These moves follow a cooling US labor market, where unemployment reached a four-year high of 4.6 percent, and a deepening crisis in China, as developer Vanke nears a potential default on $ 50 billion in debt. Although German economic sentiment improved to 45.8, the contrast with depressed current conditions highlights a fragile and uneven global recovery.

Markets responded with gold hitting a record 4,409 dollars and Bitcoin testing the 90,000 dollar level despite significant ETF outflows. Geopolitical risks intensified after a US naval blockade of Venezuelan oil and the EU decision to phase out Russian gas by 2027. Furthermore, the EU softened its 2035 internal combustion engine ban, which provided support to the industrial sector. These factors, alongside shifting Fed leadership expectations, have left investors focused on policy divergence and inflation risks heading into 2026.

Please take a look at the file below for further and more detailed analysis.