Oil or Gold? – Small caps diverge – Budget miss
28Nov2025
With Trump putting pressure on the Fed to cut rates, and damn the consequences, most US markets and gold bounced in tandem, as animal spirits revived, particularly in US smallers. There was none of that for UK small companies, a dud over the last month as you will see. Obviously the Budget didn’t help, and reforms to encourage growth were as good as non-existent. Tech was one US sector that didn’t have a happy month, and the lack of visibility on AI profits is an increasing worry for a bubble stock market pumped up by hopes for AI. READ ON.
By Brian Dennehy
Access Level | public
Market commentary