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Markets closed 2025 with strong annual returns despite a late sell-off: the S&P 500 rose ~16%, the Nasdaq outperformed on AI gains, while the Dow lagged but finished positive. Volatility spiked late as tech profit-taking met bond-yield moves; key catalysts for 2026 include Fed rate-path clarity, AI capex, and geopolitical risks in Europe and the Taiwan Strait.
A New Year’s Eve explosion ripped through a bar at Crans-Montana, Switzerland, killing multiple people and triggering a large-scale emergency response. Officials are probing the cause as local authorities raise the confirmed death toll.
16% – S&P 500 annual gain in 2025.
Ukraine reported a major overnight drone barrage and its air defenses downed the bulk of the assault. Russia and Moscow-aligned authorities reported civilian casualties in occupied regions, raising tensions on the front line.
Beijing is accelerating maritime and naval programs, signalling ambitions to project power at sea in 2026. Military drills around Taiwan have expanded, prompting regional alarm and diplomatic pushback.
Satellite stocks surge over 200% in 2025 — space boom rewards investors
Space and defence equities led a dramatic rally in 2025 as AI and data-center demand boosted satellite and launch-related businesses, delivering outsized returns to investors.
More on cnbc.com
President Trump ordered National Guard withdrawals from several major U.S. cities, framing the move as temporary and conditional on crime trends. The withdrawals follow legal and political battles over federal deployments.
Warren Buffett formally handed control of Berkshire Hathaway to Greg Abel, ending a six-decade leadership run. Investors raced to parse Abel’s strategy for the $1.1 trillion conglomerate.
Corcept shares plunge 50% after FDA rejects blood-pressure drug
Corcept plunged after the FDA declined its drug, wiping out market value and spotlighting regulatory risk in small-cap biotech.
More on barrons.com
Nvidia is seeing surging demand from China for its H200 AI chips, prompting requests to TSMC to boost output. Supply constraints and large order backlogs are reshaping chipmaker negotiations and market expectations.
Three of the largest private tech groups are preparing blockbuster IPOs that could reshape capital markets in 2026. Dealmakers and banks are positioning for an outsized pipeline of listings.
Major changes: U.S. Obamacare subsidies lapsed at year-end; UK crypto-tax transparency rules and data-sharing came into force; EU’s Carbon Border Adjustment Mechanism (CBAM) is active; Trump administration postponed furniture tariffs to 2027—shifts that affect healthcare, crypto compliance, trade and corporate planning.
Meta’s big Manus buyout underscores an aggressive push into AI, while internal documents show tactics used to blunt regulatory scrutiny over scam ads. Regulators and investors are watching for antitrust and trust risks.
The Justice Department has dramatically expanded its review of documents tied to Jeffrey Epstein, mobilising a large legal team. The inventory of unreleased files has ballooned, prolonging scrutiny and potential legal fallout.
“We will intensify support for chip and AI industries in 2026 to secure technological leadership.”
— Xi Jinping
Countries are tightening crypto tax rules and forcing greater transparency on users to curb evasion. New reporting and data-sharing measures mark a regulatory pivot toward stricter enforcement of digital-asset taxation.
The U.S. tightened sanctions on entities tied to Venezuela’s oil sector, adding traders and tankers to pressure Maduro’s regime. The moves aim to choke export channels and signal continued leverage over Caracas.
Luxury retailer Saks Global missed a bond payment and is negotiating with creditors, fuelling bankruptcy speculation. Reports indicate the company is preparing for a Chapter 11 filing if financing talks fail.
China criticised the EU’s new carbon border adjustment as discriminatory even as the bloc brings the mechanism into force. The dispute risks sparking trade friction as green tariffs reshape industrial competitiveness.
U.S. weekly jobless claims fell, capping a volatile year for the labour market and offering a mixed signal on economic resilience. Policymakers and markets will parse the data for hints about Fed policy and growth momentum.
China’s homegrown EV champions posted blockbuster delivery gains in 2025, reflecting robust domestic demand and global expansion plans. Both NIO and Xpeng posted sharp annual rises that underline China’s EV leadership narrative.
China’s massive domestic savings pool and policy tools could support local equities as markets slow, giving policymakers optionality. Investors remain cautiously optimistic about Hong Kong and mainland stocks into 2026.
The White House delayed tariff hikes on furniture and cabinetry, pushing the planned increases by a year and easing immediate pressure on U.S. manufacturers and importers. The move signals tactical trade adjustments ahead of 2026 politics.
U.S. equities closed 2025 with big annual gains despite a late-year skid, underscoring a volatile but bullish backdrop. Markets are entering 2026 with optimism on AI, potential Fed easing, and major IPOs on the horizon.
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