ComfortDelGro Makes Senior Leadership Changes

Stocks

Economic

Summary:

Transport operator ComfortDelGro on Nov 20 announced senior leadership changes, which included the creation of a new "point-to-point mobility officer" role.

Derek Koh will step down from his role as chief financial officer (CFO) in 2026, and retire at the end of March. He will also give up his two other senior roles – as deputy chief executive officer and chief corporate services officer.

Having spent seven years in his roles, he will next assume an advisory role, to aid in the transition and ensure "continuity of strategic initiatives", said the company in a bourse filing.

Stepping into Mr Koh's CFO role would be the current group deputy CFO, Christopher David White.

Mr White, who has more than two decades of experience in finance, has been with ComfortDelGro since 2019, overseeing group-level financial governance, performance management and integration of international finance operations. He is concurrently the group head of investor relations.

The newly created role of group chief point-to-point mobility officer will be filled by Liam Griffin, who has been the group's current head of point-to-point mobility in the UK. Mr Griffin is also chief executive officer of ComfortDelgro's London subsidiary, Addison Lee.

ComfortDelGro chairman Mark Greaves said: "The board views these forward-looking appointments as essential to the ongoing evolution of the group as a leading global multi-modal mobility operator."

He added that these internal appointments enable "continuity" and provide the necessary structure to advance the group's future growth plans.

Shares of ComfortDelGro fell 1.4 per cent or two cents to $1.45 as at 10.57am on Nov 21, after the announcement. The Straits Times Index was down 0.9 per cent.

Source: Straitstimes

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Gerik

Economic

A Controversial Appointment in a Critical Sector

Initially perceived as a low-priority role, Bill Pulte’s leadership at the Federal Housing Finance Agency (FHFA) has become a growing concern within Donald Trump’s inner circle. Appointed during Trump’s second term, Pulte now oversees Fannie Mae and Freddie Mac two mortgage giants underpinning the US housing system, especially as the administration prepares to reintroduce their shares to the public market after years under federal conservatorship. The Trump team had once underestimated the FHFA's strategic role, but amid rising housing costs, voter frustration, and political volatility, the agency has moved to the policy forefront.

Pulte, 37, gained influence not through traditional qualifications but via his online persona and Mar-a-Lago connections. He spent only four years on the board of his family’s homebuilding business and is better known for his past as a “Twitter philanthropist.” His appointment to FHFA followed rejections for more senior roles at HUD, highlighting his unconventional pathway to authority. Despite lacking deep housing expertise, he’s been one of the most visible FHFA heads in history, regularly making bold policy statements and engaging in social media spats.

Diverging from Policy Norms: Disruption or Liability?

Trump values Pulte’s loyalty and aggressive style, but that approach has sparked internal disputes. Pulte’s open criticism of Federal Reserve Chair Jerome Powell and impromptu ideas such as portable or 50-year mortgages have unsettled administration officials and housing industry leaders. While these proposals aim to improve affordability, their long-term effects could be counterproductive. For instance, 50-year mortgages may reduce monthly payments but increase lifetime interest costs and delay equity accumulation, potentially inflating prices.

This dynamic reflects a broader issue: Pulte often mirrors Trump’s public suggestions without detailed implementation plans, creating policy instability. The administration had to involve experienced figures like Mark Calabria, former FHFA director, to guide preparations for Fannie and Freddie’s public stock offerings.

Investor Confidence and Perception Management

Concerns extend to investor sentiment. Billionaire Bill Ackman has voiced caution, noting that a public offering of Fannie and Freddie shares requires time and deliberate planning to secure market confidence. Pulte’s unpredictable behavior including sudden dismissals and aggressive anti-fraud campaigns may deter institutional investors. His decision to appoint himself chairman of both Fannie and Freddie further compounded perceptions of overreach.

Despite these reservations, the FHFA insists on the agencies’ improved governance. However, industry insiders observe that Pulte has had limited engagement in high-level stakeholder discussions, even as the administration gears up for one of the most significant restructurings in modern mortgage finance.

Online Behavior and Legacy Complications

Pulte’s personal history is no less complex. His social media record allegedly scrubbed of over 25,000 posts prompted scrutiny from Senator Elizabeth Warren. His involvement in meme-stock culture and participation in controversial events have further fueled doubts about his professionalism. Additionally, internal family conflicts, including lawsuits and distancing statements from other Pulte relatives, highlight a turbulent legacy despite his claims of inheriting the founder’s mantle.

Attempting to rebrand the FHFA as “U.S. Federal Housing,” Pulte has tried to distance the agency from bureaucratic language, emphasizing public impact. However, many of his policy initiatives have lacked traction. Notably, Trump quickly minimized the importance of 50-year mortgages, only days after Pulte described them as transformative. This pattern raises questions about the strategic alignment between policy announcements and long-term planning.

