Risk assets recovered strongly during the holiday-shortened (US Thanksgiving) session, with U.S. stocks leading the way. Japanese and European stocks rallied too. Bitcoin recovered slightly, and gold was higher. The catalyst was mainly growing expectations that the Fed would lower its policy rate at the December FOMC meeting. In the UK, chancellor Rachel Reeves delivered the tax-fuelled budget.
Markets were good again this week, with stocks and bonds both increasing in spite of plenty of economic headwinds on the horizon and growing geopolitical risks. Nothing seems able to stop the momentum......until it does!
