UK Stock Market Today, 24 November 2025: FTSE 100 Extends Winning Streak as Fed Cut Bets, Ukraine Peace Hopes and Budget Jitters Collide

The UK stock market kicked off the week in positive territory on Monday 24 November 2025, with the FTSE 100 extending its rebound for a third straight session as investors juggled optimism over US interest-rate cuts, tentative progress towards a Ukraine peace framework, and mounting anxiety ahead of Rachel Reeves’s high‑stakes Autumn Budget on Wednesday. ^[1]

FTSE 100: Modest Gains, Big Cross‑Currents

At the London market open, the FTSE 100 climbed about 0.4% to 9,579.72, while the FTSE 250 rose 0.5% to 21,459.57and the AIM All‑Share added 0.2% to 737.15, according to Alliance News data carried by London South East. ^[2]

As the session progressed, the UK benchmark hovered in the mid‑9,500s, broadly 0.2–0.5% above Friday’s close around 9,540, with some data providers reporting the wider GB100 index touching roughly 9,584 points, a move of about 0.46% on the day. ^[3]

European equities joined the upswing: Germany’s DAX 40 gained around 1.1% and France’s CAC 40 about 0.3%, while sterling inched higher to roughly $1.31, helped by firmer risk appetite and expectations that the US Federal Reserve could cut rates as soon as December. ^[4]

Behind the move:

Fed cut hopes – Comments from New York Fed President John Williams late last week were interpreted as leaving the door open to a near‑term rate cut, despite sticky inflation, pushing global equities higher and the dollar slightly lower. ^[5]
Ukraine peace framework – Weekend talks in Geneva between US and Ukrainian officials produced an “updated and refined” plan to end the war, boosting risk assets but weighing on defence stocks and European gas prices. ^[6]
Budget countdown – UK assets are already pricing in a volatile week as Chancellor Rachel Reeves prepares to deliver the Autumn Budget on 26 November, with analysts expecting fresh tax rises and the Office for Budget Responsibility (OBR) to downgrade growth forecasts. ^[7]

Sector Snapshot: Miners and Banks Lead, Defence Stocks Lag

Gold miners sparkle, Ferrexpo rockets

The standout moves in early trade came from precious‑metals and mining stocks:

Endeavour Mining and Fresnillo jumped roughly 3–4% as gold prices rebounded from intraday lows, with both names featuring among the FTSE’s top risers. ^[8]
Ferrexpo, a Ukraine‑focused iron ore producer listed in London, surged close to 20% on hopes that an eventual peace deal could unlock the country’s export potential and reduce geopolitical risk. ^[9]

The broader mining complex was also in focus after a flurry of policy and corporate headlines:

Prime Minister Keir Starmer unveiled a plan to meet 10% of UK critical‑mineral demand from domestic production and 20% from recycling by 2035, backed by £50m of support, tying into the EU’s Critical Raw Materials framework. ^[10]
Separately, the government’s export credit agency UK Export Finance (UKEF) launched a new Critical Goods Export Development Guarantee, offering 80% loan guarantees to UK‑based suppliers of critical minerals such as copper, beryllium and uranium, to strengthen domestic supply chains and support high‑growth sectors including automotive, defence and clean energy. ^[11]

Those policy moves add a strategic tailwind for UK‑listed miners and advanced‑manufacturing names tied to the energy transition and defence supply chains, even as short‑term sentiment in parts of the sector remains hostage to global commodity prices.

Banks and housebuilders catch a bid

Financials and domestically focused cyclicals helped drive the FTSE 100’s advance:

Endeavour Mining, Fresnillo, Standard Chartered, Sage Group and Entain all featured high on intraday risers lists. ^[12]
On Hargreaves Lansdown’s FTSE 100 risers board, InterContinental Hotels Group (IHG), Barclays, Pershing Square Holdings, easyJet, St James’s Place and Croda International all posted gains of around 1–2% or more. ^[13]
Housebuilder Barratt Redrow rose close to 2% after Goldman Sachs issued a “buy” rating and as investors speculated that Reeves’s Budget could include planning reforms and extra funding for local authority planners to help meet Labour’s target of 1.5m new homes. ^[14]

The resilience of UK banks is particularly notable. Analysts point to the prospect of prolonged higher‑for‑longer interest rates supporting margins, combined with the possibility of future incentives in the tax system to push savers towards investment products such as stocks and shares ISAs. ^[15]

Defence and income names on the back foot

The day’s clear losers were defence stocks and some traditional “defensive” income plays:

