The Market Call - Week Ending 14th November 2025

Progressive's Jeremy McKeown and Gareth Evans discuss the week's events, with a greater focus on the UK, following the Reeves bombshell overnight that she has pivoted away from her previous indication that she would raise income tax for the first time in 50 years at the upcoming Budget on November 26th.

This suggestion across most front pages today has thrown the gilts and the value of the pound into some turmoil.

Meanwhile, in the US, the government is reopening, but to the realisation that continuing to borrow without spending has exacerbated tight dollar liquidity, as evidenced by the sharp fall in Bitcoin.   

We are entering a more volatile market phase amid the absence of official US government data on October's employment and inflation. Essentially, investors must fly blind through a period of stormy weather. What could go wrong?

In the UK equity market, despite the politics, things are looking incrementally better, with the IPO market showing signs of fully opening up.

Gareth highlights FDM and Jeremy 4imprint as examples of how to cope with difficult times and manage expectations. Both companies had inline or marginal upgrades, and their share prices responded strongly.

Looking ahead, with the US remaining quiet, it's about inflation data from the UK and Japan, both high and sticky, and increasingly problematic.

Investors in the UK will be on the latest developments from the rumour mill at No. 11. In the US, investors will be looking for unofficial signs that the authorities might be prepared to loosen conditions to ease the impact of the shutdown.

Brought to you by Progressive Equity.