November 2025 Market Trends: A Month of Policy Repositioning and Defensive Rotation

Markets Hold Firm as Global Narratives Diverge

November’s narrative blended political theatre, fiscal stability, and a subtle recalibration of global risk appetite, shifting from early-month optimism toward mid-to-late-month caution and volatility. The UK’s budget saga dominated domestic headlines, but markets were more focused on shifting expectations for interest-rate cuts, slowing wage growth, and a stubbornly weak productivity outlook. Meanwhile, the U.S. economy remained firm, Japan leaned into fiscal stimulus, and investors began rotating towards defensive assets.

Globally, equity markets held up well despite headline volatility. Bonds were mixed but stable, and precious metals resumed their leadership trend. The divergence between robust U.S. activity, cautious European data, and Japan’s large-scale stimulus reinforced that global markets are no longer marching in lockstep.

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