Global Outlook November 2025

In this video, Bill Dinning, Chief Investment Officer, reviews the strength of global equity markets, driven by solid Q3 earnings growth across major regions.

He highlights the dominance of the Magnificent Seven in US market leadership and discusses the implications of concentrated performance. Bill also examines the Bank of England’s recent rate decision, the potential for a December rate cut, and the fiscal outlook for the UK, noting improving deficit trends relative to other G7 nations.

He reflects on inflation expectations and the prospects for UK gilts, while outlining positioning across equities and fixed income as markets head into year-end.

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Key takeaways:

• A strong Q3 earnings season (around 11% global growth) has supported markets, though US leadership remains narrow, with the ‘Magnificent Seven’ still around a third of the US market.
• A closer-than-expected Bank of England vote to hold rates has raised the odds of a December cut, and the team sees the UK's improving fiscal trajectory, plus benign inflation expectations, as supportive for gilts following their October rally.
• The team ended the period slightly overweight equities and slightly underweight fixed income, looking for a strong finish to the year.