Early‑session data showed Airtel Africa, BAE Systems, Babcock International, Rolls‑Royce, Marks & Spencerand Imperial Brands among the FTSE 100’s top fallers, with declines in the 1–2% range. ^[16]
The Guardian’s live markets coverage highlighted that BAE Systems and Babcock were hit as investors rotated out of defence names on optimism around Ukraine peace talks and as European wholesale gas prices slid to their lowest levels since mid‑2024. ^[17]

If peace prospects continue to build, analysts warn that defence valuations – which have soared since 2022 – could see further de‑rating, even if many governments in Europe are likely to maintain elevated military spending in the long run. ^[18]

Big Corporate Stories Moving UK Stocks

AstraZeneca’s $2bn US manufacturing push

AstraZeneca shares traded modestly higher after the pharma giant announced plans to invest $2bn expanding manufacturing facilities in Maryland, US. The company intends to enlarge its biologics plant in Frederick and build a new facility in Gaithersburg focused on innovative molecules for clinical trials, both targeted to be operational by 2029. ^[19]

The spending is part of a broader $50bn US investment programme, and comes alongside AstraZeneca’s previously announced plans for a direct US listing and a drug‑pricing deal that helps it sidestep steep new tariffs on imported branded medicines. At the same time, the firm has paused a planned £200m investment at its Cambridge R&D site, underscoring the competitive challenge facing the UK as global pharma reallocates capital under shifting trade and tax policies. ^[20]

IMI exits Truflo Marine in £225m defence deal

Engineering group IMI plc agreed to sell its Truflo Marine business – a manufacturer of high‑integrity valves and actuators for naval and nuclear applications – to US‑based Fairbanks Morse Defense for £225m. ^[21]

IMI said the disposal reflects its strategy of “active portfolio management” and will further align the group with secular growth themes in energy, automation and healthcare. Completion is expected around mid‑2026, subject to regulatory approvals. The stock, a FTSE 100 constituent, was among the names on traders’ radar as investors weighed the reshaping of its portfolio. ^[22]

BHP abandons Anglo American takeover pursuit

In one of the day’s most significant mining stories, BHP Group formally walked away from its renewed takeover approach for Anglo American, drawing a line under a long‑running effort to build an unrivalled copper giant. ^[23]

The Australian miner’s latest proposal had threatened to derail Anglo’s planned $50–60bn merger with Teck Resources, which would create a major copper‑focused group informally dubbed “Anglo‑Teck”. Under UK takeover rules, BHP is now effectively barred from making another bid for six months. ^[24]

Investors are now left to assess:

Whether Anglo can execute its restructuring and Teck combination without the discipline of a live bid hanging over management; and
How BHP reallocates capital towards its own pipeline of organic projects, particularly in Latin America.

Anglo shares were under pressure in early trade, while broader copper miners traded mixed against the backdrop of shifting expectations for global growth and the green‑transition metals cycle. ^[25]

Advertising in the firing line: M&C Saatchi and S4 Capital

The advertising sector remained a weak spot on UK markets:

M&C Saatchi issued a fresh trading update flagging that 2025 net revenue is now expected to fall around 7% year‑on‑year, hit by the longest US government shutdown in history, which significantly dented activity in its high‑margin “Issues” unit. ^[26]
The group still plans a £5m share buyback, citing a robust balance sheet, but profit margins will now land below guidance set at the interim stage, pressuring the shares on AIM. ^[27]
Peers including S4 Capital have also warned on full‑year profits, reinforcing concerns from strategists that marketing budgets are coming under pressure globally. ^[28]

For UK investors, the message is that cyclical, ad‑exposed names may remain volatile until there is clearer evidence that corporate confidence is stabilising alongside any Fed easing.

Revolut’s $75bn valuation and London’s tech halo

Off the public markets, but highly relevant to London’s status as a financial and tech hub, Revolut completed a secondary share sale valuing the fintech at $75bn (about £57bn) – a sharp jump from roughly $45bn last year and one of the highest valuations for any private European company. ^[29]

Key details:

New investors include NVentures, Nvidia’s venture capital arm, alongside big‑name backers such as Coatue, Greenoaks, Dragoneer, Fidelity, Andreessen Horowitz, Franklin Templeton and T. Rowe Price. ^[30]
Revolut now counts more than 65m customers, with 2024 revenue up 72% to $4bn and profit before tax surging to around $1.4bn, according to company figures cited by fintech outlets. ^[31]

While Revolut remains unlisted, the news reinforces London’s attractiveness as a fintech and AI‑adjacent hub and could support sentiment in listed financial‑technology stocks and exchanges over time.

