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Markets ended the year jittery after Fed minutes underscored a policy split. The S&P 500 and Nasdaq drifted lower while the Dow showed modest weakness as AI and chip names swung on news from Nvidia and SoftBank’s OpenAI funding. Safe havens led gains — gold, silver and select commodities outperformed — with geopolitics and central‑bank signals the main catalysts.
Federal Reserve minutes reveal a deep split among policymakers over recent rate cuts and the path forward. Markets reacted immediately, with U.S. futures and the dollar moving as traders reassessed rate-cut timing.
29.5bn yuan (~$4.2bn) – Size of CXMT’s planned Shanghai IPO.
Nvidia is scrambling to meet surging China demand for its H200 AI chips and has approached TSMC to increase output. Reports cite massive order volumes from Chinese firms that are pushing foundry capacity.
Nvidia’s $20 billion bet on Groq is prompting fresh debate about AI chip strategy and talent grabs. Wall Street labels the deal both an aggressive M&A move and a signal of unsettled economics in AI hardware.
Airbus wins 145‑plane China order — major commercial boost
Airbus secured orders for 145 A320 family jets from Chinese buyers, a significant vote of confidence in demand for narrowbodies and a major commercial win in China.
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Meta agreed to acquire Manus, a fast-growing AI-agent startup with Chinese roots, as part of a broader push into autonomous AI features. The deal underscores continued Big Tech M&A in AI ahead of 2026.
SoftBank has completed a major tranche of its investment in OpenAI, taking its stake to about 11%, fulfilling a multibillion-dollar commitment. The funding round cements SoftBank’s large strategic exposure to the AI leader.
Jet It files for Chapter 7 — liabilities dwarf assets
Fractional operator Jet It filed for Chapter 7 with $36.2m in liabilities and just $1.1m in assets, cancelling all flights and highlighting strain in small aviation businesses.
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Beijing is pushing chipmakers toward domestic supply chains by requiring a higher share of locally made equipment for new capacity. Multiple sources say the rule aims to accelerate China’s semiconductor self-sufficiency.
Beijing and Amsterdam are locked in a diplomatic row after the Netherlands moved to control Chinese‑owned chipmaker Nexperia. China has publicly accused the Dutch of mistakes and pressed for a quick fix to stabilise supply chains.
Fed minutes signal a split on future cuts, complicating rate expectations; China is forcing greater domestic sourcing for chip equipment (50% rule) and trimming VAT on home resales to prop up property; U.S. temporarily froze some Minnesota childcare funds amid fraud probes.
ChangXin Memory Technologies’ parent CXMT filed to raise roughly 29.5 billion yuan in a Shanghai IPO as China’s DRAM sector scales. The filing signals Beijing-backed ambitions to build domestic memory supply.
China will cut VAT on individual home resales and lower taxes on short‑term sales to shore up its flagging property market. The measures are part of broader, sometimes subtle stimulus efforts to revive domestic demand.
“We will strike Iran again if it continues its missile program.”
— President Donald Trump
U.S. forces struck a Venezuelan dock in an operation the White House later acknowledged, marking a rare attack on the South American mainland tied to anti‑drug operations. President Trump’s off‑hand confirmation has drawn scrutiny.
Russia and Ukraine traded strikes over Black Sea ports as both sides press maritime pressure in the conflict. Separately, Ukrainian drones damaged infrastructure in Tuapse, underscoring the widening Black Sea front and risks to regional assets.
Israel has suspended dozens of humanitarian groups from Gaza operations, including Doctors Without Borders, citing registration issues. The EU publicly urged Israel not to block aid organisations as the humanitarian situation intensifies.
Markets in the Gulf slipped as tensions escalated between Saudi Arabia and the UAE after strikes in Yemen and the wider regional fallout. The flare-up has moved investor focus onto geopolitical risk premiums in Gulf asset markets.
Moscow announced the Oreshnik hypersonic system is now in active service and has deployed variants in Belarus, signalling a widening of Russia’s strategic missile footprint. NATO and European capitals note the escalation in capability deployment.
Europe’s banks posted a standout 2025 but face critical strategic and regulatory questions heading into 2026. Equities across the continent are closing the year near records, driven by a rally in financials and cyclicals.
Gold and silver closed out a blockbuster 2025 with massive annual gains as investors sought safe havens amid trade, monetary and geopolitical uncertainty. The metals remain volatile, with abrupt intraday reversals testing traders.
Spot bitcoin ETFs returned to positive flows after a seven‑day slump, signalling renewed institutional interest. Bitcoin also climbed toward $90,000 in late trading as year‑end positioning intensified.
Warren Buffett formally stepped back from day‑to‑day control at Berkshire Hathaway as Greg Abel takes the helm, marking the end of an era. Buffett’s final shareholder letter frames the transition and the company’s outlook.
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