European stocks fell after Wall Street's rotation as early optimism from Nvidia gave way to profit-taking in tech. S&P 500 and Nasdaq dropped below their 50-day moving averages to the 100-day, trading ~5.5% and ~8% off peaks. Bonds rallied, the dollar strengthened, gold was flat and the Czech koruna weakened versus major currencies. #markets #USD #FiatNews

U.S. equity valuations sit high relative to many historical benchmarks, but the picture depends on how you measure them. Goldman Sachs shows the market-cap-weighted S&P-type index trading near historical highs with forward P/E around 23, while an equal-weighted index posts a forward P/E near 17 — closer to levels it oscillated around after 2015. That gap reflects the outsized influence of a handful of richly valued tech giants on the traditional cap-weighted measure. Risk-free rates are not unusually low today and are near long-run norms, implying that the burden of elevated market valuations falls on risk premia and expected earnings growth. The spread between the inverse of the P/E and 10-year Treasury yields is compressed, consistent with higher priced risk. JPMorgan’s historical analysis suggests a forward P/E around 22–23 has been associated with roughly zero five-year returns, while a P/E near 17 implies somewhat higher expected returns (the fitted line is under 10%), though past outcomes at that valuation have varied widely from negative to about 20%. One structural factor that can justify a modestly higher ‘‘standard’’ P/E today is stronger earnings-to-cash conversion, historically supported by lower investment intensity and cheaper capital goods; however, rising corporate investment in AI hardware and software could alter that dynamic. Taken together, a shift in a long-run ‘‘normal’’ P/E from about 15 to the mid-teens (around 17) is plausible, but valuation-based return prospects remain highly sensitive to which index and which historical comparison one uses. #USStocks #Valuations #GoldmanSachs #JPMorgan #FiatNews

ECB President Christine Lagarde said on Nov. 21, 2025, that Europe could largely offset the impact of higher U.S. tariffs by removing barriers within the single market, without new treaties or radical EU reform. Speaking at the Frankfurt European Banking Congress, she argued that eliminating just a quarter of internal obstacles "would be enough to revive intra‑EU trade and entirely offset the impact of U.S. tariffs on growth." Lagarde urged targeted steps rather than full harmonisation, proposing a mutual‑recognition approach — "what is allowed in one member state would be allowed in others." She added that the measures needed "are not unattainable" and require political will to use existing tools. Bundesbank President Joachim Nagel warned that fragmented capital markets worsen the EU‑U.S. productivity gap and stressed the need to "swiftly complete the union of savings and investments." #ECB #ChristineLagarde #EU #trade #FiatNews

Gevorkyan, a leading European powder metallurgy firm, said it entered 2025 in strong condition with a record volume of new projects driven by relocation of production from Asia and growing demand in the defence sector. The company has launched a new wholly owned unit, Gevorkyan Defence, now undergoing NATO certification, and opened a Polish development site via acquisition to speed local market access. Management reported improved third-quarter profitability: EBITDA had been expected at about €26m but "will likely start with a three," the CFO said. The firm updated its full-year guidance to revenue growth of 11–18% and EBITDA growth of 15–23%. Its five‑year plan targets annual revenue expansion of 10–16% and profitability gains of 10–18%. Gevorkyan keeps its Slovak Vlkanová site as a core plant while pursuing selective acquisitions in Europe and opportunities in Africa, with potential deals in Italy delayed by union issues. Financial policy aims for a net debt/EBITDA ratio below three and diversified capital sources; future use of bank loans, bonds or equity will follow what is "mathematically and economically reasonable," the CEO said. The company, listed in Prague since 2022, says public status has brought larger customers and greater transparency. CEO Artur Gevorkyan summarized the investment case: "Two‑thirds of what we make humanity will always need." #Gevorkyan #manufacturing #defence #Europe #FiatNews

An invitation: an in-person meeting with an investment analyst and a broker will take place on Wednesday 3 December 2025 in Prague. The session will present the latest information and discuss current market conditions for investors. Seating is limited; last places remain available. Time and place: Wednesday 3 December 2025, 17:00–19:00, southern building of the ČSOB Campus, Výmolova 353/3, Prague – Radlice. Analyst Tomáš Vlk and broker Pavol Mokoš will be on hand to outline recent trends and answer questions from attendees. The event is presented as an opportunity to gather up-to-date market insights and practical guidance directly from market professionals. #Prague #Investing #Finance #FiatNews

The Federal Reserve’s post‑2007 transformation has shifted it from a near‑annual contributor to the U.S. Treasury into an institution running persistent losses, a development economists say requires greater public accountability. Tim Taylor, citing a new study by Andrew T. Levin and Christina Parajon Skinner, notes that from 1960 to 2020 the Fed typically ran surpluses equivalent to about 0.2–0.5% of GDP paid to the Treasury, but quantitative easing and a much larger balance sheet have altered that pattern. Levin and Skinner argue QE expanded the Fed’s holdings of low‑yield Treasuries while post‑2022 rate hikes raised interest paid on bank reserves, producing operating losses. Taylor highlights that the Fed’s balance sheet grew roughly tenfold between 2007 and 2023 and that the authority to pay interest on reserves was approved when reserves were still small. He cites an estimated consequence: the U.S. Treasury may receive about $1 trillion less over the next 15 years than it would have based on earlier Fed remittances. Taylor urges the Fed to scrutinize past decisions and increase public accountability if it wants to preserve independence. "If the Fed wants to keep its independence... it need not be infallible. But it must show it is publicly accountable," he writes. #Fed #inflation #USFiscal #FiatNews