Global Markets React to UK Fiscal Plans, US Economic Data, and China Property Woes

UK Fiscal Policy and Debt Management - The UK Debt Management Office (DMO) has revised its gross gilt issuance target for the 2025/26 fiscal year to £303.7 billion, up from £299.1 billion planned in April and £299.6 billion projected earlier in the year, due to higher-than-expected public borrowing [2][8] - The DMO plans to sell £78.5 billion in medium-dated conventional gilts, £10.5 billion in long-dated conventional gilts, £19.4 billion of index-linked gilts, and £10.0 billion in green gilts in 2025/26 [2][8] UK Budget Measures - Chancellor Rachel Reeves announced a £150 reduction in average household energy bills starting in April, with no increases in VAT, income tax, or National Insurance Contributions [3][8] - Changes to Capital Gains Tax (CGT) relief will reduce the rate for sales to employee ownership trusts from 100% to 50%, with CGT receipts expected to rise to £30 billion by 2030 from £14 billion [3][8] - Additional measures include £1.3 billion for electric car grants, lower business tax rates for 750,000 high street businesses, and a gambling tax reform projected to raise £1 billion annually by 2031 [3][8] US Economic Data - Initial jobless claims in the U.S. fell to 216,000 for the week ending November 22, below the estimated 225,000, and down from the previous week's revised 222,000 [4][8] - Durable goods orders increased by 0.5% month-over-month in September, meeting expectations, with a 0.6% rise excluding transportation [5][8] China Vanke's Bond Proposal - China Vanke has proposed extending 2 billion yuan of bonds maturing on December 15, amidst ongoing challenges in China's real estate sector, with another 3.7 billion yuan bond maturing on December 28 [6][8] International Developments - The U.S. Department of Homeland Security announced the termination of Temporary Protected Status (TPS) for Haitian nationals, effective September 2, 2025 [7][8] - Sweden's Foreign Minister called for the EU to advance a 20th sanctions package against Russia to increase pressure on Moscow [7][8] Company-Specific News - Morgan Stanley has named ASML Holding N.V. as its 'Top Pick' in European semiconductors, citing strong demand in key chipmaking areas [9]