AJ Bell Money & Markets The latest from the US market as big names like Microsoft and Alphabet post earnings. Plus, US interest rates cut, Elon Musk’s pay package and the Royal Mint on gold
Oct 31, 2025
Martin Gamble, AJ Bell shares and markets writer, shares insights on the latest US earnings from major players like Microsoft and Alphabet, highlighting AI's impact on market reactions. He also discusses the Federal Reserve's rate cut and its implications. Stuart O'Reilly from the Royal Mint dives into the booming gold market, discussing drivers behind current prices and various investment options like coins and ETFs. The conversation touches on the relationship between silver and AI, alongside the changing landscape of consumer behavior in precious metals.
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FTSE Records Hide Diverse Winners
- The FTSE 100 hit fresh records supported by solid UK bank updates and optimism around US-China trade progress.
- Airtel Africa is a standout FTSE 100 performer, driven by mobile infrastructure and digital services growth in less mature markets.
Productivity Downgrade Widens Budget Hole
- An OBR productivity downgrade (c.0.3%) could widen the budget shortfall by about £21bn, making the autumn Budget more challenging.
- Rachel Reeves stresses Britain can defy forecasts, but hard trade-offs and possible tax adjustments loom.
Retail Prices Easing; Next Shines Abroad
- Shop price inflation has eased to 1% and overall food inflation fell to 3.7%, but fresh food inflation remains high at 4.3%.
- Next upgraded profit guidance, with UK sales +5.4% and overseas sales +38.8%, showing strong international momentum.