Markets ended 2025 with strong yearly gains but a choppy finish: S&P 500 rose roughly 16% for the year while the Nasdaq led on AI and semiconductors and the Dow lagged. Volatility spiked around chip and energy supply stories, bond yields fell from mid‑year highs, and catalysts for 2026 include Fed rate paths, AI capex, and geopolitical risks.
A major overnight drone barrage intensified the Russia-Ukraine front, with Kyiv reporting heavy interception success while each side traded accusations over New Year strikes. The developments raise the risk of further escalation and complicate diplomacy as attention turns to evidence and attribution.
16% – S&P 500 total gain in 2025, marking its third straight winning year.
Moscow has deployed a new class of hypersonic, intermediate-range missiles in Belarus, marking a material change in regional force posture. The move raises NATO and EU concerns about escalation and nuclear-capable delivery systems near alliance borders.
A New Year’s Eve explosion and fire at an upscale ski resort in Crans‑Montana killed dozens and prompted an international investigation. Authorities continue to update casualty figures as rescue and forensic work proceeds.
BYD sells 4.6M new‑energy vehicles in 2025 – meets revised target
BYD reported 4.6 million NEV sales in 2025, up 7.7% year‑over‑year, reinforcing its scale advantage in the global EV market and brightening the EV sector outlook.
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Warren Buffett formally stepped aside and handed operational control of Berkshire Hathaway to Greg Abel, triggering investor focus on the conglomerate’s future strategy. Markets and analysts are parsing Abel’s mandate and where Buffett’s capital will be deployed next.
US export policy and chip demand are reshaping global semiconductor flows: Washington granted TSMC an annual licence for US tools while Nvidia logged massive H200 orders tied to Chinese customers. The twin moves underscore chip supply tensions and geopolitical frictions.
Tesla sales outlook darkens – robotaxi and FSD execution in doubt
Tesla published analyst forecasts suggesting sales could fall, heightening risks around the company’s ambitious self‑driving and robotaxi plans and pressuring investor sentiment into 2026.
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Big private tech groups and AI unicorns are eyeing public markets, setting up one of the busiest IPO calendars in years. Large funding rounds in China underscore a heated global race to scale AI infrastructure and models.
Governments have tightened crypto compliance: new rules force sharing of transaction records and account details with tax authorities. The clampdown signals rising regulatory coordination and could reshape on‑chain activity and reporting.
EU carbon border rules (CBAM) took effect; UK and other countries tightened crypto tax‑reporting and account disclosure; US delayed select tariff hikes and froze some federal child‑care payments amid fraud probes.
Drugmakers plan broad price increases while targeted Medicare relief eases costs for a handful of medicines. The juxtaposition highlights tensions in US drug pricing policy ahead of broader affordability debates.
Apple scaled back production and marketing of its Vision Pro after weak consumer uptake, while a key supply partner halted headset output last year. The moves underscore consumer resistance to high‑end AR hardware and supply‑chain disruption.
“We’re going to see some escalation now.”
— Ret. Brig. Gen. Blaine Holt
The EU’s carbon border rules came into force, creating a new tariff framework for high‑carbon imports. China immediately protested, warning the policy is discriminatory and may provoke retaliation, deepening trade tensions over decarbonisation.
Bulgaria formally adopted the euro, a symbolic expansion of the currency bloc despite public opposition and disinformation campaigns. ECB officials framed the move as a political and economic signal for European cohesion.
Beijing staged expanded military drills around Taiwan and kept maritime pressure high, prompting Taipei to maintain elevated readiness. The exercises and follow‑on ship movements keep regional tensions elevated as the US and allies watch closely.
Global markets closed 2025 with big annual gains even as end‑of‑year selling hit. Equities enjoyed a tech and AI‑led surge while bond yields and funding markets showed signs of easing after a volatile 12 months.
Luxury retailer Saks missed a major bond payment and is actively negotiating with creditors, heightening bankruptcy concerns. The case underscores sector stress as several retailers sought restructuring after a tough year.
The Trump administration froze federal child‑care payments to Minnesota amid fraud allegations, sparking political and legal controversy. Fact‑checking and congressional inquiries are escalating as state and federal officials trade accusations.
Washington tightened pressure on Venezuela by sanctioning traders and shipping firms linked to oil exports to Caracas. The moves are designed to choke revenue streams to the Maduro regime and signal escalating US leverage in Latin America.
The Department of Justice has a massive backlog of Epstein‑related documents and has scaled up review efforts, complicating transparency and legal fallout. The volume and delay are drawing renewed scrutiny from lawmakers and victims’ advocates.
AI infrastructure demand is straining energy and semiconductor markets: memory prices could push electronics costs higher while data centres turn to on‑site power solutions as grids struggle. The bottlenecks threaten consumer electronics pricing and corporate capex plans.