Causal and Correlational Dynamics at Play

The causal relationship between Pulte’s leadership and FHFA’s reform trajectory remains uncertain. His high-profile role correlates with increased media visibility and political symbolism, but not necessarily with effective or stable policy delivery. Conversely, the causal effects of his actions such as firing sprees, erratic proposals, and investor discomfort may directly threaten the delicate balance needed for a successful privatization of Fannie and Freddie.

Bill Pulte exemplifies the tension between loyalty-driven appointments and the demands of technocratic governance. While he enjoys Trump’s support and populist appeal, his lack of policy depth and reliance on social media tactics may impair critical reforms in the housing sector. As the FHFA confronts structural challenges and the administration eyes electoral gains, Pulte’s continued leadership may prove as politically symbolic as it is operationally risky.

Soure: Bloomberg

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MarketPulse by OANDA Group

Commodity

Forex

At the time of writing, gold trades at $4077 per troy ounce, having erased gains made prior to the months-delayed September US Nonfarm Payrolls release.

Relatively unchanged at -0.02% in today's session, gold currently trades approximately 7.00% shy of all-time highs made in October, and remains on pace to secure a remarkable yearly gain of over 50% in 2025.

What's next for gold?

Gold (XAU/USD): Key takeaways 20/11/2025

· Picking up in volatility in recent weeks, precious metal markets remain highly active as markets readjust expectations for the Federal Reserve's December 10th decision

· With yesterday's FOMC minutes revealing "strongly differing views" in the most recent meeting, a better-than-expected September NFP report adds to rationale to slow down the Fed's current easing cycle

· Albeit now concluded, the US government shutdown and the knock-on effect on data availability still cast a shadow over financial markets, with many using gold as a hedge against policy risk and a perceived decline in central bank efficacy

Gold (XAU/USD): September NFP report eases pressure on December rate cut

Having had at least some dealings with the financial markets for the best part of ten years now, today marks a special occasion, being the first time I'm discussing nonfarm payrolls on the 20th of the month.

While I can only speak for myself, I'm happy to see NFP back on the calendar in any capacity, especially considering the lack of economic data in the last month or so.

With that said, this brings us back to today, and, albeit representing conditions from some time ago, today saw the release of September's nonfarm payroll report, which beat expectations by +69,000 jobs.

Keeping our focus on precious metal markets, let's discuss some implications for gold, as well as further macroeconomic themes currently at play.

Gold (XAU/USD): Fundamental Analysis 20/11/2025

September jobs beat to further Fed hawkish tilt:

Let's start by addressing the most recent and obvious fundamental happening in the last twelve hours – the September NFP report.

Delayed just shy of two months owing to the US government shutdown, September's numbers beat expectations by some margin. However, the report also noted rising unemployment to 4.4%, its highest level since 2021, as well as downward revisions to both July and August numbers.

While this is fairly mixed on the surface, markets have received some assurance that the US labour market was stronger than expected before the US government shutdown took place.

Speaking of which, we've also recently had confirmation from the Bureau of Labor Statistics that October's NFP release will not be postponed indefinitely, and alongside the delayed release of November's report, today serves as the last NFP report available before the Federal Reserve votes again on interest rates early December.

Tying this all together, and considering the most recent data, albeit two months old, shows some buoyancy in the US labour market, this will not only somewhat relieve the pressure for further rate cuts by the Fed, but further vindicates a pre-existing hawkish tilt, best described by Vice Chair Jefferson's commitment to "proceed slowly" in the current easing cycle.

On gold pricing, there's no surprise that any notion of higher interest rates spells trouble for the current rally in gold pricing, with price action in the last week or so, alongside the Fed's increasingly hawkish stance, testament to this.

Gold Price Forecast: Bullion Settles At $4077 On Mixed NFP Data, Fed Increasingly Hawkish_1

CME FedWatch, 20/11/2025

At the time of writing, the CME FedWatch tool predicts rates will be maintained in the upcoming meeting, currently at odds of 60.2%, with a 39.8% chance of a rate cut.

It's worth noting that, just a few short weeks ago, directly following the October decision, markets had almost 'nailed-on' a consecutive rate cut in December, with this change of expectations going some way in explaining the pullback seen in precious metal pricing.Split room highlighted in October FOMC Minutes:

Released yesterday, minutes shared from the October rate decision highlight an increasingly divided group of policymakers ahead of the December decision, adding further rationale to expectations of rates being left unchanged.

