{"id":52693,"date":"2026-08-12T01:37:24","date_gmt":"2026-08-12T01:37:24","guid":{"rendered":"https:\/\/www.vtmarkets.com\/ms-asia\/uncategorized\/november-recap-december-outlook-2025\/"},"modified":"2026-08-12T01:37:24","modified_gmt":"2026-08-12T01:37:24","slug":"november-recap-december-outlook-2025","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/ms-asia\/monthly-market-insights\/november-recap-december-outlook-2025\/","title":{"rendered":"Imbasan November \/ Prospek Disember 2025"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/10\/Ross-Maxwell_1408x768-1024x559.jpg\" alt=\"\" class=\"wp-image-31502\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Awal November dipengaruhi ancaman penutupan kerajaan AS, yang menambah ketidaktentuan pasaran dan menjejaskan aliran data ekonomi. Tanpa petunjuk yang boleh dipercayai, Rizab Persekutuan (Fed, bank pusat AS) kurang panduan untuk membuat keputusan dasar pada waktu kritikal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Penyelesaian akhirnya\u2014namun sementara\u2014memberi kelegaan kepada aset berisiko (pelaburan yang biasanya naik ketika selera risiko tinggi, seperti saham). Yang lebih penting, penerbitan semula data ekonomi memulihkan kejelasan untuk pembuat dasar dan pelabur. Dengan gambaran lebih jelas tentang pertumbuhan, inflasi dan keadaan monetari (hala tuju kadar faedah serta bekalan wang), pedagang kembali yakin membuat keputusan berasaskan maklumat, lalu sentimen pasaran stabil dan bertambah baik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perbincangan tentang penilaian saham teknologi mega-cap (syarikat teknologi gergasi bernilai pasaran sangat besar) juga semakin hangat, termasuk persoalan sama ada pasaran memasuki gelembung aset dipacu AI (harga aset naik terlalu tinggi kerana keterujaan terhadap kecerdasan buatan).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nvidia meredakan kebimbangan ini apabila <a href=\"https:\/\/www.vtmarkets.com\/opinion\/nvidias-earnings-and-the-tech-cycle\/\" target=\"_blank\" rel=\"noopener\" title=\"\">mengumumkan laporan pendapatan S3 yang kukuh dan tahan lasak<\/a>, disertai unjuran baik untuk S4. Pasaran menafsirkan keputusan Nvidia sebagai pengesahan kesinambungan kitaran AI-CapEx (kitaran perbelanjaan modal; iaitu pelaburan besar syarikat dalam pelayan, cip dan pusat data untuk AI).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Walaupun indeks bergelut hampir sepanjang bulan, pemangkin ini mencetuskan pemulihan meluas\u2014<a href=\"https:\/\/www.vtmarkets.com\/live-updates\/while-clients-were-pleased-the-sp-500-maintained-its-upward-trend-despite-disappointing-retail-sales-and-ppi\/\" target=\"_blank\" rel=\"noopener\" title=\"\">S&amp;P 500 kini menutup semula kerugian<\/a> dan kembali hampir paras tertinggi rekod, menghampiri 7,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Namun, persekitaran asas masih mencabar. Pertumbuhan gaji meningkat tetapi kecil, dan walaupun harga semakin sederhana, kuasa beli pengguna baru mula stabil.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jangkaan pendapatan mega-cap masih tinggi, menjadikan ruang untuk mengecewakan pasaran amat kecil. Isu penutupan kerajaan akan muncul semula pada akhir Januari, dan Fed masih perlu mengimbangi langkah seterusnya dengan berhati-hati dalam menentukan haluan dasar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Menyelami Pasaran<\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Forex<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Jangkaan kadar faedah yang berubah, perkembangan fiskal (dasar cukai dan perbelanjaan kerajaan), serta dasar bank pusat yang berbeza membentuk landskap Forex (pasaran pertukaran mata wang) pada November.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Inflasi yang semakin reda dan hasil Perbendaharaan AS yang menurun mendorong pasaran menaikkan kebarangkalian pemotongan kadar Fed seawal Disember. Walaupun permintaan aset selamat (aliran ke aset yang dianggap lebih stabil ketika pasaran gelisah) kadang-kadang menyokong USD, pandangan utama ialah kitaran pengetatan dasar AS (kenaikan kadar untuk mengekang inflasi) pada dasarnya sudah berakhir, sekali gus mengurangkan daya tarikan \u201ccarry\u201d mata wang (pulangan daripada memegang mata wang berkadar faedah lebih tinggi).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">GBP bergerak mengikut berita fiskal:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bajet musim luruh UK memberi isyarat <strong>insentif pertumbuhan + pelarasan cukai terpilih<\/strong>.<\/li>\n\n\n\n<li>Agak menyokong GBP, tetapi kenaikan terhad kerana produktiviti lemah dan Bank of England (BoE, bank pusat UK) masih berhati-hati untuk memotong kadar.