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The UK government’s autumn budget, scheduled for 26 November, is now being positioned differently after Chancellor Rachel Reeves reportedly abandoned earlier plans to raise headline income-tax rates. Reeves faces a delicate balancing act.

Volatility is a natural part of investing. It refers to the ups and downs in the value of investments over time. Market uncertainty and fluctuations in asset prices will not disappear anytime soon, so how can we think about understanding the role volatility plays in investments?

Credit markets have made the headlines but despite a smattering of defaults, the broader picture remains reassuring.

The US Supreme Court began hearings this week on whether the Trump-era tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were lawful. While the case has attracted significant political and legal attention, we believe the practical implications for US trade policy and markets are likely to be limited.

After reaching multi-month highs earlier in the week, global equity markets have paused rather than surged further. US equities rose as much as 2% during the week hitting another all-time high but faded to just 0.5% up by Thursday’s close.

So, what have been the main drivers of market dynamics this week?

Global equity markets continued climbing this week, with the US, European, and Asian markets each registering gains of 1–2%. Yet beneath this broad-based improvement, notable volatility emerged in a subset of assets popular with non-professional investors, particularly in gold, thematic stocks, and crypto currency.