In their latest research note, analysts at Bank of America urged clients to favor healthcare and real estate as the most attractive sectors through 2026. According to the note, those industries offer the best blend of valuation and momentum.

Under BofA’s “Momentum and Value” framework, healthcare ranks first and real estate third. The bank is keeping overweight positions in both sectors for investors with a roughly 12‑month horizon. Although technology is second in the model, the team treats it neutrally this month.

The note states that the appeal of healthcare and real estate is partly valuation-driven, as both sectors are trading at low multiples compared to their historical averages. However, it stresses that low prices alone are not a decisive factor. Each sector also benefits from above‑market earnings‑revision trends and a three‑month streak of outperformance, a combination the bank interprets as a healthy price‑quality balance.

By contrast, BofA counsels caution on consumer staples despite the bank’s longer‑term strategic overweight position. Analysts warn the sector looks increasingly like a “value trap”: it is cheap not because fundamentals are improving, but because prices have fallen faster than analysts have revised earnings.

Gold prices surged during Asian trading hours on Monday following a US military operation in Venezuela that resulted in the arrest of President Nicolas Maduro. This news sparked heightened demand for safe-haven assets and a decline in risk appetite.

Spot gold was up about 1% at $4,374.92 per ounce. US gold futures for March delivery rose 0.8% to settle at $4,381.10 per ounce.

Markets reacted after US officials confirmed that Maduro had been detained during a weekend raid in Caracas and transported to the United States to face previously filed criminal charges. 

The operation was the most direct US intervention in Venezuela in decades. It drew condemnation from several countries and left investors scrambling to assess its implications for energy markets and regional stability.

President Donald Trump called the arrest a “decisive step” against what he described as a criminal regime, saying the US intends to ensure “a safe and orderly transition” of power in Venezuela.

Although Venezuela holds the world’s largest proven oil reserves, years of sanctions and underinvestment have sharply curtailed production. US action has increased uncertainty over future oil supplies from the country.

For gold, the geopolitical shock has added to an already favorable backdrop: bets on US interest rate cuts this year, steady central bank purchases, and lingering worries about global growth continue to support the yellow metal. Among other precious metals, silver climbed by 2.4% to $74.32 per ounce, while platinum futures rose by 3.1% to $2,209.60 per ounce.

According to a senior executive at crypto exchange Kraken, the industry has entered an “era of tokenization,” where blockchain technology can move assets almost instantaneously between platforms, a process that can take days or even weeks in traditional financial infrastructure.

The executive argued that tokenization removes long-standing frictions in markets that have remained largely unchanged for more than half a century. Trading tokenized shares can settle in seconds and does not require protracted clearing cycles that tie up capital and risk, he added. 

As the expert asserts, tokenization can put a broad range of assets on-chain, from equities and precious metals to foreign currencies, giving investors and institutions new ways to allocate capital and tailor strategies.

The current market capitalization of tokenized assets is roughly $415 billion. Forecasts for market growth vary. Boston Consulting Group projects expansion to about $16 trillion by 2030, while McKinsey estimates that the market could approach $20 trillion but is unlikely to exceed that amount within the decade.

Financial regulators are also interested in tokenization. SEC Chair Paul Atkins has previously suggested that blockchain technology could be an effective way to modernize traditional capital markets, including those for equities and bonds.

The People’s Bank of China said it intends to pursue a more proactive macroeconomic policy and maintain an adequate level of liquidity in the financial system, while strengthening measures to prevent systemic risks in parallel.

These priorities are set out in the People’s Bank of China’s annual Financial Stability Report, published on Friday.

In the document, the regulator noted that it will push ahead with financial support to resolve the debt risks of financial platforms, and will also tighten macroprudential management of real estate sector financing as part of efforts to prevent systemic financial risks in key industries of the economy.

The central bank also said it intends to reduce the overall social cost of financing, while preserving the decisive role of market mechanisms in determining the exchange rate of the national currency.

The policy directions were further confirmed in a statement published on the People’s Bank of China’s official website at the same time as the release of the Financial Stability Report. 

