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Welcome to Vested Shorts,
Every week, lakhs of investors begin their weekend with Vested Shorts. In a world where markets are deeply connected, what happens in New York, London, or Tokyo often shapes what happens in Mumbai.
Vested Shorts helps you make sense of these links and understand how global trends, companies, and markets influence your portfolio. Each edition features global market and commodity updates, key company stories, digital asset developments, and visual insights that make global investing easy to follow.
Global investing is now mainstream. It is how every smart investor stays ahead. You can also tune in to our weekly podcast for these insights on the go.
The World in a Week: How Major Markets Moved
United States | U.S. markets ended lower as valuation worries and doubts about long-term AI profitability weighed on sentiment. NVIDIA beat expectations but still fell as investors questioned the sustainability of AI-driven spending. A mixed jobs report and rising expectations of a December Fed rate cut kept trading volatile, while Treasury yields moved lower.
Europe | The STOXX 600 dropped 2.2% as AI-related stocks cooled and weaker growth data hit confidence. France, Italy, and Germany declined, while UK inflation eased to 3.6%, raising hopes for another Bank of England rate cut.
Japan | Japan’s Nikkei fell 3.5% as tech stocks corrected. A new JPY 21.3 trillion stimulus package supported sentiment, but the yen weakened and the 10-year bond yield briefly touched a 17-year high.
China | Chinese markets tracked global losses, with the CSI 300 down 3.8%. Property weakness persisted, and officials discussed new measures such as mortgage subsidies and tax rebates to stabilise housing demand.
India | Indian benchmarks rose about 1%, led by IT and select large caps. Midcaps underperformed, falling 1% for the week. Realty and metals declined, while IT gained around 2%.
Commodities | Gold stayed near $4,100/oz as investors sought safety. Brent crude held around $66, with supply concerns easing.
Stock market closing data for the week of Nov 17 to Nov 21, 2025
Index information: STOXX 600 (tracks 600 large, mid- & small-cap EU firms), DAX (top 40 German blue chips), CAC 40 (leading French stocks), Nikkei 225 (225 top Japanese stocks), CSI 300 & SSEC (mainland China A-shares), and Hang Seng (large-cap Hong Kong-listed firms). For these indices, we track 1-week returns to capture how global sentiment is shifting.
News Summaries
Walmart Lifts Forecast as It Pulls Customers Toward Its Ecosystem
Walmart raised its sales and earnings outlook after a steady quarter, with revenue reaching $179.5 billion and global e-commerce growing 27 per cent. The lift in guidance is not the interesting part. The shift in who Walmart is attracting is the real signal.
Higher-income households continued to move toward Walmart during the quarter. Faster deliveries and upgraded stores have pushed the retailer beyond its discount identity. Close to one third of online orders now arrive within one to three hours. This speed is influencing shopping habits and bringing customers back more often.
Walmart’s advertising business grew 53 per cent year over year. It has become a high-margin layer built on the company’s growing digital traffic and expanding marketplace. Comparable sales in the United States rose 4.5 per cent, supported by more transactions and bigger baskets.
Walmart enters the holiday season with momentum, a broader customer base, and stronger control over categories that matter in both essential and discretionary spending.
Nvidia Shows That the AI Buildout Is Still Accelerating
Nvidia delivered another strong quarter, but the results matter for a different reason. They show how quickly AI infrastructure is expanding and how deeply Nvidia has become tied to that expansion.
Revenue reached $57.01 billion and the company guided to $65 billion for the next quarter, yet the bigger signal is that demand for Nvidia chips continues to exceed supply.
Data center revenue rose 66 per cent to $51.2 billion. Most of this came from compute chips that now sit at the center of every large AI training project. These orders are not seasonal. They reflect long-term commitments from Microsoft, Amazon, Google and Meta, who together plan more than 380 billion dollars of capital spending this year.
Nvidia is no longer a chip vendor. It has become the core hardware layer of the AI economy.
Management said cloud GPUs remain sold out, which tells us that the buildout is still in its early phase. For investors tracking the pace of AI adoption, this quarter confirms that the industry is still moving in one direction.
Klarna Shifts From BNPL Leader to Full Consumer Finance Platform
Klarna beat revenue expectations in its first earnings report since listing on the NYSE. Revenue grew 26 per cent to $903 million, supported by strong U.S. growth where gross merchandise volume rose 43 per cent. Shares fell because the company posted a $95 million loss, but the more important story is how Klarna is trying to reshape its identity.
The company is moving from short-term BNPL transactions to longer installment products through its fair financing offering. That product more than tripled gross merchandise volume and doubled its user base in a year, yet still reaches only a fifth of merchants. This gap signals how much room Klarna has if it wants to become a mainstream finance option in the U.S.
The Klarna Card has already reached four million customers since July. These products show that Klarna is pushing for deeper, recurring use rather than one-off shopping flows. The company also sold $6.5 billion of fair financing loans to Elliott to free up balance sheet space for expansion.
Klarna is positioning itself as a broader financial tool at a time when consumer spending is slowing and competition for credit-driven growth is rising.
GIG Delhi: Our Community Meetup Is Here
GIG is coming to Delhi.
After successful sessions in Mumbai and Bengaluru, we are bringing the Global Investor Group (GIG) meetup to Delhi. It is an in-person gathering designed for investors who want clearer guidance on global markets, portfolio construction, and the right routes to invest abroad.
Expect real conversations, useful ideas, and a chance to learn from the Vested team and fellow investors. Seats are limited to keep the discussion meaningful.
👉 Confirm your spot for GIG Delhi
Theme of the Week: Wall Street’s AI party just hit its first real speed bump
Nasdaq has slipped 4% in five days. Big Tech is bleeding. And suddenly the trillion-dollar AI dream doesn’t look as invincible as it did two weeks ago.
$81 billion borrowed for AI infrastructure. $7 trillion projected AI spend.
Do you know anyone spending that? Markets are realising that expectations may have sprinted far ahead of reality. And when that happens, even good news can’t save you.
👉 We unpack the whole story, the debt, the valuations, the risks, the global ripple effect. Read the full deep-dive.
Key Headlines of the Week
Wall Street Expands Private-Company Research | Major banks including Morgan Stanley, JPMorgan, Citigroup, and UBS are building dedicated research coverage for private firms such as OpenAI and SpaceX. Investor demand has surged as unlisted giants, now worth over $6.5 trillion, increasingly influence public markets. Analysts say private-company insights are becoming essential and at Vested, we offer investors access to similar private-market opportunities through our Private Markets offerings.
Asia’s FX Reserves Near $8 Trillion | Central banks across Asia have added more than $400 billion in reserves this year as the weaker dollar and rising gold prices boosted holdings. China and Japan led the increase, while currencies like the rupee, won, and peso hit fresh lows. Policymakers are preparing stronger intervention as volatility rises.
ChatGPT Launches Global Group Chats | OpenAI has rolled out group chats for all Free, Go, Plus, and Pro users, enabling up to 20 people to collaborate within a shared conversation. The feature turns ChatGPT into a social, multi-user workspace for planning, writing, and decision-making. The update follows recent releases like GPT-5.1 and the Sora social app, signaling a shift from one-to-one assistant to collaborative platform.
