Macro and Markets Review for November 2025

Dec 3, 2025

9:37 am

November felt like a pause for breath rather than a turning point. Global equities eked out a 0.3% gain, leaving year-to-date returns at a robust 20.1%, but the intra-month story was a nervous drawdown as investors flirted with the idea that the Fed might skip a December cut before swinging back to pricing one move….

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Navigating Growth as Cycles Evolve

Dec 2, 2025

5:21 am

When discussing US GDP growth, recent commentary has focused heavily on capital investment. The AI boom has driven a sharp rise in corporate capex, with firms racing to upgrade infrastructure and scale new applications. The consumer side of the economy, however, has been more mixed. In fact, consumer confidence has weakened throughout much of the…

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Risk-off Sentiments and a Case for Consolidation

Nov 25, 2025

12:00 am

• Consolidation not collapse • US Labour market stronger than expected but the Fed may still cut • Russia/Ukraine talks push weakness into the oil market • French and UK budget challanges • Japan keeps pushing with growth • Rupee weakness has policymakers on the back foot Equity markets plunged 2-3% last week as investors…

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Someone Turned Up the Political Noise and Markets Heard It

Nov 19, 2025

11:23 am

• UK fiscal inconsistency pushes gilt yields higher and sterling lower • Elements of the US president’s popularity base begin to peel away • Protest participation is approaching levels where institutional actors start exhibiting a shift in behaviour • US data blackout impairs monetary policy visibility and raises policy error risk • Nvidia, major retailers,…

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