Goldman Sachs analysis shows a clear divergence among AI-related equity groups: companies investing heavily in AI infrastructure have delivered significant gains this year, while firms focused on AI applications have mostly stagnated and those expected to see productivity boosts have recorded losses. Goldman Sachs also reports a sharp recent improvement in profit sentiment in the US, with more muted gains in Japan and Europe and a pullback in emerging markets after earlier steady improvements. #AI #SP500 #GoldmanSachs Jeremy Siegel, described on CNBC as a "permanent bull," said that excluding seven large tech firms the rest of the S&P 500 trades at a price-to-earnings ratio around 20, which he views as reasonable given the overall environment. Siegel called AI "the biggest revolution of our lives," but warned the main investment risk could be overbuilding capacity — an outcome he compared to excess internet-infrastructure spending in the past. Bob Michele, JPMorgan's investment director, said he is a "professional optimist," noting the US economy and corporate sector are in good shape and that a Fed rate cut in December would likely support further equity gains. Morgan Stanley's Stephen Byrd added that AI "will touch almost every job," with the largest near-term gains likely in lower average-pay sectors such as logistics; he expects clearer evidence of AI's benefits by 2026. #FiatNews

#CZK Central Europe FX: the Czech koruna weakened against both major currencies, trading around 24.25 per euro. Midday quotes showed CZK/EUR about 24.2462 and CZK/USD about 21.0530, reflecting regional sensitivity to the broader risk‑off move. #FiatNews

#bonds #EURUSD Safe‑haven flows pushed government bonds higher and yields about 3 basis points lower in the US and Europe. Gold remained roughly flat while the dollar strengthened modestly; EUR/USD traded near 1.1520 as markets reassessed risk. #FiatNews

Earnings momentum is fading after Nvidia, with the reporting season winding down and few major macro releases on the calendar. A small slate of Fed speakers is scheduled, but their comments are unlikely to decisively restore expectations for a December rate cut. #FiatNews

#SP500 #Nasdaq Technicals deteriorated as the S&P 500 and Nasdaq Composite fell away from their 50‑day moving averages and reached the 100‑day in one session. Indices sit roughly 5.5% and 8% below their peaks respectively; a 10% decline would formally qualify as a correction. #FiatNews

#USD The latest US jobs data offered no clear signal to the Fed on a December rate cut, reducing the probability of near-term easing. Mixed labour-market prints added to investor caution and, paired with technical selling, tempered hopes of an imminent policy easing. #FiatNews

#NVDA initially lifted sentiment in premarket trade but buying failed to hold after the US open. Profit-taking in technology names accelerated, deepening index declines and causing swings in market capitalizations worth hundreds of billions of dollars during the session. #FiatNews

European stocks slid after a surprise reversal on Wall Street, trading broadly in the red today. CAC40 was down about 0.5% and the Dutch AEX around 1.5% as markets followed a tech-led pullback that intensified after the US open, setting the tone for European trading. #FiatNews

Business activity in the eurozone stayed broadly solid in November, but manufacturing pulled back into contraction, according to preliminary S&P Global PMI data. The composite PMI edged down to 52.4 from 52.5, remaining above the 50 threshold that separates expansion from contraction for almost a year. Services led the expansion, with the services PMI rising to 53.1 (from 53.0), its strongest reading since May last year, while the manufacturing PMI fell to 49.7 (from 50.0). Analysts had expected services at 52.8 and manufacturing at 50.2. The strength of services should support faster GDP growth in the fourth quarter than in Q3, when GDP rose 0.2% quarter-on-quarter. The European Commission projects full-year eurozone GDP growth of 1.3%. "The services sector in the eurozone is a ray of hope," said Cyrus de la Rubia of Hamburg Commercial Bank, noting that despite slower business activity in Germany, French services returned to growth and the bloc overall is maintaining a fairly strong pace. #Eurozone #PMI #GDP #FiatNews

Analysts raised Moneta Money Bank’s fair value to CZK 175 per share after Q3 2025 results but lowered their recommendation to REDUCE, citing a >25% share-price increase since their last update that they say is not supported by fundamentals. The bank is still viewed as attractive for dividends thanks to a strong capital position (CAR ~20%), high ROTE (23.1%) and low NPLs (1.1% for 1–3Q25). An extraordinary dividend of CZK 4 per share was announced, implying a 2025 yield of about 7.7%. #MonetaMoneyBank #dividends #banking #CzechRepublic Moneta reported year-to-date growth with net interest income +11.6%, fees +12.4% and net profit +15.7% (1–3Q25). Forecasts show net profit of CZK 6,363m (2025E), CZK 6,800m (2026E) and CZK 7,292m (2027E); EPS 12.5/13.3/14.3 and dividends per share modelled at 14.2 (2025), 11.2 (2026) and 12.0 (2027). CET1 is expected near 15%/14.8% in 2025/26 with a 90% payout ratio, implying a ~7% dividend yield through 2025–30 and aggregate shareholder returns around 40% of market cap in 2025–2030. Valuation: the CZK 175 target is based on a two-stage Gordon model (cost of equity 10.2%, long-term growth 3%, terminal ROE ~20.8%). Projected 2025–30 P/E are 14.9–11.4x and P/BV 3.1–2.6x, leaving Moneta trading at a premium to regional peers; a P/BV of 2.8x for 2026 is viewed as stretched. Rising unemployment could modestly worsen asset quality: NPLs are forecast to edge to ~1.2% in 2026 and ~1.3% in 2027, adding roughly 25bp to risk costs. #FiatNews