According to the latest estimates from investment strategists, the average target for the S&P 500 index at the end of 2026 stands at 7,555 points. Forecasts range from 7,000 to 8,100 points, implying bullish potential of about 9% from current levels.

Some forecasts exceed the consensus, pointing to levels around 7,700, which would represent nearly 11% growth. At the same time, analysts warn that the market could face a correction in the first half of 2026, especially if bond yields rise sharply amid concerns about overly accommodative monetary and fiscal policy.

Expectations for earnings remain the key source of optimism. Wall Street analysts suggest that S&P 500 earnings per share will reach $306 in 2026, up 12.5% from the current consensus estimate of $272.

Valuation metrics are likely to remain relatively stable. The forward P/E ratio is projected to stay close to its current level of about 22 by the end of 2026.

Goldman Sachs analysts cite several key drivers of earnings growth, including steady expansion of the US economy, a weaker dollar, and productivity gains linked to the adoption of artificial intelligence.

Beyond macroeconomic factors, the profitability of the index’s largest companies will continue to play a decisive role. The earnings of the seven largest constituents—Nvidia, Apple, Microsoft, Google, Amazon, Broadcom, and Meta—account for about 25% of total S&P 500 profits.

Goldman Sachs predicts earnings per share of around $305 in 2026, revenue growth of 7%, and moderate margin expansion. Most of this growth is expected to come from the largest high-tech companies, which already generate roughly a quarter of the index’s total profits and are projected to increase their contribution further as investments in artificial intelligence scale up.

Taken together, these estimates form a consensus view that the market’s bullish momentum will persist through 2026, despite potential bouts of volatility along the way.

Strategists also note that sustained growth in AI investment, combined with healthy performance in other sectors, could trigger nearly 20% of sell-offs of the index’s largest stocks in 2026.

The S&P 500 closed the Christmas week at 6,929.94 points.

Gold has experienced its strongest annual growth since 1979, significantly outpacing the US stock market amidst geopolitical instability, declining interest rates, and a weakening dollar.

Gold futures traded in New York have surged by nearly 71% year-to-date, marking the best performance in 46 years. The last time such a powerful rally occurred was during the presidency of Jimmy Carter, when the world faced an energy crisis, high inflation, and heightened tensions in the Middle East.

This year, global uncertainty has escalated once more. Tariffs reshaping international trade, the ongoing conflict between Russia and Ukraine, intermittent tensions between Israel and Iran, and US operations to detain oil tankers off the coast of Venezuela have created a challenging backdrop. In such an environment, investors traditionally flock to safe-haven assets, particularly gold.

Gold is viewed as a tool for preserving value during crises, inflation surges, and currency depreciation. According to World Gold Council senior market strategist Joe Cavatoni, uncertainty remains a defining characteristic of the global economy, making gold increasingly appealing as a strategic element for diversification and a source of stability.

One drawback of gold for some investors is its lack of fixed income, typical of bonds. However, in an environment of interest rate cuts delivered by the Federal Reserve, bond yields tend to fall, which enhances gold’s relative attractiveness.

Last week, the metal reached a historic milestone for the 50th time this year, with prices surpassing $4,500 per ounce for the first time. Moreover, analysts at JPMorgan expect gold to surpass $5,000 per ounce in 2026.

Gold’s 71% rise this year has vastly outperformed the S&P 500 index, which has added only 18%. For comparison, in 2024, gold futures gained 27%, while the S&P 500 climbed by 24%.

Expectations of further monetary policy easing by the Federal Reserve in 2026 continue to support gold prices. Additionally, the US dollar’s weakness has made gold more accessible to international investors.

High prices benefit not only jewelry companies and owners of gold ornaments but also major buyers. The increase in demand is being driven not only by individual investors acquiring bars but also by countries that are ramping up their significant gold purchases.

The yuan exceeded the psychologically important level of 7 per dollar for the first time since September 2024, amid expectations that the People's Bank of China would permit a gradual strengthening of the national currency to maintain confidence in financial markets.

Last week, the offshore yuan advanced by 0.2% to trade at 6.9964 per dollar. This movement was supported by the People's Bank of China's decision to set the official fixing at its highest level since September 2024.

