Market update: 25 November 2025
The Australian share market fell 2.5% this week, its fourth weekly decline in a row, bringing the total pullback to around 7% over the past month. All major sectors on the ASX 200 finished flat or in the red, with Technology and Materials leading the declines. While this is a meaningful drop, periods like this are a normal part of long-term investing. It’s something to be mindful of rather than alarmed by, especially if you’re investing regularly over time. We’ve also published a blog this week to help reframe our thinking during market dips and support you in staying focused on your long-term goals.
In the US, all three major indexes fell sharply, with the tech-heavy Nasdaq down 2.7%. This came despite a strong earnings result from Nvidia, whose upbeat guidance initially lifted AI-related stocks before gains quickly reversed. Market anxiety around stretched valuations, especially in tech, has resurfaced. The Federal Reserve struck a more dovish tone this week, but delays to key labour market reports, including the October Jobs Report and JOLTS, have left policymakers without important data ahead of their next meeting. Meanwhile, Walmart delivered a standout result, upgrading its guidance again on the back of strong growth in its e-commerce and third-party marketplace business.
In Europe, equities also finished lower. The Euro Stoxx 50 dropped 3.1%, while the FTSE shed 1.6%. This was despite some encouraging data, with eurozone business activity holding up in November and UK inflation easing further to 3.6%. However, rising doubt around a US rate cut and caution over inflated AI valuations weighed on investor sentiment across the region.
Greater China markets posted their worst weekly performance since April, with the Hang Seng down 5.1% and the Shanghai Composite down 3.9%. Investors reacted to further signs of weakness in China’s property market, though reports emerged late in the week that Beijing is considering new stimulus measures aimed at stabilising the sector. In Japan, the Nikkei fell 3.5% this week, reversing some of the strong gains seen earlier in the quarter. While the government approved a US$135 billion economic stimulus package, aimed at boosting sectors like shipbuilding, AI and household support, market sentiment was weighed down by broader concerns about global growth and overextended valuations, particularly in the tech space. Investors appear to be waiting for further detail on how and when fiscal support will filter through to the real economy.
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