Tiger Weekly: Record-Breaking US Rally Led by Tech & Metals, Fed Minutes Eyed Ahead

Last Week's Recap

1. The US Market - Major indices reaching record highs

Driven by robust economic data and positive investor sentiment last week. The $Dow Jones(.DJI)$ rose by approximately 1.2%, closing at 48,710.97; $S&P 500(.SPX)$ surged by about 1.4%, closing at a new record high of 6,929.94. The $NASDAQ(.IXIC)$ increased by around 1.2%, ending the week at 23,593.096.

GDP acceleration:GDP expanded at an annualized rate of 4.3% in the July-through-September period versus the consensus forecast for 3.2%, the fastest in two years.

2026 rate outlook: the Fed's minutes contributed to the positive market sentiment, bond market trading continued to support prospects for two further reductions in 2026.

Metals shine again: silver surpassing $77 per ounce for the first time, gold and platinum also setting record highs. Silver was up around 155% year to date and gold was up about 70%.

2026 earnings forecast: FactSet reported that analysts expect full-year 2026 earnings to grow by an average of 15.0% over 2025’s results. Led by information technology, all 11 sectors are forecast to post earnings gains, real estate is forecast to deliver the slowest growth.

Calm market: The Cboe Volatility Index VIX fell to the lowest level in more than 12 months on last Wednesday.

2. The US Sectors & Stocks - Tech & semiconductor stocks leads

Sectors: technology and semiconductor sectors saw strong performances with Nvidia and Broadcom led the rally, supported by robust U.S. GDP growth of 4.3% in Q3.

$NVIDIA(NVDA)$ surged 5.27% , buoyed by its strategic acquisition of AI chip startup Groq for $20 billion and plans to deliver H200 AI chips to China by February 2026. These moves reinforce Nvidia's dominance in the AI hardware market.
$Micron Technology(MU)$ soared 7.1% after exceeding earnings expectations, the company’s strong performance highlights its resilience in a competitive market.
$Oracle(ORCL)$ rose 3.14% as Wells Fargo reiterated its overweight rating, citing undervaluation due to AI trade pessimism. The company’s cloud strategy continues to attract investor interest.
$Novo-Nordisk A/S(NVO)$ jumped 9% following FDA approval of its first oral GLP-1 weight-loss drug, Wegovy, marking a significant milestone in obesity treatment.
$JPMorgan Chase(JPM)$ rose 3.37% driven by a rebound in financial stocks amid easing rate-cut uncertainty and improving market sentiment.
$Advanced Micro Devices(AMD)$ posted a modest 0.73% gain, reflecting steady investor confidence amid predictions of $8 billion revenue growth in China. Analysts remain optimistic about its long-term potential.
$UiPath(PATH)$ gained 4.47% after being added to the S&P MidCap 400 index, reflecting market confidence in its growth trajectory.
$Nike(NKE)$ advanced 3.8% after Apple CEO Tim Cook purchased $3 million worth of shares, signaling confidence in the company despite recent challenges.
$Sidus Space Inc.(SIDU)$ skyrocketed 66.38%, driven by its inclusion in a $151 billion missile defense contract, highlighting its growing prominence in the aerospace sector.

3. Hong Kong Market - HSI sees a modest rise amid mixed sector performances

$HSI(HSI)$ : The Hang Seng Index (HSI) experienced a slight increase of 0.5% and closed at 25,818.93. $HSTECH(HSTECH)$ : saw a slightly 0.37% increase at 5499.3.

With mixed performances across sectors, we saw notable strength in the technology and communication sectors, while some new listings showed volatility.

$HSBC HOLDINGS(00005)$ saw a 3.73% increase, continue to reach all-time high. The company's market capitalization surpassed HKD 2.1 trillion, driven by positive market sentiment and strategic management changes.
$ZIJIN MINING(02899)$ added 4.7% weekly. Gold prices kept hitting record highs in 2025. Copper also had a record year. Together, gold and copper made up 77% of Zijin Mining's first-half revenue. In recent years, the company has bought mining rights in Serbia, Kazakhstan, Ghana, and other countries, speeding up its global expansion.
$YOFC(06869)$ surged by 8.79%, driven by its announcement to raise $100 million through H-shares for overseas capacity expansion and R&D upgrades, reflecting strong investor interest in its growth strategy.
$GANFENGLITHIUM(01772)$ rose by 8.52% as lithium futures prices climbed, driven by tight supply and strong demand from the electric vehicle sector, boosting market optimism about future lithium prices.
$CNOOC(00883)$ increased 1.08%in its stock price. The company strengthened its LNG partnership with Petronas, signing a supply agreement for 1 million tonnes per annum, which bolstered investor confidence.
$SANHUA(02050)$ declined of 3.85%. The company faced pressure as its stock price dropped following the unlocking of cornerstone shares, despite a positive earnings forecast with a projected net profit increase of 25% to 50% for 2025.