The Chinese currency is on track for its best annual performance against the dollar in the past five years. Support for the yuan comes from the protracted weakness of the US dollar, capital inflows amid the recovery of China's stock market, and waning geopolitical tensions.

In recent months, Beijing has consistently used the fixing mechanism to facilitate a moderate strengthening of the currency, aiming to support the national currency without provoking extreme volatility in the foreign exchange market.

On the mainland exchanges, the yuan rose by 0.1% last week, reaching 7.0067 per dollar. The market was sensitive to dollar sell-offs, with major Chinese banks actively buying US dollars near the 7.006 level.

Despite the advance against the US dollar, some market participants believe the yuan remains undervalued, considering the trade-weighted exchange rate and ongoing deflationary trends in China's economy. According to estimates from Goldman Sachs, the currency is undervalued by about 25% relative to fundamental economic indicators.

The renminbi will likely maintain resilience in the range of 6.95 to 7 per dollar in the first half of the next year.

China has announced sanctions against 20 American defense companies and 10 executives in response to recent US arms sales to Taiwan, opting for a predominantly symbolic form of measures and avoiding large-scale escalation.

Among the companies targeted by the restrictions are Northrop Grumman Systems Corp., L3Harris Maritime Services, Boeing's St. Louis division, and Vantor, formerly known as Maxar Intelligence.

The sanctions include the freezing of any assets held by these companies in China and a ban on conducting business with Chinese organizations.

Restrictions have also been imposed against executives from the defense companies, including Palmer Luckey, founder of Anduril Industries Inc., and Vantor's CEO Dan Smoot. Their assets in China are subject to freezing, and the individuals themselves are prohibited from making deals and entering mainland China, as well as Hong Kong and Macau.

These measures were a response to what Beijing characterized as a "large-scale" sale of American weapons to Taiwan. Last week, Washington approved an arms package worth up to $11 billion, which includes missiles, drones, and artillery systems.

In an accompanying statement, the Chinese Foreign Ministry warned that any actions crossing red lines in the Taiwan issue would be met with a decisive response, and that companies and individuals involved in the sale of arms to Taiwan would bear responsibility.

However, the actual impact of the announced sanctions is expected to be limited. Most of the companies and executives targeted by the restrictions have minimal operations in China, and some had previously been included on a reliable organizations list.

The market capitalization of silver reached $4.05 trillion, surpassing the value of Apple for the first time. According to the Companiesmarketcap web portal, silver now ranks third in the global capitalization rankings. Gold retains the top spot with an estimate of $31.393 trillion, followed by Nvidia ($4.606 trillion), while Apple and Alphabet ($3.810 trillion) have fallen to fourth and fifth places, respectively.

The market capitalization of silver is calculated by multiplying the current price by the total volume of mined metal—approximately 1.751 million metric tons. The portal notes that a significant portion of historically mined silver has been lost or destroyed due to industrial usage; thus, the calculations are approximate. Silver futures for delivery in March 2026 on the Comex exchange rose by 1.26%, reaching $72.03 per troy ounce.

The explosive growth of silver reflects global demand for precious metals as safe-haven assets. Since the beginning of 2025, the price of silver has soared by 148.38%, making it one of the most profitable assets of the year. This rally is driven by economic uncertainty, expectations of lower interest rates, and the increasing appeal of precious metals for portfolio diversification. 

The Russian ruble has displayed its strongest performance since 1994, surpassing major global currencies in 2025. According to Bloomberg, the ruble appreciated by 45% and entered the top 5 most profitable global assets, trading around 78 rubles per dollar at the year's end. This trend reflects structural changes in the Russian financial market.

The primary reason for the ruble's growth is the decrease in demand for foreign currency in Russia. For Russian investors, ruble-denominated assets have become more attractive due to the ongoing monetary policy of the central bank. Bank of Russia Governor Elvira Nabiullina noted at a press conference on December 19 that the need for foreign currency is decreasing due to import substitution measures, support for domestic producers, and the effects of the implemented monetary policy.

The strengthening of the ruble creates a favorable environment for Russian assets, but it also reflects structural shifts in the economy. Limitations on access to foreign investments and technologies are prompting a reorientation of capital towards the domestic market. The growing appeal of ruble-denominated assets indicates the success of the central bank's policy in stabilizing the exchange rate under sanctions pressure.

