations surrounding the artificial intelligence ecosystem.
The OCR was cut to 2.25% as expected by the market; however investors were surprised by the RBNZ’s OCR trajectory, which implied a low probability of a further rate cut.
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Market & Portfolio Update: July 2026
Early in the month, renewed tension in the Middle East briefly pushed Brent crude oil above US$100 a barrel, which lifted energy prices and brought inflation concerns back into focus.
Lifetime Book Club: Paradox of Choice by Barry Schwartz
In The Paradox of Choice, psychologist Barry Schwartz explores a curious feature of modern life: while freedom and choice are undoubtedly valuable, there can come a point where having more options makes decisions harder, increases our expectations and leaves us questioning whether we made the right choice at all.
From what to buy and where to eat to decisions about careers, relationships and money, Schwartz looks at the hidden mental cost of constantly comparing our options – and makes the case that sometimes, simplifying our choices can leave us better off.