- Headline retail sales rebounded in November from October’s decline. Sales in the control group rose for the second month in a row, pointing to resilience in consumer spending.
- The housing market finished last year on a firmer footing. Existing home sales have now risen for four consecutive months, reaching the highest since early 2023 in December.
- CPI inflation was steady in December at 2.7% y/y, down from a 3.0% peak in September.
Unearthing the Metals Melt-Up
The melt‑up in the metals market that defined 2025 has extended its strength into the early weeks of the new year, reinforcing the commodity sector’s position as one of the leading asset classes across global markets. To the surprise of most, gold outperformed the broader equity market for a third