Bitcoin is falling behind precious metals as it is in a consolidation phase after failing to hold onto the $90,000 support level. According to CryptoQuant, short-term cryptocurrency holders are increasing selling pressure by liquidating positions at a loss. In contrast, gold and silver are experiencing steady growth fueled by economic uncertainty and investor expectations of lower interest rates.

The primary reason for this divergence lies in the market’s perception of these assets. While precious metals are viewed as safe-haven assets during uncertain times, Bitcoin is still regarded by major investors as a high-risk instrument. As concerns mount, financial players are reallocating capital into gold and government bonds, pushing cryptocurrency to the sidelines. As analysts at CryptoQuant emphasized, Bitcoin lacks the economic catalysts needed to establish sustainable growth, as demand has almost waned.

However, experts do not rule out a potential recovery for Bitcoin. If visible demand turns positive, the digital asset could align more closely with the performance of precious metals. Meanwhile, Peter Schiff, an economist and well-known proponent of gold investments, stated that the yellow metal has a better chance of reaching $1 million than the leading cryptocurrency, Bitcoin.

As we enter 2026, global trade is facing new challenges following a transformative period over the past few years. Although 2025 showed relative resilience amid President Trump's tariff implementation, underlying changes are emerging: incoming shipments to the United States have decreased by 8%, while imports to Africa, the Middle East, Latin America, and India have shown robust growth.

Global supply chains are already adapting to the new tariff barriers. Shipping industry veteran John McCown noted that while container imports to the US rose by 15.2% in 2024, 2025 saw a reversal of this trend. “I believe 2026 will be the year of the tariff consequences,” he warned. The restructuring of supply routes is currently underway and could lead to additional costs and delays.

Two factors could significantly disrupt global supply chains in 2026. The first is the return of vessels to the Red Sea following a decrease in Houthi attacks and the implementation of a peace plan for Gaza in October. Carriers CMA CGM SA and A.P. Moller-Maersk have already begun sending ships to the region. Secondly, a potential acceleration of the US economy could trigger a sharp increase in inventory levels, overwhelming the capacities of the shipping industry, Vespucci Maritime CEO Lars Jensen cautioned.

Analysts have raised their forecast for gold, anticipating a price of $6,000 per troy ounce by the end of 2026 and $10,000 by the end of the decade. Ed Yardeni's think tank revised its estimates after gold solidified at around $4,500. At the beginning of 2025, analysts anticipated a range of $4,000 to $4,500, but the precious metal surpassed expectations, rising by 70% within a year and by 171% over three years.

Yardeni Research's forecast is much more optimistic than the consensus estimate from JPMorgan, which projects $5,055 per ounce in December 2026. The rally is supported by geopolitical tensions and expectations of further rate cuts by the Federal Reserve. Lower interest rates make non-yielding precious metals more attractive to investors as safe-haven assets.

Despite mixed short-term movements, most experts agree that gold will continue to increase in value in 2026 amid ongoing global uncertainty. However, the pace of growth may slow compared to the dynamics of 2025. The growth is driven by a combination of factors: accommodative monetary policies from central banks, concerns about geopolitical risks, and the drive for portfolio diversification towards traditional saving assets.

The US dollar is on track to end 2025 with its worst performance in eight years, having fallen by 8.2%. On December 23, the Bloomberg Dollar Index fell by 0.3%, reaching its lowest point since October 3. If this downward trend continues, the US currency risks posting its worst annual result in at least two decades.

The primary factor behind the dollar's decline is investors’ expectations of a more accommodative monetary stance from the Federal Reserve compared to other major central banks. Lower interest rates make the greenback less appealing to investors seeking yield-bearing assets. Seasonal factors at the end of the year are also exerting pressure: reduced trading activity and fewer transactions are diminishing demand for the dollar. In this environment, alternative currencies are strengthening. Both the Canadian and Australian dollars have reached multi-month highs, while the Swedish krona has returned to levels not seen since early 2022.

