The Market Edge

Market Overview

Market sentiment has turned decisively more positive over the past trading session.Strong economic data, solid corporate earnings, and optimistic AI industry outlooks have jointly lifted global equities and bond yields. At the same time, easing geopolitical tensions in the Middle East have triggered a sharp pullback in oil prices, further reducing inflationary pressure.

過去一個交易日，市場情緒明顯轉暖。強勁的經濟數據、企業財報與 AI 產業展望，共同推升全球股市與利率走高；同時，中東地緣風險降溫，油價大幅回落，進一步緩解通膨壓力。

🔹 Three Key Shifts You Should Know

1️⃣ Global data strength reinforces the “no rush to cut” narrative

Markets remain in wait-and-see mode as legal, political and central-bank risks converge.Central bank independence is now a live market variable, while labour markets in NZ and Australia show early stabilisation.

在關稅裁決未明、央行獨立性受考驗的背景下，市場進入觀望期；紐澳勞動市場則出現初步企穩跡象。

⚖️ US Supreme Court & Tariffs

美國最高法院與關稅裁決

The US Supreme Court did not issue a ruling on challenges to President Trump’s tariffs this week.While no timeline has been given, further decisions could come next Tuesday or Wednesday when the justices reconvene.

New Zealand’s business confidence has rebounded strongly, but global markets are no longer just pricing rate cuts — they are pricing whether central banks can remain independent.

紐西蘭企業信心大幅反彈，但全球市場的真正焦點，已從「何時降息」轉向「央行是否還能保持獨立」。

🇳🇿 New Zealand: Confidence is back — but overheating risk matters

紐西蘭：信心創高，但不能失控

The NZIER Q4 QSBO shows business confidence at a 12-year high, with stronger intentions around investment, hiring, and pricing.The key question is whether this optimism can translate into real activity and jobs without reigniting inflation in 2026.

今年，我們的投資組合再次印證：即使在波動劇烈的市場中，紀律與耐心仍是最可靠的力量。This year, our model portfolio once again demonstrated what disciplined allocation and patience can achieve — even in a volatile environment.

According to the Morningstar data shown above, our portfolio delivered: 根據上方 Morningstar 數據，我們的投資組合表現如下：

• Return on Assets 資產報酬率： 51.17% vs. 基準 14.33%

• Return on Equity 淨資產報酬率： 63.35% vs. 基準 30.29%

  
  

These results were not achieved through aggressive risk-taking, but through consistent exposure to quality U.S. equities (52%), maintaining high liquidity (34% cash), and a well-balanced focus on sensitive sectors (around 72%), particularly technology and industrials.