A major miss: FX. The forecast anticipated a stronger dollar in 2025 (EUR/USD 1.00–1.05), but the euro spent most of the year above 1.10 and traded above 1.16 by year‑end. Drivers included shifts in sentiment, US fiscal uncertainty, robust eurozone exports and milder trade barriers. #EURUSD #FX #FiatNews
Tariffs caused a notable market scare—"Liberation Day" briefly pushed the Nasdaq 100 into bear‑market territory—but the episode proved transitory. High tariffs ultimately served mainly as negotiating leverage; their final economic impact was milder than feared and markets recovered. #Nasdaq100 #tariffs #FiatNews
Politics and corporate ties in the US shaped markets: President Trump maintained close links with big business; a headline donation of USD 6.25bn from Michael Dell went to a program dubbed “Trump Accounts,” and inaugural fundraising drew million‑dollar corporate donations from firms including Amazon, Google, Microsoft, Meta and Ford. #USPolitics #FiatNews
Defence sector matched projections: NATO’s summer pledge to raise defence spending to 3% of GDP, continued US support for Ukraine and higher allied budgets underpinned strong company results. German leader Rheinmetall rose over +150% despite a correction; defence was among 2025’s top sectors. #defense #Rheinmetall #FiatNews
Utilities played their defensive role but with a regional surprise: European utility stocks rose roughly +28% YTD, outperforming expectations and showing that the AI theme resonated even across defensive sectors. #utilities #FiatNews
Banking sector delivered as expected in 2025: higher rates and a resilient economy boosted net interest income, while renewed M&A and IPO activity raised investment‑banking fees. Wealth management and trading also benefited; the KBW Bank Index gained about +25% YTD. #banking #FiatNews
Big tech dominance persisted in 2025: the Magnificent 7 again outperformed the rest of the market, adding over 20% and regaining leadership mid‑year. Small and mid caps failed to keep pace, reversing a mid‑year rotation into smaller stocks. #BigTech #SP500 #FiatNews
Investing outlook for 2026: a generally favorable macro backdrop but heightened risks. Markets were propelled by AI enthusiasm that largely offset the impact of tariffs. US growth remains solid, Europe supported by fiscal spending and China is prioritizing growth and domestic tech. #AI #Fed #FiatNews
Market snapshot: EUR/CZK 24.26, USD/CZK 20.86, EUR/USD 1.1629. Oil: WTI $58.40/bbl, Brent $62.08/bbl. Gold (troy oz) $4,212. US Treasury yields: 10y 4.18%, 30y 4.81%. Crypto: Bitcoin $93,646, Ethereum $3,356. #Markets #WTI #BTC #FiatNews
US approved exports of some Nvidia H200 AI chips to China, but Chinese authorities plan strict limits; top-tier chips (Blackwell architecture and planned Rubin) are not covered by the exemption. The uncertainty about volumes and approved buyers saw NVDA shares down about 0.5%. #NVDA #AI #China #FiatNews
Markets priced roughly a 90% chance of a 25bp Fed cut on Wednesday to a 3.50–3.75% range. Focus is on Chair Jerome Powell’s comments and the Fed’s new projections; the median rate path for the next two years is about 3.1%. Elevated US inflation remains an important risk. #Fed #FiatNews
Wall Street showed mixed trading as investors awaited the Fed: Nasdaq Composite traded about +0.2% intraday, the S&P 500 finished roughly flat near 6,850 points, and the Dow Jones Industrial Average closed down about 0.2%. Sentiment remains cautious amid macro and geopolitical uncertainty. #NASDAQ #SP500 #DJIA #FiatNews
Today’s corporate calendar includes reports from TUI AG, Chewy, Synopsys, Oracle and Adobe. Consensus EPS: TUI €1.70, Chewy $0.304, Synopsys $2.791, Oracle $1.637, Adobe $5.39 — investors will watch results and guidance for sector signals. #Earnings #FiatNews
Key upcoming macro events: China CPI (Nov) 0.7% y/y; Czech final CPI (Nov) 2.1% y/y. Markets are focused on the US Fed meeting on 10 Dec — consensus pricing for the policy rate is 3.75% versus a prior level of 4.0% — and on the Fed’s new projections and commentary. #CPI #FED #FiatNews
BlackRock’s Bitcoin ETF has produced high annual returns since its January 2024 launch, but many investors failed to capture those gains because they entered the fund at less favorable times, according to performance and flow data. #BlackRock #Bitcoin #FiatNews
Ford and Renault announced a partnership to build affordable electric vehicles in northern France, aiming to launch the first jointly produced models in 2028. The tie-up targets volume EV demand in Europe with shared manufacturing resources. #Ford #Renault #FiatNews
A Goldman Sachs survey shows institutional investors growing less bullish on US equities and AI. While respondents still expect the S&P 500 to rise next year, their optimism has moderated and many are seeking opportunities outside AI-driven names. #GoldmanSachs #SP500 #FiatNews
US President Donald Trump approved conditional exports of Nvidia H200 AI chips to China, a decision he said was coordinated with Chinese leader Xi Jinping. Analysts caution the move may narrow Nvidia's technological advantage even as it reopens parts of a key market. #Nvidia #FiatNews
German industrial production in October fell 0.1% month-on-month after seasonal and calendar adjustment, while year-on-year output rose 1.1%, below a prior estimate of +1.7%. The data point to slightly slower industrial momentum heading into year-end. #Germany #Industry #FiatNews
German exports surprised to the upside in October with a 0.1% month-on-month increase versus expected decline; imports fell 1.2% m/m, lifting the trade surplus to €16.9 billion. The figures altered near-term trade dynamics and supported a larger surplus. #Germany #FiatNews
