Markets juggle peace-talk hopes and UK policy uncertainty:

Index Update: The FTSE 100 index, a key benchmark index for the London stock exchange, was trading up around 0.12% on 24 November 2025.  

Macro Update: Britain heads into this week’s budget with mounting business frustration, as the CBI accuses finance minister Rachel Reeves of failing to address energy costs and labour reform, urging her to back growth with clear tax rises instead of multiple small levies. At home, a government review called for a complete overhaul of nuclear regulation to cut costs as the country pushes to expand nuclear power, while a £1.5 bn package aims to speed the switch to electric vehicles through additional grants. Markets reflected the mixed sentiment, with the FTSE 100 recovering some losses on hopes of Fed rate cuts, though both large- and mid-cap indices still ended the week in decline ahead of the budget. 

Top Market Movers: Among top gainers on FTSE 100 index, ENDEAVOUR MINING PLC (LSE: EDV) witnessed a rise of 3.29% followed by FRESNILLO PLC (LSE: FRES) which gained around 2.97%. 

Commodity Update: The dollar remained firm on Monday as traders remained alert to potential yen intervention signals. At the same time, UK gilt markets turned cautious ahead of the British budget in a holiday-shortened week. New Zealand is also expected to cut rates at its upcoming policy meeting. Commodities softened, with gold down 0.86% to USD 4,080.40, silver easing 0.71% to USD 49.56, and copper marginally lower. Brent crude dipped 0.22% to USD 62.42 as Russia-Ukraine peace talks showed progress and a stronger dollar weighed on prices. 

Our Stance: U.S.-Ukraine peace talks in Switzerland continue around a revised framework after Kyiv and European allies rejected an earlier U.S. proposal seen as too Russia-friendly, keeping geopolitics central to market sentiment. The G20’s rare joint declaration without U.S. support highlights strains with Washington, while the U.S. economy absorbs an estimated $11bn permanent hit from the shutdown even as officials stay optimistic on growth and disinflation. Equity markets remain cautious ahead of Black Friday amid concern over stretched tech valuations and consumer resilience, the yen stays under pressure despite verbal intervention signals, and emerging-market assets and Ukrainian bonds are finding some support on rising Fed rate-cut expectations and tentative progress on peace.  

FTSE 100 

In its latest session, the FTSE 100 Index gained 9.35 points to close at 9,549.06, forming a small bullish candlestick. The broader technical outlook remains constructive. On the daily chart, the index continues to trade above its 21-period Simple Moving Average (SMA), a key dynamic support that reinforces the prevailing short-term bullish trend. A notable support zone is situated near 9,450, and maintaining price action above this level will be critical to sustaining the ongoing uptrend. On the upside, a decisive breakout above immediate resistance levels would serve as strong bullish confirmation, potentially triggering fresh upward momentum and further improving investor sentiment. From a broader perspective, the index also remains above its 21-period SMA on the weekly chart, underscoring the resilience of its longer-term bullish structure despite recent short-term fluctuations.