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US stocks closed the week higher, led by the Dow, as investors focused on cyclical gains amid inflation concerns. Attention now shifts to the upcoming FOMC meeting minutes and core PCE inflation data, which may influence market expectations for future interest rate cuts.In technical analysis, the Nasdaq 100 and S&P 500 showed bullish signs, with potential for further gains if key support levels hold. However, a break below these levels could signal deeper declines.
UBS has set a target of US$2,900 for gold by year-end 2025, citing its role as a preferred hedge against geopolitical tensions, particularly in light of recent escalations involving Russia and Ukraine. Analysts believe the strength of the US dollar may be reaching its limits, suggesting a potential shift in valuation dynamics. As the week begins, gold prices have dipped to around USD 2,690, down from a three-week high.
Asian indices are rising, buoyed by Wall Street's optimistic close and a decline in the US dollar. The Nikkei, ASX, and KOSPI have all posted gains, supported by strong US PMI data and President-elect Trump's Treasury Secretary nomination, which may enhance market sentiment.The US dollar's recent gains may be reversing, potentially allowing Asian markets to continue their upward trend. The upcoming US core PCE price index will be crucial in determining future rate expectations, as inflation remains a key concern.
Gold prices have surged nearly 70% since September 2022, reaching a record high of $2,790.07 per troy ounce amid geopolitical tensions and weak economic indicators in Europe. Despite a recent drop, the long-term uptrend remains intact, with year-end targets revised to between $2,800.00 and $2,900.00, while a potential rise to $3,000.00 is anticipated in early 2025. Central bank buying, particularly from China, could further propel prices, with $3,113.00 and $4,000.00 as significant future targets.
UBS Global Wealth Management anticipates a positive outlook for US equities in 2025, driven by resilient growth and lower interest rates, with a focus on tech, utilities, and financial sectors. The firm also sees opportunities in AI-linked semiconductors and emphasizes the potential of diversified exposure to Asia, particularly India and Indonesia, amid geopolitical tensions. Additionally, UBS GWM projects the S&P 500 could reach 6,600 by year-end 2025, while gold is expected to hit new highs due to ongoing economic uncertainties.
Angela Petruzzi has been nominated to succeed the retiring Benjamin Mühlemann, with the recommendation set for discussion at the Annual General Meeting on November 25. Meanwhile, Glarner Kantonalbank's share price has shown resilience, currently at EUR 23.30, reflecting a 3.79% increase over the past month despite some fluctuations. The bank maintains solid fundamentals, with a dividend yield of 5.09% for 2024, making it attractive to investors.
Investors are advised to stay invested despite potential negative impacts from the Trump administration, as the U.S. market remains attractive. While concerns about tariffs, immigration policies, and tax cuts loom, experts emphasize the resilience of the American economy and the importance of diversification in investment strategies.
VP Bank has shown impressive progress in November 2024, with a share price of €80.25, reflecting a 4.56% increase over the past month. However, there is a year-on-year decline of 9.58%, and the forecasted price-to-earnings ratio for 2024 stands at 13.49. A recent analysis indicates urgent action is needed for shareholders, prompting questions about whether to buy or sell.
UBS has identified palladium as the worst-performing precious metal of 2024, with a 12% price drop attributed to increased volatility and weak demand prospects. Despite a brief rally, the price fell below the critical USD 1,000 mark, and long-term risks loom as the automotive industry shifts towards electric vehicles, potentially leading to oversupply.
Analog Devices, Inc. will participate in the UBS Global Technology Conference on December 3, 2024, at 10:15 a.m. MST, where Executive Vice President & CFO Richard Puccio will discuss business trends. The event will be webcast live, with an archived replay available for 30 days. With over $12 billion in revenue for FY23 and a workforce of approximately 26,000, Analog Devices continues to drive innovation across various sectors, including digitized factories and digital healthcare.
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