On the macroeconomic front, the U.S. September PCE price index remained elevated within expectations, though the month-on-month growth in personal consumption expenditure showed marginal moderation. The U.S. September PCE price index rose 2.8% year-on-year, in line with expectations and higher than the previous 2.7%. The month-on-month increase was 0.3%, matching both expectations and the prior reading. The core PCE price index climbed 2.8% year-on-year, meeting expectations but below the prior 2.9%, while the month-on-month core PCE rose 0.2%, consistent with forecasts and previous data. Personal consumption expenditure grew 0.3% month-on-month, matching expectations but lower than the prior 0.5%. Real personal consumption expenditure was flat (0%) in September, below the expected 0.1% and the previous 0.2%.

U.S. manufacturing continued to contract in November, while services expanded at a faster pace. The November ISM Manufacturing PMI came in at 48.2%, below the expected 49% and the prior 48.7%. Conversely, the ISM Services PMI rose to 52.6%, exceeding expectations of 52% and the previous 52.4%. November ADP employment data significantly missed forecasts, with job losses persisting across professional services, information, and manufacturing sectors, reflecting slowing corporate hiring demand. ADP employment fell by 32,000, worse than the expected 10,000 and the prior 42,000. Meanwhile, December consumer confidence improved notably, with inflation expectations easing. The preliminary University of Michigan Consumer Sentiment Index for December registered 52.3%, better than the expected 52% and the prior 51%. One-year inflation expectations dropped to 4.1% (from 4.5%), while five-year expectations declined to 3.2% (from 3.4%).

**Major Index Performance** For the week ending December 5, the S&P Oil & Gas Index gained 1.97%, the Nasdaq 100 rose 1.01%, and the S&P 500 edged up 0.31%. Six of the S&P 500’s 11 sectors advanced, led by Energy (+1.40%), while Utilities lagged (-4.52%).

**Market Outlook** U.S. stocks posted modest gains last week as weaker-than-expected jobs data stabilized rate-cut expectations, though potential Bank of Japan rate hikes in December pushed Treasury yields higher. Economic indicators showed deteriorating employment and cooling inflation expectations. Markets largely priced in steady odds for a December Fed rate cut. Focus now shifts to the upcoming FOMC meeting’s voting outcomes and dot-plot projections.

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The Bosera Nasdaq 100 ETF (513390) mirrors the Nasdaq 100 Index, which is heavily weighted (57.87%) toward information technology, with additional exposure to consumer services, healthcare, and other sectors. Its top holdings comprise high-quality tech firms.

**Risk Disclosure** Investments involve risks. Funds are subject to market volatility, management risks, and currency fluctuations for overseas securities. Past performance does not guarantee future results. Investors should assess their risk tolerance and consult legal documents before investing.

Data sources: Wind, Bloomberg (as of December 5, 2025).