4. Singapore Market - STI gains 1.45% amid mixed sector performance

$Solidion Technology Inc.(STI)$ :The Straits Times Index rose by 1.45% and closed at 4636.15. The market exhibited mixed performance across various sectors, with notable gains in some stocks and declines in others.

$China Aviation(G92.SI)$ saw a increase of 5.16%, driven by positive market sentiment and sectoral gains.
$DBS(D05.SI)$ increased 2.48%, supported by strength in Singapore financials and expectations of resilient earnings despite a softer rate outlook.
$Sembcorp Ind(U96.SI)$ added 2.39%, driven by renewed investor interest in renewable energy and infrastructure themes.
$IHH(Q0F.SI)$ experienced a rise of 0.37%, buoyed by strong investor interest and positive market movements.
$Sheng Siong(OV8.SI)$ had a modest gain of 0.77%, reflecting the overall mixed performance in the market.
$YZJ Fin Hldg(YF8.SI)$ saw a slight decline of 2.38%, impacted by sectoral pressures and market fluctuations.
$ThaiBev(Y92.SI)$ remained relatively stable with a minor increase of 0.00%, indicating steady investor confidence.

5. Australian Market - XJO gains 1.56% amid holiday trading

$S&P/ASX 200(XJO.AU)$ : The S&P/ASX 200 Index (XJO) rose 1.56% and closed at 8762.7, as holiday trading brought moderate optimism to the Australian market.

Sectors：Financial, mining, technology and other sectors performed mix. A historic breakout in LME copper prices propelled the mining sector to lead gains, while the banking sector showed strong performance. Meanwhile, rising market expectations for RBA interest rate hikes in 2026 have put pressure on interest rate-sensitive assets.

Despite the lack of significant financial reports or major events, active stocks like $DRONESHIELD LTD(DRO.AU)$ , $CHALICE MINING LTD(CHN.AU)$ , $WEEBIT NANO LTD(WBT.AU)$ , $ELECTRO OPTIC SYSTEMS HOLDIN(EOS.AU)$ , and $SOUTH32 LTD(S32.AU)$ saw steady trading volumes, reflecting investor interest in the Australian equities market.

$PLS Group Ltd(PLS.AU)$ rose 11.45%, ranking first in ASX YTD 2025 gains. Sensitive to Tesla and EV industry policy changes, PLS indirectly benefits as an upstream lithium supplier. The market remains optimistic about growth in EV and energy storage demand, with lithium as a core material benefiting from structural opportunities.
$GOODMAN GROUP(GMG.AU)$ increased 9.9%，Within the real estate sector, Goodman's strategic value in digital infrastructure has been recognized, with the rally likely stemming from a market revaluation of its asset allocation in high-growth segments (data centers, logistics).
$COMMONWEALTH BANK OF AUSTRALIA(CBA.AU)$ continued to rise 2.31%, primarily supported by continuous inflows from passive investment funds (ETFs) and pension funds, providing stable demand for the stock. Enhanced expectations for interest rate cuts and reduced concerns over Trump policies also created positive momentum.
$Rio Tinto Ltd(RIO.AU)$ jumped 3.1% to an all-time high, ranking fifth in ASX YTD 2025 gains. Influenced by both commodity cycles and China demand, iron ore miners typically perform strongly after investment banks like Macquarie raise their commodity price forecasts. Ranked fifth in ASX YTD 2025 gains.
$JAMES HARDIE INDUSTRIES-CDI(JHX.AU)$ added 1.43%, mainly influenced by Interest rate expectations (RBA policy), China demand (real estate and infrastructure), and commodity prices (copper, iron ore) are the key macro variables running through these individual stocks.

The Week Ahead

1. Macro Factors – Market Outlook for the Week

Market Backdrop:

U.S. equities are expected to trade relatively steady following the Trump–Zelensky meeting on a proposed Russia–Ukraine peace plan.

Key Fed Watch:

Fed December meeting minutes (Tue): key signals on policy outlook and rate expectations.

U.S. Economic Data:

Mon: November pending home sales
Tue: October S&P Case-Shiller home price index
Wed: Initial jobless claims

Recent Market Performance:

Dow: +1.2% last week
S&P 500: +1.4%
Nasdaq: +1.2%

The Big Picture:

Markets will balance Fed policy signals with geopolitical developments, with any shift in tone from the Fed minutes acting as the main catalyst.

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