AJ Bell Money & Markets Record market highs, Scottish Budget changes, ISA rumours and our Rightmove obsession
Jan 16, 2026
Tom Sieber, a markets expert and contributor to Shares Magazine, discusses the record highs in global markets, including the FTSE and gold, while shedding light on Whitbread's positive trading update. Christopher Hart, a global equity fund manager at Boston Partners, shares insights on the resilience of markets amid political uncertainty and highlights investment opportunities in the UK and Europe over the US. The hosts also dive into significant Scottish Budget changes and the intriguing psychology behind Britain’s obsession with browsing properties online.
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Premier Inn Drives Whitbread Recovery
- Whitbread's recovery is driven by a strong Premier Inn brand and German expansion after cost-efficiency improvements.
- Its restaurant arm still drags but repurposing sites to hotel rooms is reducing the drag on profits.
Records Driven By Currency And Sector Dynamics
- Global record highs (FTSE 100, Nikkei, gold) reflect sector and currency moves more than broad exuberance.
- Weakness in the yen and commodity/central bank demand explain Nikkei and gold rallies respectively.
Markets Expect Fed Resilience
- Markets remained calm despite political pressure on the Fed because investors expect institutional checks and possible backing down.
- Short-term shocks haven't yet changed rate-cut expectations materially.