U.K. public sector net borrowing excluding banks was £14.9 billion ($18.68 billion) in October, the second-highest level of borrowing for the month since records began in 1993.

It was also higher than consensus forecasts and a March forecast by the independent Office for Budget Responsibility of £13.7 billion.

Tax receipts were £2.7 billion higher year on year at £57.9 billion.

It comes ahead of a government budget update Wednesday in which Finance Minister Jeremy Hunt may announce tax cuts as he seeks to prioritize growth, according to the BBC.

Ruth Gregory, deputy chief U.K. economist at Capital Economics, said the latest public finances figures wouldn’t deter Hunt from a “pre-election fiscal giveaway,” especially as cumulative borrowing over the first seven months of the fiscal year came in lower than forecast at £98.3 billion.

This giveaway could average around £12 billion (0.5% of gross domestic product) per annum, Gregory said.

However, that would represent a partial reversal of previously announced tightening rather than significant fiscal loosening, Gregory added, and would likely be followed by large tax rises in 2025, after an election.

A U.K. national election must be called by the government before Dec. 17, 2024.

Lindsay James, investment strategist at Quilter Investors, said the government would want to take advantage of the “newfound slack” provided by the recent fall in U.K. inflation.

— Jenni Reid

It’s been a big year for Big Tech, with U.S. favorites Nvidia and Meta Platforms among the stocks that have soared in 2023.

But for those investors who fear they might have missed the boat, portfolio manager Karen Kharmandarian has an under-the-radar global tech pick.

“This company would be one we would prefer to U.S. companies when it comes to machine vision systems,” the senior portfolio manager at Thematics Asset Management told CNBC Pro.

— Amala Balakrishner

The persistent uncertainty in financial markets, along with high interest rates around the world, have raised the allure of holding on to cash — but one equities expert says this may not be the best idea.

“We’re at a point where cash deposits or money in cash and money market funds is the highest it’s been — a lot of investors are saying, maybe the [U.S. Federal Reserve] is peaking or going to cut rates so I should keep my money in cash — but I think that would be a missed opportunity,” Andy Budden, investment director of equities at financial services firm Capital Group, told CNBC Pro.

Instead, he said it’s time to “have a bit of courage” and revealed his favorite areas to invest in.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

European markets are expected to open in flat to higher territory Tuesday.

The U.K.’s FTSE 100 index is expected to open 1 point lower at 7,494, Germany’s DAX up 22 points at 15,931, France’s CAC up 9 points at 7,258 and Italy’s FTSE MIB up 30 points at 29,627, according to data from IG. 

There are no major earnings. Data releases include new car registrations for October from the U.K., France and Germany.

— Holly Ellyatt