The final sprint of 2025 presents a completely different face in the global financial markets. On the US stock side, the three major indices experienced slight fluctuations on Friday but posted good weekly gains, with the S&P 500 approaching a new all-time high and an annual increase of nearly 18%. However, the cryptocurrency market is less optimistic — Bitcoin fell below $87,000, down 1.6% in 24 hours, and Ethereum is also under pressure.

Risk aversion sentiment is driving up gold and silver. Gold broke through $4,540 per ounce, and silver rose above $77. The surge is driven by geopolitical tensions and ongoing safe-haven demand. While precious metals hit record highs, the pressure on the crypto market creates an interesting contrast.

From a macro perspective, the scale of central bank easing in 2025 reached a decade-high, with the cumulative interest rate cuts in emerging economies exceeding 3000 basis points. In Europe, attention is on ECB President Lagarde’s latest speech. Ghana’s November PMI remained steady at 50.1, indicating stable business activity. Airbus, while maintaining profit guidance, lowered its 2025 delivery target to 790 aircraft.

Institutional analysis generally suggests that the Federal Reserve’s policy stance and liquidity conditions in 2026 will be key variables influencing risk assets. During the period of declining trading volume at year-end, volatility tends to be amplified, and investors need to focus on structural opportunities while managing risks.