Almost Half Of Britons View Budget As Unfair, Poll Shows

Political

Economic

Summary:

Britons reacted overwhelmingly negatively to Chancellor of the Exchequer Rachel Reeves' budget, the first opinion poll since it took place has found, suggesting little relief for the Labour government's slumping popularity.

Respondents to a YouGov survey conducted after Wednesday's statement said they saw it as unfair rather than fair by a margin of 48% to 21%. That's the second-worst score recorded by YouGov for a budget since it began tracking sentiment in 2010. Only the infamous market-roiling "mini-budget" held under former Conservative prime minister Liz Truss in 2022 fared worse.

Half of those surveyed by YouGov said Reeves' budget would leave them and their family worse off, compared with 3% who said they would be better off. Only 3% said the economy was in a "quite good" state, with 0% saying it was in a "very good" state. Two-thirds said they expect it to get worse in the next 12 months.

The numbers show the scale of the challenge faced by Reeves and Prime Minister Keir Starmer to turn around their fortunes. Just 16 months into power, voters have turned on the Labour government after a series of mis-steps and policy U-turns that have left Starmer's position in question.

YouGov found some individual measures were popular, such as reductions in energy bills, a freeze on rail fares and new taxes on mansions and gambling. However, a tax rise on workers and the expansion of family benefits were considered by a majority of voters the wrong thing to do at this time.

Taxing workers, by freezing thresholds for a further two years, contradicts Labour's key election promise not to increase the tax burden on 'working people.' A day later, the government announced it would drop a key measure from its flagship workers' rights package that awarded day one protections against unfair dismissal, another manifesto pledge.

Another pollster Luke Tryl of More in Common, said voters would be unimpressed by the chaotic run-up to the budget, and noted that Starmer and Reeves appeared to have prioritised the interests of their governing Labour Party and financial markets over voters.

"If they had three audiences, the public, the markets and the parliamentary Labour Party, they chose the last two because they matter most for short term-survival and they think they've got longer with the public," Tryl said in an interview with Bloomberg.

Markets rallied after Reeves expanded her buffer against her fiscal rules though declined on Thursday in something of a reality check. Labour members of Parliament, especially those on the left of the party, expressed support for measures such lifting the two-child cap on benefits and higher taxes on the wealthy.

"Measures to help with the cost of living such as lowering energy bills are likely to be well received. Some Labour voters will also like scrapping the two child benefit cap," said Ipsos' Keiran Pedley. However, he cautioned that "tax rises are likely to be controversial, as we are already seeing a gradual increase in sentiment that taxes should be cut".

"The wider issue for the government is that public negativity about the state of the economy and performance of the government is at such a level that it is very hard for them to get the benefit of the doubt," Pedley said.

Leading economists also criticised the lack of a plan to boost economic growth in Reeves' statement and warned that her proposals to repair the public finances may not be credible.

"It was a bits-and-pieces budget. There was no sense of reform or direction, I think is the most worrying part of this," Paul Johnson, a former director of the Institute for Fiscal Studies, told Bloomberg Radio. "You look at what they have actually done so far, and net, it's clearly had a negative impact on growth."

"Most of the fiscal repair job has been put on hold for three years," said Ruth Curtice from the Resolution Foundation, a left-of-centre think tank with close links to the Labour government. "Appearances can be deceiving," she added, warning the country faced "plenty more bracing budgets".

Source: Theedgemarkets

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Michelle

Forex

Economic

Euro zone consumers raised their near-term inflation expectations a touch but kept them unchanged further out, a European Central Bank survey showed, supporting bets that price growth remains around target and no more rate cuts are needed.

Inflation has been hovering around the ECB's 2% target for most of this year and policymakers see it around this level even over the medium-term, a rare success for a bank that struggled with ultra-low inflation for a decade before a post-pandemic surge to above 10%.

Consumers surveyed in October see inflation in the next year at 2.8%, above the 2.7% predicted a month earlier, while price growth three years ahead was seen at 2.5% and five years out at 2.2%, the ECB said on Friday.

