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.

The U.S. government reopened this week although – coincidentally or not – U.S. equities swooned. The issue remains full-on valuations of U.S. stocks coupled with growing concerns with the enormous amounts of A.I. spend being put forward by many tech companies.

Stock and bond markets felt fragile all week. The US Dec jobs report caused investments to gap down in price to end a difficult week.

US stocks and gold hit more record highs. S&P 500 earnings mixed: banks strong, chip companies mixed, luxury struggles.

FAMAG/other corp earnings/news, US 3Q21 GDP, UK '22 budget, ECB rate decision, Biden fiscal plan, G20 / COP26 meetings..lots to move markets