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Good morning investors! Happy Thanksgiving!
Today we cover:
A look at the British budget
Key investment themes for 2026
Being thankful this Thanksgiving
📊 Economy and News
The UK Announces Budget
Income tax/NI thresholds frozen until 2031.
Property, dividend & savings taxes up 2 percentage points.
Council tax “mansion surcharge” from 2028: £2,500/yr on homes >£2m, £7,500 on >£5m.
Pension salary-sacrifice NI relief capped at £2,000 from 2029 (£4.7bn raiser).
Cash Isa limit cut to £12,000 from 2027 (stocks & shares Isa stays £20k; over-65s exempt).
Two-child benefit cap scrapped (helps 450k children, costs £3bn by 2029–30 – biggest cheer from Labour MPs).
National minimum wage rises: 18–20s to £10.85/hr, living wage to £12.71/hr.
Energy bills £150 off next year (by scrapping Tory ECO insulation scheme).
Sugar tax extended to milkshakes & canned lattes.
Fuel duty frozen another 5 months, then rises with inflation (first increase in 15 years).
New EV road tax from 2026 (3p/mile for full electric).
Gambling duties sharply up on online casinos & betting (raises >£1bn/yr by 2031).
Spending & Investment Highlights
Extra NHS & schools funding (more nurses, GP appointments, tech, playgrounds, libraries).
£13bn flexible funding for English mayors + extra money for Scotland, Wales & NI.
Business incentives: permanent lower business rates for high-street firms, higher rates on big warehouses, 40% investment allowance, stamp-duty holiday on new UK listings.
Economic Forecasts
Growth: 1.5% in 2025, then ~1.4–1.5% (downgraded from March).
Inflation slightly higher: 3.5% this year, 2.5% in 2026.
Borrowing falls long-term; debt-to-GDP drops every year; surplus from 2029.
Reminder: UK housing demand seen recovering on clearer post-budget outlook. Also, Dollar set for biggest weekly fall in four months.
Global hits:
Core consumer prices in Japan’s capital rise 2.8% yr/yr in November.
Egypt’s GDP grew by 5.3% in first quarter of 2025/2026. On the other hand, Croatia’s GDP growth slows to 2.3% in third quarter.
Bank of Korea holds rates at 2.50% amid economic growth.
China industrial profits drop 5.5% in October, worst performance in five months.
India stocks hit record highs as Asia markets track Wall Street gains on tech rebound.
Don’t forget: Europe’s ambitions to create a “combat cloud,” where defense-related data is exchanged between nations securely, could take over a decade, according to Airbus CEO.
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📈 Stocks
S&P 500 6812.61 (+0.42%)
DJIA 47,427.14 (+0.64%)
NASDAQ 23,214.53 (+0.87%)
BRENT CRUDE 6.3.34 (+0.33%)
* Prices as of Nov 28th, 12:20 AM UTC
BofA’s Key Investment Themes for 2026: Volatility Ahead Despite “Goldilocks” Calm
Bank of America Securities analysts warn that markets are currently pricing in a near-perfect “Goldilocks” scenario — steady growth, low volatility, and converging yield curves — but this calm is fragile.
Main risks flagged for 2026:
Rising volatility as clarity emerges on AI’s real impact on productivity, inflation, and massive capex spending by tech giants.
Cracks already appearing in the AI-driven stock rally, with concerns over stretched valuations and uncertain returns on huge debt-funded investments.
Ongoing “K-shaped” recovery: tech and high earners thrive, while middle/lower income households struggle with inflation and costs — complicating the fiscal vs. monetary policy trade-off.
Gradual diversification away from the U.S. dollar as the world’s dominant reserve currency (trend expected to continue slowly).
Recommended trades:
Long gold vs. silver
Long euro vs. USD
Short Japanese yen
Despite near-term optimism, BofA believes two-way risks will increase sharply once the true economic effects of AI become clearer in 2026.
Interesting: Alibaba’s AI glasses to rival Meta go on sale for $500.
Puma shares pop 18% after report China’s Anta Sports is looking to buy the sportswear giant.
Apple is challenging India’s antitrust body over a potential $38 billion fine.
Surprising: SEC investigates Jefferies over First Brands collapse. Elsewhere, outage hit during the premiere window for the fifth season of the hit Netflix series “Stranger Things.”. Lastly U.S. sales of Korean cosmetics, known as K-beauty, are expected to exceed $2 billion in 2025, up 37% from last year, making it the world’s second largest cosmetics exporter.
💵 Personal Finance
Cultivating Financial Gratitude This Thanksgiving
Thanksgiving is the perfect time to extend gratitude to your financial life. True financial thankfulness isn’t about having unlimited money—it’s appreciating what you have, recognizing progress, and building healthy money habits.
Here are some practical ways to become more financially grateful this season:
Reflect on Your Journey Look back at challenges you’ve overcome—paid-off debt, a growing savings account, or simply sticking to a budget. Celebrate how far you’ve come and enjoy small wins.
Set Realistic Goals Give yourself something to be thankful for in the future: build an emergency fund, pay down a credit card, or save for a trip. Small, clear goals create momentum.
Practice Mindful Spending Before every purchase, ask: “Do I need this? Will it add real value?” Fewer impulse buys = more satisfaction with what you already own.
Build a Safety Net Start an emergency fund (aim for 3–6 months of expenses). Even a small cushion reduces stress and increases peace of mind.
Give Back Share a little—whether it’s donating to a local cause or helping a friend. Giving reinforces a sense of abundance, no matter your balance.
Keep Learning Read a personal-finance book, listen to a podcast, or take a free online course. Knowledge builds confidence and gratitude for your growing control.
Stop Comparing Your chapter 5 is someone else’s chapter 50 (and vice versa). Focus on your own progress instead of scrolling envy.
💰 Be a Better Investor
“Debt is like any other trap, easy enough to get into, but hard enough to get out of.”
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