marketsClosed Dec 3, 2025
- The pound rises against a weaker dollar, bonds rally at the long end in the UK, and stocks are steady despite an AI-related wobble
- Join the Markets Today team for news and analysis vital to UK markets. Email us at marketstoday@bloomberg.net
It’s been a slow-burner kind of a day, but not a bad one for the UK with the pound poised to post its best day since April and leading major currencies against the dollar.
Gilts too are leading the way, with longer-dated yields falling the most since the day of the budget — now a week ago and fast fading from market memory. Still, analysts can’t quite make up their mind about what it all means for the housing sector.
Stocks have slipped, despite some hefty gains from miners as copper hit a new record, with a standout move in Glencore after it announced a mine restart and fresh guidance. Silver too drew attention as it rose for an eighth day, with questions over how far it can go. Sainsbury’s, however, saw a sizeable drop after a Qatari sovereign wealth fund offloaded part of its stake.
There was some notable deals news too, with Smiths Group announcing plans to sell its airport scanners business. The firm’s shares rallied, but as Sam noted, it signifies the fading of conglomerate business structures in the UK.
We’ll leave it there for now, with a reminder that if you want to dig more into the budget and what it means for UK markets, as well as the year ahead, you should give our Live Q&A a listen.
