Weekly Markets Monitor: 3 ATHs, 2 weeks, 1 message
Last week’s data highlighted diverging global trends: the US saw softer labor and manufacturing but resilient services and improved sentiments; the Eurozone witnessed easing inflation and stronger retail sales; and in Asia, Japan’s consumption picked up, India’s growth outlook was upgraded, and deflation worries lingered in China.
The Supreme Court’s Review of IEEPA Tariffs: Why it matters to the gold market (or does it?)
The gold market faced significant developments throughout 2025 as participants responded to evolving drivers, including US tariff policies. After considerable uncertainty, the White House clarified that gold imported for investment purposes would be exempt from tariffs under the International Emergency Economic Powers Act (IEEPA).
December caps off a record year
Global physically backed gold ETFs extended their inflow streak to seven months, adding US$10bn in December – all regions experienced inflows with North America (+US$6bn) and Asia (+US$2.5bn) taking the charge.
You asked, we answered: Is mined gold production peaking?
Global gold mining has been stable in recent years. Despite short-term impacts stemming from the pandemic, safety stoppages and industrial action, mined gold production averaged a near zero annual y/y change between 2018 and 2024.
Weekly Markets Monitor: Venezuela’s ripple effect
Last week, US data showed strong jobs and housing trends amid a widening FOMC policy divide. In the Eurozone, inflation eased while manufacturing contracted. In Asia, China’s factory activity rebounded, yet India’s PMI hit a two-year low.
Weekly Markets Monitor: A season for Kevin?
Last week saw diverging data and policy action: the ECB and Nordic banks held rates, the BoE cut, and the BoJ hiked. In the US, jobs rebounded and inflation eased, but consumer spending and housing remained tight, while China’s economic momentum slowed.
