Bloomberg Surveillance Stocks Set for Monthly Loss as CME Outage Disrupts Trading
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Nov 28, 2025 Max Kettner, Chief Multi-Asset Strategist at HSBC, dives deep into sinking Q4 earnings expectations and highlights a bullish stance on US equities and AI investments. Steve Sadove, former CEO of Saks Inc., shares insights on holiday retail trends and the creative strategies behind luxury brand management. Jeffrey Roach, Chief Economist at LPL Financial, discusses economic tailwinds for 2026, while Jordan Rochester analyzes the FX landscape, emphasizing market skepticism around UK borrowing forecasts. It's a rich blend of finance and innovation!
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High-Yield Technicals Are Supportive
- Credit technicals look supportive with improved index quality and a lighter maturity wall next year.
- Max expects limited room for spreads to widen and views credit as a carry-harvesting trade near term.
Dollar Sidelines Push FX Into Higher-Beta Trades
- The dollar has traded sideways with low volatility, reducing conviction in a clear trend.
- Max suggests pursuing higher-beta, higher-carry FX plays like Brazil, Mexico, or South Africa front ends instead.
Dinner Tip From London
- Tom Keene recounts asking Max Kettner for a London dinner recommendation and being sent to Brown's in Mayfair.
- Max jokes he'd eat schnitzels daily to honor his Bavarian roots.