The options market reflects this negative sentiment, with investors increasingly betting on the appreciation of the euro and the Australian dollar. Swissquote analyst Ipek Ozkardeskaya noted that the overall outlook for the US dollar remains grim, though the situation could change with the release of new economic data that strengthens expectations for a more hawkish Federal Reserve policy.

Three major artificial intelligence systems—ChatGPT, Grok, and Gemini—have selected the Pepe token as the leader in the meme coin market for 2026, citing its highest bullish potential. The virtual assistants assessed PEPE as the most likely candidate for a significant rally thanks to a combination of factors: its popularity among investors, an active user community, positive trends in the crypto market, and the development of the Solana blockchain, on which the meme coin is hosted.

ChatGPT emphasized that Pepe has evolved from a hype-driven asset into a stable market structure, having survived its first major cycle of growth followed by a slump. “Assets that remain afloat usually become centers of liquidity attraction when the cryptocurrency market heats up,” the system explained its selection. The meme coin ranks fourth in market capitalization with a volume of $1.7 billion, falling short of Dogecoin by a factor of 12.

Interestingly, the reliability of these AI systems' forecasts remains in question. When trading futures on digital assets, ChatGPT, Grok, and Gemini incurred losses due to inaccurate predictions of price direction. However, the choice of Pepe makes sense: the token collapsed by 86% from its peak in 2025, and the current price of $0.000003942 indicates a low entry level. With a resumption of a bullish trend, such a market capitalization allows the meme coin to show exponential growth compared to higher-priced assets.

American investor and financier Jim Rogers stated that Western sanctions against Russia are not achieving their goals. “They don’t really help, except for the politicians who impose them,” Rogers said in an interview with RIA Novosti. In his opinion, lifting anti-Russian restrictions would be more beneficial for the global economy, as mutual trade would bring greater benefits to all parties involved.

Rogers' criticism comes at a time when the US administration is developing new sanctions measures. On December 17, 2025, it was reported that the White House is preparing expanded restrictions aimed at targeting vessels belonging to the so-called "shadow fleet." These vessels are used to transport Russian oil in violation of existing embargoes. The new sanctions would also impose penalties on traders and operators who assist in such activities.

Rogers' stance reflects the ongoing debate within the expert community regarding the effectiveness of the sanctions regime. Supporters of such measures argue that they put pressure on the Russian economy, while critics point to tepid results and potential side effects on global trade and energy markets. So, the question of the effectiveness of sanctions remains a subject of analysis by economists and political scientists.

Despite the tariffs imposed by US President Donald Trump in 2025, a majority of Americans are keeping their holiday spending on Christmas gifts unchanged. According to a survey conducted by QuestionPro for LendingTree, 55% of respondents do not plan to reduce their budgets for festive presents, while 45% acknowledge that the tariffs have impacted their purchasing decisions. The survey included responses from 2,032 US residents and was conducted between December 10 and 15, 2025.

The results suggest that tariffs have only a limited effect on consumer behavior, even though most gifts in the United States are produced domestically or contain imported components. Despite the overall rise in prices for everyday goods, holiday spending remains a priority for most American families. However, the fact that 45% of consumers have cut back on expenses represents a significant segment, suggesting an uneven impact of tariffs across income groups and regions.

Data reveals that the tariffs have had a bifurcated effect. While most consumers continue to spend as usual, certain demographic groups are more sensitive to rising prices. This division may reflect disparities in financial stability and the ability to absorb higher costs.

For the first time ever, gold crossed the historic threshold of $4,500 per troy ounce. During trading hours, the yellow metal peaked at $4,530.30 per ounce before closing at $4,514.25, marking a 1% increase compared to the previous day. Meanwhile, silver surged above $70 per ounce for the first time, climbing by nearly 2%, and platinum showed significant gains as well.

The rise in the prices of these precious metals is attributed to market expectations regarding further interest rate cuts by the US Federal Reserve. Since gold and silver do not generate interest income, lower rates make them more appealing as savings assets. This shift reallocates capital from interest-bearing instruments to precious metals, thereby bolstering demand.

Since the beginning of 2025, gold has increased in value by over 70%, with silver showing comparable growth. According to Bloomberg, gold has set a historical high for the 50th time this year, which indicates consistent demand growth. Analysts anticipate that if the Fed maintains its accommodative monetary policy, precious metal prices will continue to enjoy gains.

