Monthly Coffee Break

Donald Trump’s return to the White House will likely bring a clearer picture of how dominant his policy plans will be. Undoubtedly, his rhetoric and his policy decisions will shape and shake the economy and financial markets.

This year, the Christmas rally came a month earlier, and Santa Claus has moved from the North Pole to Florida. During December, some of the “Trump trade” winners gave back part of the previous month gains.

European equity markets ended the last month of the year on a positive note. The positive market trend was mainly driven by rate cuts and slowing inflation over the course of 2024.

The last month of 2024 was a difficult one for the markets. Most major rates markets sold off, with the US 10-year rising by 40 basis points. At the same time, risk assets offered relatively little respite.