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� US equities recovered early losses but caution towards AI Heavyweights persists as ORCL�s disappointing results overnight led to broad tech weakness, exacerbating negative sentiment around AI infrastructure while GOOGL a notable laggard on rollout of new GPT 5.2 model.
� Materials, Financials, and Industrials led. Tech, CommServs and Energy lagged.
� AsiaPac is closing the week off on the front foot.
� Mainland China is the laggard - the government suggested that it will maintain economic support but will not ramp up stimulus in 2026.
� Broadcom was next and also failed to satisfy investors seeking an AI payoff.
� Zelenskiy proposed a referendum that would let Ukrainians vote on whether to hand the Donbas region to Russia � it was always leaning this way.
� The greenback extended losses against majors and EMFX, on track for a 3rd weekly loss � ZAR c16.87.
� Yields are steady: US2y 3.52 and US10y marginally higher at 4.15.
� Commodities are steady - Gold edged lower, copper steaded after climbing to a new record and oil is best performing in early trade.
� PGMs are slightly higher.
� The rand is stronger this morning, at R16.85/$, after closing stronger yesterday (R16.86/$*).
Key events and data:
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� 09h00: UK monthly GDP (October), industrial production (October), manufacturing production (October), visible trade balance (October)
� SA BER inflation expectations (Q4:25)
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