Markets are forecasting interest rate cuts across the rich world in the early part of 2026. This offers the potential for improved performance from parts of the global stockmarket that have been less immediately lifted by the growth of artificial intelligence.

Market Commentary - December 2025. It has been a volatile yet fruitful year for investors. November encapsulated both qualities in a single month. What began as an orderly reassessment of artificial intelligence valuations briefly threatened to become something uglier. Bargain hunters and rate-cut optimism then combined to rescue markets from their mid-month lows.

Rebecca Bonner of Trigpoint Financial Planning speaks to Eleanor Williams about the recent UK budget’s practical impact on advisers and their clients.

Nathan McKerlie and Charlie Parker unpack Rachel Reeves’ autumn budget, the unprecedented OBR leak, and the political and market implications.

Rachel Reeves has presented the highly anticipated Budget, although an unexpected early release of the Office for Budget Responsibility’s (OBR) Economic and Fiscal Outlook briefly diverted attention. Despite this unusual development, we have been monitoring events closely and are pleased to share our initial thoughts. 

For asset allocators, 2025 has been defined by volatility. The year began with a sanguine macroeconomic backdrop but was quickly complicated by government sector layoffs and tariff negotiations. Amidst this friction, earnings have continued to provide a robust anchor for market strength and NVIDIA’s third-quarter results confirmed that an important driver of earnings, the build-out of artificial intelligence infrastructure, remains intact.  

Stocks reached new heights in October, boosted by a breakthrough US-China trade agreement and exceptional corporate earnings. President Trump and President Xi Jinping reached a comprehensive agreement in Busan, South Korea, that reduced tariffs and suspended export controls.

We take a deep dive into AI and markets, considering whether recent equity moves linked to AI could represent a speculative bubble or a sustainable shift.