Limit Up! 27 November 2025

Overnight

Economic Indicators Released Overnight

Yet more confusing US numbers as Initial Jobless Claims fell but Chicago PMI dropped sharply. If the AI spend narrative is to believed then the Atlanta FED's GDPNow tool should actually read 2%. 

In the UK, the annual budget was greeted with relief by markets expecting a herd of black swans. The euphoria won't last long.

UK Budget 2025

In Australia however there was no confusion at all about CPI and the direction of interest rates. 

Australia CPI Q3 2025

Equities floated up into the holidays.

US Equities

Breaking

Two National Guard troops shot near the White House in Washington [FT]

CPI shock increases risk of interest rate hike [AFR]

Bank of Canada announces restart of Government of Canada treasury bill purchases [BoC]

BOJ’s Unrealized Gains From ETFs Surge Before Offloading Begins [Bloomberg]

SoftBank’s 40% Slide From Peak Shows Worry Over Giant OpenAI Bet [Bloomberg]

Crypto hoarders dump tokens as shares tumble [FT]

Bitcoin

Not too much to report other than finally the pressure got released. Trend resistance at the midline is at 93.6k. We think BTC can get back to 100k where it will meet a ton of resistance. Read more

BITCOIN/USD Daily

Commodities

Silver had a really good day yesterday and without any pushback from London or COMEX. Price needs to break and consolidate above 54.30 for takeoff. Trend support is at 50.10 today. Read more

SILVER/USD Daily

Foreign Exchange

The currency spiked and Gilts rallied hard as the UK budget held no big surprises. Looks like a bull flag has formed after the initial move up from 1.2100 in January. Read more

GBP/USD Daily

Equities

4 up days for US equity markets and we’re at the inflection point, beautifully demonstrated by the DJIA chart. Won’t see a resolution before next week and we’ll have to see what the market convinces itself of into the FOMC meeting on 10 December. Read more

DOW JONES INDUSTRIAL AVERAGE Daily

Economic Indicators Today

Latest Podcast 24 November 2025