The Week
Ahead is now
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| | Dear
Here’s your heads up on next week's big market-moving events. Chris Beauchamp, our chief market analyst, has put together a summary covering the key information you need to know. | |
| | Coming up this week:
- US earnings season gets underway: US banks take their position at the head of reporting season for Q4 2025, providing an insight into the US economy.
- UK trading statements: more UK firms release trading statements for the Christmas period, including housebuilders, Whitbread and corporate success story Games Workshop.
- US inflation data: following on from the latest payrolls data, this week sees the publication of inflation data for December, along with retail sales and China trade data.
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| | Last week in markets
- US payrolls came in soft: December nonfarm payrolls rose by 50,000, reinforcing the narrative of a cooling but resilient labour market and keeping the Fed on hold near term while rate cuts remain priced later in the year.
- Global indices pushed to record highs: The S&P 500 and Dow Jones Industrial Average briefly set new all-time highs during the week, supported by defence and aerospace stocks, before momentum eased into the data.
- Tariff uncertainty lingered without resolution: Markets remained cautious as investors positioned for a potential US Supreme Court ruling on Trump-era tariffs, though no decision was delivered this week.
- Tech paused as defence outperformed: AI-linked megacaps retreated on valuation concerns, while defence shares rallied on expectations of higher US military spending.
- Oil markets saw sharp swings: Crude prices were volatile and finished the week higher, driven by geopolitical tensions, Venezuela-related headlines and concerns over supply from Russia, Iraq and Iran.
- Mining M&A returned to focus: Rio Tinto and Glencore confirmed preliminary discussions over a possible combination, putting consolidation in the resources sector back on investors’ radar.
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