Future price movements will depend on decisions made by central banks and macroeconomic data releases.

Bank of America CEO Brian Moynihan has emphasized the growing impact of artificial intelligence on the US economy. Investments in AI have been increasing throughout the year and are expected to become an even more significant driver of growth in 2026 and beyond. According to Moynihan, while AI is not the sole engine of the economy, its influence is "quite substantial."

Bank of America projects a steady growth rate of 2.4% for the US economy in 2026, up from an estimated 2% in 2025. Moynihan noted that the easing labor market appears to be a normalization of employment following an excessively tight period. He emphasized the strength of the US economy in a historical context and in comparison to global peers, attributing its resilience to a "capitalistic engine" driven by consumer activity.

The banker perceives minimal risk to the economy from potential overheating in the AI sector. Since the industry is concentrated among a narrow group of companies, any contraction would not significantly impact consumers or employment. Bank of America is also actively implementing augmented intelligence across all areas of its business. This involves leveraging AI to enhance efficiency. In financing AI projects, the bank carefully assesses financial leverage and the duration of data center usage contracts.

The Indian rupee, the worst-performing currency in Asia in 2025, faces a challenging start to 2026. Analysts at Nomura and S&P Global Market Intelligence forecast that the rupee will decline to 92 per dollar by the end of March. Further movement of the currency will largely depend on the resolution of a trade agreement between India and the United States, which has yet to be finalized.

Pressure on the rupee is exacerbated by a persistent outflow of foreign investments. Negotiations between the two countries have stalled despite efforts to stimulate investor interest. India, the fifth-largest economy in the world, is grappling with a dual challenge of stringent American tariffs on its exports and a significant capital flight.

However, there is a silver lining. The weakening rupee could make Indian exports more competitive. The US has imposed some of the highest tariffs in the world on Indian goods. This resulted in a 12% drop in exports to the American market in September, followed by an additional 8.5% decline in October. M.K. Stalin, the chief minister of Tamil Nadu, reported staggering losses for the region's textile industry due to these American tariffs.

The Bank of France has released updated forecasts indicating stable economic growth for France in the coming years. The central bank has revised its 2025 growth forecast upward to 0.9% from the previous 0.7%, reflecting an improvement in the short-term outlook for the national economy.

For 2026, the Bank of France forecasts a growth rate of 1.0%, which is an improvement from the previous estimate of 0.9%. The growth forecast for 2027 is also set at 1.0%, although this indicates a downtick from the prior figure of 1.1%. Besides, the central bank has provided its first forecast for 2028, predicting a growth rate of 1.1%, which points to a gradual acceleration in growth rates over the long term.

This modest yet stable growth trajectory is attributed to two key factors: the recovery of consumer spending and a revival in business investments. However, the realization of these positive scenarios largely depends on reducing political uncertainty, which is currently exerting some pressure on business activity. As the second-largest economy in the eurozone, France reveals potential for gradual acceleration from its current modest growth rates to a more robust expansion by 2028. 

A Bloomberg survey indicated a slight increase in economists' expectations for the growth of the US economy. The median estimate from 84 economists anticipates 2% GDP growth in 2026, up from the previous forecast of 1.9%. The forecast for 2025 has also been raised to 2% from 1.9%, reflecting a more optimistic view of economic activity.

Inflation expectations have decreased slightly. Economists now project consumer inflation at 2.8% in 2026, down from 2.9% in the previous survey. This suggests growing confidence that inflationary pressure will decline toward the Federal Reserve's 2% target. Expectations regarding interest rates have remained unchanged, with the upper limit of the Fed's rate expected to drop to 3.25% by the end of 2026, down from its current level of 3.75%.

ING Bank provides an alternative scenario: 2% GDP growth in 2025, followed by a slight slowdown to 1.9% in 2026, and an acceleration to 2.2% in 2027. ING expects inflation to stabilize at 2.8% in 2025-2026. Such forecasts reflect a consensus on a soft economic trajectory for the US, with a gradual decrease in inflationary pressure.