The figures, based on a survey of 19,000 adults in 11 euro zone nations, appear consistent with policymaker views that inflation is no longer a worry and, even if some domestic price pressures continue to linger, prices are on the way down to target.

This is why financial markets see almost no chance of a rate cut next month and see only a one-in-three chance of any further easing next year, with most economists betting that the interest rate cycle has bottomed out.

Income and spending bets also supported this narrative. Consumers' income growth expectations in the next year rose to 1.2% from 1.1%, while expected spending growth was unchanged at 3.5%.

While the ECB is keeping the door open to more rate cuts, it made clear it was in no hurry to change policy and some policymakers even argue the bank may be done cutting after halving the deposit rate in the year to June.

Source: Investing

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Gerik

Economic

A Quieter But Still Crucial Black Friday

The chaotic midnight stampedes of past Black Fridays have given way to a more measured holiday kickoff. While in-store brawls and overnight lines have faded, Black Friday remains the biggest day for foot traffic in physical retail, signifying its continued relevance as the psychological start to the U.S. holiday shopping season. However, 2025 brings added layers of complexity, shaped by cautious consumer sentiment and volatile economic signals.

According to The Conference Board, U.S. consumer confidence dipped in November due to persistent inflation, slow job growth, and the lingering effects of a recent federal government shutdown. Yet this dip in sentiment does not fully align with actual spending behavior. Analysts, including Comerica Bank’s chief economist Bill Adams, suggest that while consumers express pessimism, they continue to prioritize spending for key moments such as the winter holidays indicating a disconnect between sentiment and action.

This behavior reflects a correlation rather than direct causality between economic outlook and spending. While macroeconomic discomfort makes shoppers more price-sensitive, it does not fully suppress seasonal splurges, particularly when discounts or perceived value are strong.

Tariffs and Pricing Pressure: The Lingering Effects of Trade Policy

Retailers entered the 2025 season grappling with the fallout from former President Trump’s renewed tariffs on a range of imported goods. Many businesses responded by frontloading inventory or absorbing costs to avoid passing higher prices onto consumers. Still, data from market research firm Circana shows widespread inflation in merchandise categories, with 40% of general goods rising at least 5% in price since early 2025.

Toys were hit particularly hard: 83% of toys sold in September saw price hikes above 5%, driven largely by import reliance on China, where roughly 80% of U.S. toys originate. This policy-driven cost inflation has created a cause-effect relationship between tariff application and consumer price increases, complicating retailer discounting strategies during the holiday rush.

Black Friday Momentum: In-Store and Online Strength

Despite these headwinds, signs point to a robust start to the season. Mall of America executives reported stronger-than-2019 foot traffic in recent weeks. According to Jill Renslow, this suggests that physical retail remains a core part of the holiday experience for many Americans, even as shopping habits shift.

Online performance has also outpaced expectations. Adobe Analytics reported $79.7 billion in U.S. online consumer spending from Nov. 1 to Nov. 23 up 7.5% from last year and significantly above Adobe’s 5.3% growth projection. This reflects both an expanded digital consumer base and strong discounting strategies across platforms.

Selective Consumer Behavior: Deal-Driven but Purposeful

Consumers are being more discerning in 2025. Mastercard SpendingPulse forecasts a 3.6% increase in holiday sales between Nov. 1 and Dec. 24, down slightly from last year’s 4.1%. Analysts point to selective shopping patterns: while consumers are cautious, they are still spending, particularly when value is clear and occasions warrant it.

This targeted spending is evident in Adobe’s data on discount timing. Thanksgiving Day offered the best deals on sporting goods, while Black Friday is expected to provide top discounts on TVs, toys, and appliances. Cyber Monday, in turn, will likely be the prime day for buying apparel and computers, with apparel discounts projected to double to 25% compared to earlier weeks.

