Global stocks post third straight year of double-digit gains
Wall Street’s S&P 500 is up 16.5% in 2025, beating analysts’ forecasts, after markets shrugged off trade turmoil
International - Financial Times - Credit Squeeze
Canada’s ‘man of steel’ calls for US-style protectionism
Metals magnate Barry Zekelman says Ottawa must join Trump in protecting industry from other exporters
Xi hails China’s rising ‘national power’
Leader says country’s economy, technology and defence have risen to ‘new heights’
FirstFT: US dirty money fines drop 61% this year
Also in today’s newsletter: 200,000 European banking jobs at risk, and Paramount’s Warner Bros bid
European investors must brace for a year of geopolitical instability
Menaced by Russia and bullied by America, a potential Ukraine peace deal is not guaranteed to usher in prosperity
EU to launch carbon border tax despite opposition from trade partners
Levy on steel, electricity and other imports aims to shield bloc’s industry from higher-emission competitors
Forecasting the world in 2026
FT writers’ predictions for the new year, from the likelihood of higher Trump tariffs to the future of interest rates and the arrival of humanoid helpers
Milei battles to bring multinationals back to Argentina
Foreign companies remain wary of volatile economy as libertarian president seeks crucial investment dollars
China factory activity returns to growth after record contraction
Beijing faces calls to increase stimulus and support lagging demand in world’s second-biggest economy
Australia opens trade frontier on its doorstep as counterweight to China
Canberra pushes to increase business with south-east Asia at a time of heightened trade tensions
Federal Reserve minutes highlight deep fissures at US central bank
Policymakers sparred over decision to cut interest rates earlier in December
Dollar on track for steepest annual drop for almost a decade
Analysts say Federal Reserve rate cuts will push the US currency lower in 2026
A year of fragile resilience in charts
Stock market performance, strong activity and normalising labour markets show a volatile, but ultimately benign, 2025
Trump expected to impose new levies if Supreme Court strikes down tariffs
White House has other ways to hit trading partners with duties
FirstFT: Private equity firms sell assets to themselves at record rate
Also in today’s newsletter: Meta buys Chinese-founded AI start-up and Trump threatens Iran
Japanese stocks surge to year-end record
Investors’ bet on AI boom and Tokyo’s ability to withstand trade turmoil buoy shares
Charts of the year: Trump’s attempt to reshape world trade
The US president’s ‘liberation day’ tariffs spooked markets but the global trading system has proved to be resilient
Trump renews threats to sue Jay Powell for ‘incompetence’
US president says he will name Federal Reserve chair’s successor in January
A year of trade drama and the plot twists yet to come
Trump may not advance tariffs further but could broaden his campaign to new fronts of conflict
FirstFT: Zelenskyy pushes for longer-term US security guarantees
Also in today’s newsletter: Silicon Valley’s ‘fortress balance sheets’, and China’s new military drills around Taiwan
Global Economy
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