In brief, the meeting can be summarised as follows:

· "Several" participants believed that another rate in December could be justified if the labour market continues to slow. Naturally, today's NFP raises some questions over this

· "Many" others deemed that a maintenance of the current rate, held at 4.00%, would be the appropriate choice in December, especially considering the lack of economic data to guide decisions in recent months

· Focus seems to be primarily on the jobs market, as opposed to inflation or economic activity, which makes today's NFP report, which will be the last before the December decision, even more significant

For reasons discussed above, at least one result is a dampening of gold upside, which would likely receive a second wind if rates were to be cut.Gold as a hedge against policy failure:

While the above casts some shadow on gold upside, markets are currently asking one question: How can the Fed make the right decision with no data?

On this basis, and despite the notion that higher interest rates are inherently gold negative, there is some evidence that markets are using gold as a hedge against policy failure.

Put simply, and while the Fed could be forgiven considering the lack of data, suppose a decision to hold in December was found to be, in hindsight, the wrong decision when more data is made available, this could spell trouble for the dollar, making gold a more attractive option to store wealth by comparison.

Albeit a minor theme at play, this could offer some precious metals upside, as markets are less confident of the Fed's grasp on current conditions, although by no fault of their own.

XAU/USD: Technical Analysis 20/11/2025

XAU/USD: Daily (D1) chart analysis:

Gold Price Forecast: Bullion Settles At $4077 On Mixed NFP Data, Fed Increasingly Hawkish_2

Gold (XAU/USD), D1, OANDA, TradingView, 20/11/2025

I'm pleased to say that, as per my previous coverage, the first price target of $4,090 was hit in yesterday's session.

Going forward, here are some other levels to consider:

Price targets and support/resistance levels:

· Price target/Resistance #1 – $4,240 – Previous support/resistance

· Price target/Resistance #2 – $4,381 – All-time highs

· Support #1 – $4,031 – 20-Period SMA

· Support #2 – $4,000 – Key psychological level

· Support #3 – $3,889 – Swing low

While, in fairness, my commentary above suggests a somewhat bearish angle in the short term for gold, it's essential to remember that gold has rallied in response to other macro factors this year, despite a staunchly hawkish Fed for much of 2025.

To the downside, the yellow metal remains well supported by many moving averages, as well as the key psychological level of $4,000, which was breached for the first time earlier this year.

Otherwise, and in the immediate, we have seen a few pin bars to suggest that there is further bullish appetite for gold, despite a more hawkish Fed putting a lid on 2025 upside – at least for now.

Source: MarketPulse by OANDA Group

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Samantha Luan

Stocks

Samsung Electronics said on Friday it has named its mobile chief TM Roh as a new co-CEO and head of its device experience division, which oversees the company's mobile phone, TV and home appliance businesses.

The appointment returns Samsung to its traditional co-CEO structure, which divides oversight of its chip and consumer divisions, after the company had been operating under a sole-CEO setup following the sudden death of co-CEO Han Jong-Hee in March.

Roh has been serving as acting head of the consumer business since April, following Han's death.

Ryu Young-ho, a senior analyst at NH Investment & Securities, said Samsung had made a "safe and predictable" choice, adding that the appointment appeared aimed at further strengthening competitiveness.

Ryu noted that Samsung's strongest-performing businesses so far this year have been memory chips and mobile, and by naming TM Roh as co-CEO, the company is signaling it wants to put more weight behind those divisions.

The memory business is benefiting from a favourable market, he said, but is also showing progress as Samsung works to narrow the gap with rivals in the AI chip race under co-CEO Jun Young-hyun's leadership of the division.

The reshuffle comes after Samsung's appointment earlier this month of a new head of its business support office, a key decision-making body at the technology giant that serves chairman Jay Y. Lee.

The body functions as a strategy unit that acts as a mini-control tower inside Samsung Group, South Korea's top conglomerate whose businesses range from chips to smartphones, ships and pharmaceuticals, and coordinates across business units and affiliates, analysts said.

Samsung Electronics shares were down 4.2% as of 0105 GMT, compared with a 3.2% fall in the benchmark KOSPI.

Analysts said the move was not related to the leadership changes, noting that Asian stocks broadly fell after U.S. tech shares slid on concerns over AI valuations and as U.S. jobs data failed to provide clarity on the interest rate outlook.

Source: Investing

Risk Warnings and Disclaimers

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Winkelmann

Economic

Greek Prime Minister Kyriakos Mitsotakis aid he's optimistic about the country's economic outlook over the next 18 months, adding that Greece's rebound reflects a broader trend of southern Europe outperforming traditional economic powerhouses.

"Greece has staged over the past years what I consider to be a pretty remarkable comeback," Mitsotakis said in an interview with Bloomberg News Editor-in-Chief John Micklethwait at the New Economy Forum in Singapore on Friday. "We have proven that the Greek crisis belongs to the past."