Black Friday 2025 embodies a retail landscape in transition. While consumers are showing greater price sensitivity and caution, they continue to respond to strategic promotions, occasion-driven shopping, and the convenience of hybrid retail models. The so-called “holiday halo effect” remains intact, but it is less about spontaneous splurging and more about calculated, value-conscious purchasing. Retailers that anticipate these nuances blending early discounting, digital engagement, and strong in-store experiences are likely to benefit most in this cautiously optimistic season.

Source: Reuters

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IC Markets

Forex

Commodity

Stocks

Global Markets:

· Asian Stock Markets : Nikkei down -0.07%, Shanghai Composite up 0.21%, Hang Seng down -0.23% ASX up 0.05%

· Commodities : Gold at $4,221.65 (0.76%), Silver at $52.235 (1.98%), Brent Oil at $63.04 (0.27%), WTI Oil at $59.05(-0.08%)

· Rates : US 10-year yield at 4.010, UK 10-year yield at 4.4530, Germany 10-year yield at 2.6775

News & Data:

· (USD) Unemployment Claims 216K to 226K expected

· (USD) Core Durable Goods Orders m/m 0.6% to 0.2% expected

· (USD) Durable Goods Orders m/m 0.5% to 0.5% expected

Markets Update:

Asian stock markets were mixed on Friday, taking in slightly positive signals from Europe and no guidance from Wall Street due to the Thanksgiving holiday. Traders continued to respond to growing expectations of a U.S. Fed rate cut in December after soft economic data and dovish comments from several Fed officials. The global equity rally seen over the past week also slowed.

Markets now price in an 84.7 percent chance of a 25-basis-point cut in December, sharply higher than 30.1 percent just a week earlier, with additional cuts expected next year.

In Australia, stocks traded slightly higher in choppy action, extending gains from earlier sessions. The S&P/ASX 200 held above 8,600 as strength in gold miners and tech names offset weakness in iron ore miners and financials. Major miners were mixed, while technology stocks such as Appen, Xero and WiseTech gained. Banks traded mostly lower, and gold miners advanced modestly.

Japanese shares were slightly weaker as the Nikkei slipped below 50,150, pressured by declines in exporters and tech stocks, though financials provided some support. SoftBank gained, while Fast Retailing and major chip equipment makers declined. Economic data showed retail sales and industrial production rising in October, both beating expectations. Inflation in Tokyo's Ku-area remained above the Bank of Japan's target, while unemployment held at 2.6 percent.

Elsewhere, South Korea, Hong Kong and Malaysia traded lower, while New Zealand, Singapore and Taiwan edged higher. European markets finished modestly positive, and crude oil extended its decline ahead of the OPEC+ meeting.

Source: IC Markets

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Blue River

Forex

Technical Analysis

The AUDUSD rate is moderately rising, having consolidated above the 0.6500 level. The Reserve Bank of Australia does not plan to cut rates in the near term. Discover more in our analysis for 28 November 2025.

AUDUSD forecast: key trading points

Market focus: private sector credit in Australia rose by 0.7% month-on-month in October
Current trend: upward momentum
AUDUSD forecast for 28 November 2025: 0.6430 or 0.6550

Fundamental analysis

According to the published data, private sector credit in Australia grew by 0.7% month-on-month in October 2025, exceeding both last month's figure and market expectations of 0.6% growth. On an annual basis, private sector credit increased by 7.3%.

The Australian dollar is rising, reaching a two-week high. Inflation growth in Q3 strengthens the hawkish stance of the Reserve Bank of Australia. Markets now estimate the likelihood of a rate cut in May next year at just 7%, down from 40% earlier, and even price in a 40% chance of a rate hike by the end of 2026.

AUDUSD technical analysis

The AUDUSD pair is showing solid growth after reversing upwards from the daily support level at 0.6430. The Alligator indicator is pointing upwards, confirming bullish momentum. The key resistance level is 0.6550.

The short-term AUDUSD forecast suggests growth towards the 0.6550 resistance level and higher if the bulls maintain initiative. However, if bears reverse the price downwards, the pair could slip towards support near 0.6430.

