Investors are awaiting comments from Chancellor of the Exchequer Jeremy Hunt. He is due to unveil plans to cut Britain’s tax burden. On Sunday, he told reporters he wants to “show there is a path to a lower-tax economy”, adding that he plans to cut taxes for businesses. According to some reports, he is also considering cuts to income tax and national insurance.

The statement comes as new data from the Office for National Statistics showed Britain borrowed more than expected last month. The UK ran up a budget deficit of 14.9 billion pounds in October, while 12.0 billion pounds was expected in a Reuters consensus.

The FTSE 100 was down 0.4% this morning, hampered by energy stocks as oil prices declined. Investors are trading cautiously ahead of an OPEC+ meeting this Sunday where extra supply cuts could be announced.

Another important event today are the results of Nvidia, which will be published later today. The specialist in high-performance processors is expected to be the main beneficiary of the AI gold rush.

Things to read today:

Nvidia investors weigh risks from US’s China chip rules ahead of earnings (Financial Times)

There’s Still No Ride Like a Free Ride in Free Markets (Bloomberg)