This year's performance at a glance, covering the moves that set the tone heading into 2026.

Global monetary policy diverged this week as the Bank of Japan hiked rates to 0.75 percent while the Bank of England cut to 3.75 percent, and the ECB held steady at 2.00 percent.

The Federal Reserve lowered rates to 3.5%-3.75%, marking a third straight cut, but sharp divisions within the FOMC signaled an uneven path ahead.

The cooling labor trend strengthened expectations for another 25-bp rate cut at the Fed’s final meeting of the year.

Sentiment softened this week as US consumer confidence fell to a four-year low, showing growing caution among households.

Eurozone inflation eased slightly in October, with headline CPI falling to 2.1 percent from 2.2 percent in September, confirming the bloc’s steady disinflation trend. Across the EU, inflation slipped to 2.5 percent.

The 43-day U.S. government shutdown ended after President Trump signed the funding bill, but gaps in data collection mean some October figures, including the unemployment rate, may remain incomplete. The shutdown is estimated to have cost up to 1.5 percentage points of Q4 GDP.

Donald Trump confirmed a backup plan for U.S. tariffs as the Supreme Court reviews limits on presidential trade powers. The case, centered on the IEEPA law, could redefine executive authority over imports. Trump’s approach aims to manage the dollar, redirect supply chains from China, and pressure trade partners, keeping tariffs central to his 2026 economic strategy.