2 December 2025
Taxonomy of Profits – Download Chart of the week
The Market Place – Download Market Data
- Market sentiment in late Nov was driven by growing Fed-cut bets and liquidity shocks (CME outage), producing a fragile rally that coexisted with profit-taking in tech.
- The Budget week (26 Nov) refocused markets on fiscal credibility, tax rises and weak investment forecasts kept gilt and sentiment risk elevated.
- European policymakers focused on managing geopolitical funding choices and financial-stability risks as downside growth and political frictions kept investor caution high.
- November data reinforced the slowdown narrative, manufacturing contraction plus weak domestic demand kept focus on whether Beijing will shift from targeted support to larger stimulus.
