November 2025 Market Digest

Below are some key highlights from what happened in markets throughout November 2025:

Monthly highlights

• Worries over tech company valuations put a halt to the strong equity returns we have been seeing in past months.
• UK equities and bond markets generated a small positive return, but global equities were slightly negative.

In our overview, we also provide market commentary to cover the 12 months to October 2025.

Outlook and topical market themes

• Higher headroom and less gilt issuance meant the Budget settled the nerves of gilt investors. However, the back-loaded nature of the tax increases may mean credibility weakens over time.
• In 2026, we expect AI to face growing investor focus. Credit markets may also go through additional periods of scrutiny. U.S. policy offers both support and risks, including the Fed leadership transition.

For more details please download our full Market Digest below.

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