Policy and Macro: Budget 2025, Critical Minerals and Geopolitics

Reeves’s Autumn Budget: markets want “boring”

The Autumn Budget on Wednesday 26 November now dominates the horizon for UK assets. Official briefings and media leaks suggest: ^[32]

A multibillion‑pound package to “grip the cost of living”, including scrapping the two‑child limit on some welfare benefits and freezing rail fares;
Significant tax rises, potentially worth £20–30bn over the forecast period, with options on the table including:
- Cuts to the cash ISA allowance from £20,000 to around £12,000 a year;
- New or expanded property taxes on high‑value homes (“mansion tax” style changes);
- Reforms to stocks and shares ISAs that encourage greater investment in UK‑listed equities. ^[33]

The CBI has warned Reeves not to repeat the “Groundhog Day” feeling of last year’s tax‑heavy Budget, urging a stronger focus on pro‑growth reforms. ^[34]

From a market perspective:

Equities – Banks, wealth managers and the London Stock Exchange itself could ultimately benefit if ISA reforms really do channel more savings into UK stocks – but near‑term reaction will hinge on how aggressive any new property or wealth taxes look.
Gilts and sterling – Investors will scrutinise the OBR’s growth downgrade and Reeves’s new fiscal headroom. Too little buffer, combined with heavy tax rises, risks reviving concerns about the UK’s long‑term growth path and could push gilt yields higher. ^[35]

Critical minerals strategy becomes investable

The Critical Goods Export Development Guarantee unveiled today is the clearest sign yet that the government wants to turn the UK’s Critical Minerals Strategy into investable reality. By backing up to 80% of loans to UK‑based suppliers of key minerals, UKEF aims to derisk projects aligned with sectors like EVs, advanced manufacturing and clean energy. ^[36]

Coupled with Starmer’s 2035 targets for domestic production and recycling, the move could underpin long‑term demand for UK‑listed miners and materials specialists, even if individual project economics will depend on global prices and local permitting.

Ukraine talks and the post‑war trade map

For now, markets are treating the weekend’s Ukraine peace‑framework developments as a net positive for risk assets, but the impact is nuanced: ^[37]

Defence stocks – Down sharply in Europe today as investors model a scenario of lower long‑run weapons demand;
Energy prices – European gas futures hit their lowest levels in around 18 months, easing inflation fears and supporting rate‑cut bets;
Ukraine‑exposed equities – Names like Ferrexpo rallied on hopes of a future normalisation in trade flows.

Any setback in the talks could quickly reverse these moves, so traders are likely to remain nimble around defence and energy‑linked names.

What UK Investors Should Watch Next

With Monday’s session dominated by Fed expectations, peace hopes and budget speculation, the rest of the week is shaping up to be pivotal for UK markets:

Wednesday 26 November – Autumn Budget
- Details on tax, spending, ISA reforms and property measures will likely drive banks, housebuilders, REITs, consumer stocks and utilities.
- Markets will pay close attention to the OBR’s growth forecasts and Reeves’s fiscal “headroom” figure, given recent nerves about the UK’s debt trajectory. ^[38]
US data and Fed communication
- The Fed’s Beige Book and upcoming US retail and jobs data could shift the probability of a December rate cut, influencing global risk appetite, sterling and UK cyclicals. ^[39]
Corporate follow‑through
- Markets will look for any reaction from Anglo American, AstraZeneca and IMI as investors digest today’s strategic moves.
- In the advertising and media space, traders will watch whether profit warnings at M&C Saatchi and S4 Capital prove isolated or spark further downgrades across the sector. ^[40]
Geopolitics and commodities
- Progress or setbacks in the Ukraine talks will remain central to the outlook for defence stocks, European gas, oil and select miners. ^[41]

Bottom line

On 24 November 2025, the UK stock market is cautiously optimistic: the FTSE 100 is edging higher for a third straight session, supported by miners, banks and travel stocks, while defence and some defensive income names lag. Global tailwinds from Fed‑cut bets and tentative Ukraine peace progress are helping, but the real test lies ahead in Reeves’s Autumn Budget, which will determine whether today’s resilience in UK assets can turn into a more durable rerating. ^[42]

This article is for information only and does not constitute investment advice. Investors should consider their own circumstances and, if necessary, seek professional guidance before making investment decisions.

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