November Market Commentary

A view of the markets in November 2025. Commentary provided by Thornbridge Appointed Representatives.

Budget Reaction: Comment by Raynar Portfolio Management

There is no doubt that this year’s Budget has caused a great deal of speculation, anxiety and general sitting-on-hands, just like last year. And just like last year the bark was worse than the bite – the initial reaction saw the market rally back from a moderate pre-event dip.

The big news from Budget 2025 is the choice to more than double the buffer to £22bn which materially reduces the sensitivity of the doom-loop. Taking the constant speculation out of the newspapers for a while would likely do wonders for general sentiment. We only need to look back to the first half of 2025 to see the UK economy enjoy a resurgence following Budget 2024. The UK Smaller Companies market eventually responded to this through May after the rude interruption from Donald Trump in April until the doom-loop kicked in again with the June Spending Review fall-out and tears.

Equity Market, AI Sector & the US Government Shutdown: Comment by Laurium

Global equity markets delivered tepid returns in November. Share prices sagged then rallied as investor concerns over valuations initially came to the fore but were then assuaged by resilient corporate earnings reports and ongoing strong momentum in the outlook for AI-sensitive sectors. The macroeconomic backdrop stabilised during the period as the US government shutdown ended and inflation fears receded somewhat. Dampened expectations for a December rate cut by the US Fed.

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