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">JPY terus tertekan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bank of Japan (BoJ, bank pusat Jepun) mengekalkan <strong>pendirian ultra-longgar<\/strong> (kadar faedah sangat rendah dan sokongan kuat kepada ekonomi).<\/li>\n\n\n\n<li>Yen dijual apabila perbezaan hasil (jurang pulangan bon antara negara) melebar.<\/li>\n\n\n\n<li>Spekulasi campur tangan (tindakan kerajaan\/bank pusat membeli atau menjual mata wang untuk mengawal kadar tukaran) muncul, tetapi hasil AS yang menurun mengurangkan kejatuhan.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-1-1024x332.jpeg\" alt=\"\" class=\"wp-image-35742\" \/><figcaption class=\"wp-element-caption\">#image_title<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Rajah 1: Carta bulanan USDJPY menghampiri paras rintangan jangka panjang sejak 1980-an (rintangan ialah paras harga yang sering menyukarkan kenaikan lanjut)<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Emas dan Perak<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Emas dan perak mengukuh pada November apabila perubahan keadaan makro (faktor ekonomi besar seperti inflasi, pertumbuhan dan kadar faedah) mendorong pelabur kepada logam berharga. Kejatuhan hasil Perbendaharaan AS dan jangkaan pemotongan kadar Fed menyokong kedua-dua aset.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Apabila hasil sebenar (real yields; hasil bon selepas mengambil kira inflasi) mengecil dan USD melemah, emas naik secara beransur-ansur, dibantu peranannya sebagai aset perlindungan nilai ketika ketidaktentuan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Perak turut meningkat, tetapi lebih tidak menentu. Walaupun <a href=\"https:\/\/www.vtmarkets.com\/live-updates\/amid-strong-industrial-demand-and-dovish-fed-expectations-silver-reached-an-all-time-high-above-56\/\" target=\"_blank\" rel=\"noopener\" title=\"\">disokong trend makro yang sama<\/a>, perak juga digunakan dalam industri, menjadikannya lebih sensitif kepada petunjuk pembuatan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sentimen permintaan industri yang bertambah baik\u2014terutama dalam solar dan elektronik\u2014membantu perak menutup bulan dengan kukuh, menghampiri semula paras tertinggi rekod.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-3-1024x414.jpeg\" alt=\"\" class=\"wp-image-35744\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Rajah 2: Carta perak 4 jam menunjukkan penutupan bulanan yang kukuh menghampiri kawasan rekod<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Minyak<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Harga minyak mentah menurun sedikit pada November apabila gabungan bekalan yang kekal tinggi dan permintaan yang melemah menekan pasaran.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Petunjuk pertumbuhan global menjadi lembut, dengan PMI pembuatan (Indeks Pengurus Pembelian; tinjauan awal aktiviti kilang) di AS, Eropah dan beberapa bahagian Asia menunjukkan aktiviti perlahan menjelang hujung tahun.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dari sudut bekalan, beberapa ahli OPEC+ (gabungan negara pengeluar minyak diketuai OPEC dan rakan seperti Rusia) secara senyap melebihi kuota pengeluaran (had pengeluaran yang dipersetujui) untuk menambah hasil ketika tekanan bajet domestik. Ini menambah bekalan tidak dijangka ke pasaran.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sementara itu, pengeluaran syal AS kekal kukuh, disokong peningkatan kecekapan dan strategi lindung nilai (hedging; mengunci harga melalui kontrak bagi mengurangkan risiko) yang mengekalkan aktiviti pelantar walaupun harga melemah.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-4-1024x435.jpeg\" alt=\"\" class=\"wp-image-35745\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Rajah 3: Carta minyak 4 jam menunjukkan tekanan menurun secara beransur-ansur sepanjang November<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Indeks<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">November menyaksikan turun naik besar dalam pasaran ekuiti global. Bulan bermula dengan kejatuhan ketara, didorong kebimbangan saham teknologi mega-cap AS sudah terlalu tinggi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ketidaktentuan mengenai penutupan kerajaan AS turut mengehadkan kejelasan data dan menekan selera risiko.