Dan Appleby

From Trump’s Tax Cuts to the UK’s ‘Black Hole’ and looming budget, there are an array of questions to be answered as we head into Q4. In Blackfinch’s latest CIO Outlook, Chief Investment Officer, Dr. Dan Appleby, explores the implications of budget announcements on both sides of the Atlantic, and what they mean for portfolios going forward.

Key Takeaways for Financial Advisers and Paraplanners:

Fiscal Fireworks in the US - Trump’s sweeping tax cuts passed with minimal market disruption, but they’ve pushed the US deficit deeper, raising questions about long-term sustainability.

The UK’s Balancing Act - With the Autumn Budget scheduled for 26th November, all eyes are on Chancellor Rachel Reeves. Following 2024’s record tax hikes, the pressure is on. But with sluggish GDP growth and a rising tax burden, the government faces tough choices.

Japan Reforms Deliver Results - Japanese equities outshone US and emerging market peers in Q3, boosted by regulatory reforms, strong corporate governance, and rising shareholder returns. Structural shifts suggest long-term opportunity.

Emerging Markets Reignite - A weaker US dollar and supportive demographics are helping emerging markets regain momentum. With solid performance in Q3, they’re once again contributing meaningfully to diversified portfolio returns.

Why Read the Full CIO Q4 2025 Outlook?

If your clients are asking:

• “Are the UK’s tax hikes going to continue?”

• “What does Trumps tax cuts mean for portfolios?”

• “Where are the growing opportunities outside the US?  

…then the Q4 2025 CIO Outlook provides the clarity you need. Backed by rigorous analysis and data-driven insight, this article gives you the chance to offer forward-looking advice in a world where markets are always on the move. To read our full quarterly CIO outlook visit our website https://blackfinch.com/market-updates/

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