Summary

The AUDUSD pair is rising moderately, consolidating above 0.6500. Unlike the Fed, the Reserve Bank of Australia does not intend to cut rates in the near term.

Source: RoboForex

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ING

Forex

Economic

German Labour Market Improves In November_1

German unemployment dropped by 25,700, bringing the unemployment figure to 2.885 million, a surprisingly positive outcome. According to the just-released data, seasonally adjusted unemployment increased by 1,000, keeping the unemployment rate unchanged at 6.3%.

Today's labour market numbers will bring some relief, at least in the political debate. The feared worsening of the labour market that emerged after the number of unemployed reached the symbolic three-million mark in August has so far been avoided. That said, since reaching a low of 2.2 million in May 2022, the number of unemployed has steadily increased. It's not up by some half a million compared with then.

This trajectory reflects textbook economics: with the economy effectively stagnating for over five years and industry facing severe structural challenges, a worsening of the labour market was just a matter of time.

Improvements, yes, but far from a turning point

Looking ahead, recruitment plans in both manufacturing and services have continued to weaken, and the number of vacancies is down to levels last seen during the pandemic. Still, other indicators like social media vacancies and hiring indicators at least point to some bottoming out. At the same time, ongoing announcements of potential cost-cutting measures across the automotive and other industries, along with the continuing increase in some bankruptcies, suggest that things could get worse before they get better.

With the worsening labour market, political uncertainty about the future of Germany's pension system, and a broader sense of sombreness in the economy, it is no surprise that private consumption has worsened again. After a brief indulgence at the turn of last year, German consumers have again closed their wallets. This morning's news that retail sales dropped by 0.3% month-on-month in October just strengthens this point. Even more so, as real wages were still up by almost 3% on the year in the third quarter, and the savings rate has almost come down to pre-pandemic levels - a statistical conundrum.

Overall, despite today's favourable news from the labour market, a turning point is clearly not in sight. Instead, the very gradual worsening of the German labour market is likely to continue, clearly complicating any comeback of private consumption.

Source: ING

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Justin

Political

Economic

Orban has kept friendly ties with Putin despite the ongoing Russian invasion of Ukraine [File photo: July 2024]

Hungarian Prime Minister Viktor Orban said he will travel to Moscow to meet with Russian President Vladimir Putin.

Orban, a right-wing populist and close ally of US President Donald Trump, has frequently blocked efforts to impose more sanctions on Russia, as the Russian military continues its yearslong invasion of Ukraine.

Meanwhile, US Army Secretary Dan Driscoll is expected in Kyiv this week, as the Trump administration pushes for an end to the war in Ukraine.

Here's a look at the latest in Russia's war on Ukraine for Thursday, November 28:

Orban to meet Putin in Moscow

Hungarian Prime Minister Viktor Orban is heading to Moscow for talks with Russian President Vladimir Putin on crude oil and gas supplies for Hungary. Orban said he also intended to address peace efforts in Ukraine.

Orban remains Putin's closest ally in the 27-member European Union despite the Russian full-scale invasion of Ukraine nearly four years ago. Hungary is reliant on Russian energy. Despite EU efforts to cut dependence, nearly 19% of the bloc's gas imports came from Russia in 2025.

"Energy security and affordable, low energy prices in the winter in Hungary," he wrote in a Facebook post. "That's why we went to Washington, and that's why I'm going to Moscow now."

Asked if peace efforts in Ukraine would also come up, Orban said, "We can hardly avoid that."

Orban has previously said he wants to revive plans for a"peace summit" in Budapest between US President Donald Trump and Putin on Ukraine, which was shelved this year as fighting continued.

In contrast to most NATO and European Union leaders, Orban has kept up cordial relations with Russia while questioning the logic of Western military aid for Kyiv.

Hungary has imported 8.5 million tons of crude oil and more than 7 billion cubic meters of natural gas from Russia this year, its Foreign Ministry said in a statement on Friday.