The Greek economy has been outperforming most of its European peers and is only one of a few countries in the region achieving budget surpluses. All major rating companies have placed Greece back in the investment grade zone and continue to upgrade the country's sovereign rating status, citing fiscal discipline as the main reason for doing so.

Southern Europe is now doing better than traditional leaders such as Germany and France, according to Mitsotakis. Politically, he said Greece also shows that the center can hold, even as far-right movements gain traction elsewhere in Europe.

Source: Bloomberg Europe

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Samantha Luan

Stocks

Economic

Verizon CEO Dan Schulman released a public letter to the company's 100,000-person workforce on Thursday morning, revealing that more than 13,000 job cuts will begin today. The timing is optically displeasing, coming just one week before the Thanksgiving holiday.

"Today, we will begin reducing our workforce by more than 13,000 employees across the organization, and significantly reduce our outsourced and other outside labor expenses," Schulman wrote in the letter.

Schulman said Verizon established a $20 million Reskilling and Career Transition Fund for departing workers, focused on training, digital skills, and job placement in the era of artificial intelligence.

"This fund will focus on skill development, digital training and job placement to help our people take their next steps. Verizon is the first company to set up a fund to specifically focus on the opportunities and necessary skill sets as we enter the age of AI," the CEO noted.

Schulman's letter comes one week after the Wall Street Journal reported that Verizon was planning about 15% in job cuts, or about 15,000 workers.

Bloomberg's latest data suggests that 13,000 job cuts equal about 13% of its roughly 100,000-person workforce. WSJ notes this would be the largest workforce reduction on record for the carrier.

Also, last week, Verizon chairman Mark Bertolini told CNBC's Becky Quick on "Squawk Box" that the company needs to "do something different" as it undergoes its leadership change.

Separate but notable...

So we guess that the "something different" is making 13,000 workers have a miserable holiday season.

Source: Zero Hedge

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Frederick Miles

Wall Street futures inched higher on Thursday evening, steadying after a whipsaw session that ended with deep losses as an earnings-driven rally in Nvidia reversed course, while investors further priced out bets on a December interest rate cut.

NVIDIA Corporation (NASDAQ:NVDA) fell slightly further in aftermarket trade, following a 3.1% loss during the main session as investors soured on its third quarter earnings. Losses in Nvidia spilled over into broader tech shares, amid growing concerns over an artificial intelligence-fueled bubble.

Sectors beyond tech also lost ground as strong September payrolls data spurred bets that resilience in the labor market will give the Federal Reserve even less impetus to cut interest rates.

S&P 500 Futures rose nearly 0.3% to 6,576.0 points, while Nasdaq 100 Futures rose 0.2% to 24,186.25 points by 19:40 ET (00:40 GMT). Dow Jones Futures rose 0.3% to 45,970.0 points.

Markets took some support from President Donald Trump signing an order to lower U.S. import tariffs on some Brazilian agrigoods, which could help lower food costs in the country.

Wall St slumps on Nvidia reversal as AI valuation fears persist

Wall Street indexes tumbled on Thursday, logging wild swings as investors digested Nvidia's earnings.

While the top and bottom line figures were strong, some analysts raised concerns about Nvidia's rapidly growing inventories, while comments from management did little to quell broader concerns about an artificial intelligence bubble and circular investing.

Investor Michael Burry, famous for predicting the 2008 financial crisis, also criticized Nvidia's earnings, and warned that true end demand for AI was far less than what valuations were suggesting.

Nvidia slid 3% after initially rising 5%, logging a nearly $400 billion swing in valuation. The stock fell 0.2% in aftermarket trade.

Beyond Nvidia, positive earnings from top retailer Walmart Inc (NYSE:WMT) offered some support, with the stock rallying 6.5% during the main session.

The S&P 500 fell 1.6% to 6,538.97 points on Thursday. The NASDAQ Composite slid 2.2% to 22,078.05 points, while the Dow Jones Industrial Average fell 0.8% to 45,752.26 points. All three indexes have fallen for five of the past six sessions.

Dec rate cut bets recede after strong payrolls data

Wall Street was also pressured by investors further scaling back bets that the Federal Reserve will cut interest rates in December. This notion was furthered chiefly by stronger-than-expected nonfarm payrolls data for September.

Strength in the labor market and sticky inflation give the Fed less impetus to cut interest rates further. The minutes of the Fed's October meeting, released earlier this week, also showed policymakers largely split over a December cut.

Markets are pricing in a 31% chance for a 25 basis point cut in December, down from 45.8% last week, CME Fedwatch showed.

Morgan Stanley analysts said they no longer expected a December cut, after Thursday's payrolls reading.