Bloomberg Surveillance US-China Trade Talk Optimism Fuels Market Rally
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Oct 27, 2025 
Lori Calvasina, Head of U.S. Equity Strategy at RBC Capital Markets, shares insights on why solid earnings can obscure troubling revision trends in equity markets. Henrietta Treyz, Co-founder of Veda Partners, analyzes the ongoing U.S. government shutdown and its potential political impact, while highlighting the optimism surrounding U.S.-China trade talks. David Rosenberg, Founder of Rosenberg Research, provides a macro perspective, warning of a market rally amid economic weakness, low inflation expectations, and a cooling labor market.
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Career Start During Dot‑Com Peak
- Lori Calvasina recounts starting her career in March 2000 and watching the tech implosion.
- She uses that experience to contrast today's valuations with the dot-com era.
Limited Voter Backlash Risk
- Short-term voter reaction historically punishes neither party strongly for shutdowns, so political cost is limited.
- Treyz warns the risk is repeated shutdowns rather than a single event.
State Races Could Shift Momentum
- Virginia and New Jersey elections could create narrative momentum for either party ahead of November recess.
- Treyz expects Democratic advantages in both states based on polling.