In the 84 days since UK Chancellor of the Exchequer Rachel Reeves announced the date of her second budget, she’s told both bond-market investors and Labour Party backbenchers that it’s been drafted with them in mind. On Wednesday, it becomes clear whether she can please both of these very different audiences, when she stands at the dispatch box in the House of Commons and puts an end to months of speculation.

Google has released new AI software and struck deals, such as a chip tie-up with Anthropic PBC, that have reassured investors the company won’t easily lose to ChatGPT creator OpenAI and other rivals.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Kriti Gupta.

Chapters:
00:00:00 – The Opening Trade 11/26/25
00:01:35 – Hassett Emerges as Fed Chair Frontrunner
00:03:12 – Stocks Rally as Google Chips Away at Nvidia
00:05:36 – Reeves To Reveal Her Long-Awaited UK Budget
00:09:56 – Need To Know
00:16:14 – Reeves Under Pressure To Plug Budget Gap
00:25:40 – Race to Pick Next Fed Chair Enters Its Final Weeks
00:28:23 – Hassett Seen as Aligned with Trump’s Rate Cutting Calls
00:37:13 – Caught My Eye
00:38:42 – Markets in 3 Minutes
00:42:18 – Stocks To Watch
00:47:30 – The Market Open
00:50:41 – Investors Cautious Ahead of UK Budget
01:00:04 – Core 6 Stocks
01:03:57 – Medicare Negotiates 71% Discount Ozempic, Wegovy
01:07:11 – Google, AI Race’s ‘Sleeping Giant’ Now ‘Fully Awake’
01:13:09 – Need To Know
01:15:32 – Trump Dispatches Aides for More Ukraine Talks
01:21:12 – Panel Discuss UK Budget: ‘Day of Reckoning’
01:28:24 – UK Parliament Treasury Committee Chair Meg Hillier
——–
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