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sentimen berubah pada pertengahan bulan apabila dua pemangkin utama memperbaiki prospek. Pertama, penutupan tamat, memulihkan keyakinan dan membolehkan pelabur menilai data ekonomi baharu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kedua, Nvidia mencatat pendapatan yang sangat kukuh, menghidupkan semula keyakinan terhadap kitaran AI-CapEx dan membalikkan sebahagian besar jualan didorong teknologi sebelum itu. Perkembangan ini menstabilkan indeks global dan mencetuskan lantunan lega (kenaikan apabila risiko sementara reda).<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">AI chipmaker Nvidia reports results after markets close. That stock alone is 7% of the S&amp;P 500&#39;s market value, so traders are braced for big swings whatever happens. Find out what&#39;s moving markets before the Wall Street open, with the Reuters Market Rundown <a href=\"https:\/\/t.co\/SmdxYefUtF\">pic.twitter.com\/SmdxYefUtF<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/1991099136322732088?ref_src=twsrc%5Etfw\">November 19, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-5-1024x529.jpeg\" alt=\"\" class=\"wp-image-35746\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Rajah 4: Carta SPX 4 jam menunjukkan tekanan awal bulan diikuti lantunan pertengahan bulan<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Kripto<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Bitcoin jatuh mendadak pada November apabila faktor makro, kawal selia, dan struktur pasaran bergerak sehala secara negatif. Bulan bermula dengan sentimen \u201crisk-off\u201d (pelabur mengurangkan risiko) apabila penilaian teknologi yang terlalu tinggi mula membetul, sekali gus menarik turun aset spekulatif. November dianggap antara bulan paling lemah 2025 untuk BTC (Bitcoin).<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">LATEST: \ud83d\udcca Bitcoin has posted losses for two straight months, breaking from the historical average of bullish October and November price performance, as analysts debate whether demand will return or a deep accumulation phase is imminent. <a href=\"https:\/\/t.co\/qqAnfIcnbx\">pic.twitter.com\/qqAnfIcnbx<\/a><\/p>&mdash; CoinMarketCap (@CoinMarketCap) <a href=\"https:\/\/x.com\/CoinMarketCap\/status\/1993675525735211148?ref_src=twsrc%5Etfw\">November 26, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Kebimbangan kemelesetan yang meningkat dan kecairan yang mengetat (lebih sukar mendapatkan wang atau pembiayaan dalam pasaran) mendorong pelabur ke tunai dan bon jangka pendek, mengurangkan minat terhadap aset sangat turun naik seperti Bitcoin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tekanan kawal selia meningkat apabila beberapa bidang kuasa utama memberi isyarat rancangan pengawasan lebih ketat terhadap rizab stablecoin (kripto yang disandarkan kepada aset seperti dolar) dan bursa luar pesisir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pada masa sama, pelombong Bitcoin meningkatkan jualan untuk menampung kos tenaga dan kos pembiayaan yang meningkat, menambah tekanan menurun.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sentimen media sosial bertukar sangat negatif, memperhebat jualan dan menjadikan November antara bulan prestasi terburuk Bitcoin dalam tahun tersebut.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-6-1024x500.jpeg\" alt=\"\" class=\"wp-image-35749\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Rajah 5: Carta Bitcoin 4 jam menunjukkan jualan kuat sepanjang November<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Menjelang Disember<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ketika memasuki Disember, hala pasaran masih bergantung pada data baharu dan perubahan jangkaan kadar faedah. Kembalinya data ekonomi memberi asas lebih jelas kepada Fed dan pelabur, namun keadaan masih belum benar-benar stabil.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Potensi pemotongan kadar lebih awal, inflasi yang semakin stabil, dan pendapatan AI yang kukuh boleh menyokong pasaran. Namun, isyarat pertumbuhan yang melemah dan risiko penutupan kerajaan sekali lagi pada Januari mengekalkan risiko.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pasaran November bergelora: ancaman penutupan kerajaan AS kaburkan data, sebelum reda sementara. Nvidia pulihkan sentimen AI, S&#038;P 500 bangkit. USD lemah, emas\/perak naik, minyak susut, Bitcoin merudum; Disember bergantung data.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[88],"tags":[],"class_list":["post-52693","post","type-post","status-publish","format-standard","hentry","category-monthly-market-insights"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Pasaran November bergelora: ancaman penutupan kerajaan AS kaburkan data, sebelum reda sementara. Nvidia pulihkan sentimen AI, S&amp;P 500 bangkit. 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