While waiting for the US data starting today and central bank meetings during the week, the stock markets are retreating in the helm of changes in the monetary landscape in 2026, while doubts remain in the background about the true profitability of artificial intelligence. The Asian stocks lost 1,3% and futures point to a third day of losses for the S&P 500 and a lower opening for the European stock exchanges. Today the test is represented by the US employment data which could help assess the trajectory of the policy Federal Reserve next year. The defensive mood also penalised the bitcoin which hit a two-week low just above $86.000. Euro above 1,17 to the dollar, the'gold holds above $4.200. Nor is it any comfort that Trump last night declared that an agreement aimed at Ending Russia's war in Ukraine is closer than ever.
A flurry of data is on the horizon. Today it's the U.S. labor market's turn.
Il first test in a week full of events is today, when the combined reports for October and November will be released onemployment in the United States, late after the longest shutdown government in history. The monthly index of the consumer prices, which is closely monitored for inflation trends. Other releases next week include a report on retail sales will help provide more information on the economic growthThe reports will help answer the fundamental question that arises for 2026: if the Fed is close to ending its monetary easing cycle, after three consecutive cuts, or even whether it should adopt more hawkish measures. If inflation or employment increases, yields rise and risky assets, especially those with long-term growth, are the first to suffer and the technology is the first domino.
Also expected this week are the decisions of a large group of beven central ones of the G10: it is expected that the Bank of Japan will raise rates by 25 basis points to 0,75% on Friday, while the Bank of England could make a cut of the same size to 3,75%. European Central Bank interest rates are expected to remain unchanged on Thursday, as is the Swedish Riksbank and Norwegian Norges Bank.
Wall Street closed slightly lower yesterday. Hassett's candidacy for the Fed is being opposed.
IERI (Yesterday) Wall Street closed slightly lower ahead of economic data, with investors also weighing up earnings reports. Federal Reserve candidates and comments from Fed officials for clues about the outlook for interest rates in 2026. Dow closed down 0,09%, S&P at -0,16%, Nasdaq at -0,59%.
Secondo Cnbc the candidacy of the White House economic adviser Kevin Hassett to the presidency of the Fed, which has been taken almost for granted in recent days, has reportedly received some resistance from people close to US President Donald Trump. Hasset is considered the champion of monetary easing and the Expectations of a dovish Fed chairman have fueled bets on an interest rate cut next year. Fed officials remain divided on the situation. The governor Stephen Miran, appointed by Donald Trump, said that rates are still too high, while the president of the New York Fed John Williams he described them as “about the right level.”
Eight of the 11 major S&P 500 industrial sectors rose, led by the health bonds, increased by 1,3%. Stocks in the energy sector information technology slipped by 1%, dragged down by ServiceNow down 11,5% following the news that the cybersecurity company is in advanced negotiations to acquire the startup Armis. Continue the weakness in the technology sector, with Broadcom recorded its worst three-day drop since 2020. Oracle infrastructures Corp. extended its multi-session sell-off to about 17%. Tesla rose 3,5% after CEO Elon Musk said the electric vehicle maker was testing his robotaxis without safety monitor on the front passenger seat. iRobot has fallen by 72,7% after the vacuum cleaner maker Roomba introduced filing for bankruptcy. The General Motors Co. has entered into an agreement with Apple Inc. to integrate the Apple Music app into Chevrolet and Cadillac models starting Monday, when the automaker will push it to vehicle owners via an over-the-air update. Ford Motor Co. has announced a radical restructuring of its electric vehicle business, after struggling for years to make it profitable.
Asia's decline is dragged down by tech stocks. A hawkish BOJ is expected.
All Asian markets, from Hong Kong to Shenzhen, from Japan's Nikkei to South Korea's Kospi, are falling, following Wall Street's losses. The broad MSCI index of Asia-Pacific stocks excluding Japan is down 1,45%, a three-week low.
In particular they went down technology stocks, with the Kospi of the South Korea down 1,8% and the benchmark index of Taiwan down 0,8%, while the technology index Hang Seng it fell 2,7%.
Markets have become cautious about the Japan in anticipation of potential hawkish signals from the Bank of Japan when it meets on Friday. Investors are almost taking a rate hike for granted following recent inflation increases. However, themanufacturing activity Japan's economy contracted at a slower pace, while the service sector lost momentum in December, according to private sector surveys, weighing on the economy through the end of 2025. Looking ahead to 2026, business confidence remained solid but declined from the previous month, particularly in manufacturing, attributing the uncertain outlook to global economic conditions, an aging population, and rising costs. The S&P Global Japan Flash Manufacturing PMI rose to 49,7 from 48,7 in November, extending the contraction for the sixth consecutive month. The 50,0 threshold separates expansion from contraction.
Markets, however, expect the Bank of Korea (BOK) to keep its current benchmark interest rate at 2,50% at its next meeting.
In China, fears of a return real estate crisis, Meanwhile, China Vanke is seeking to restructure its debt. In a filing with the Hong Kong Stock Exchange yesterday, the company said it had failed to secure bondholder approval to postpone the payment of the bonds due the same day by one year. The refusal, expressed in a three-day vote that concluded last Friday, gives the property developer a grace period of five business days to pay 2 billion yuan ($283,49 million).
Sul currency front, the euro stood at $1,1751, after hitting its highest since early October in the previous session. GBP weakened slightly to $1,3368. The index of the dollar, which measures the U.S. currency against six other currencies, held steady at 98,295, although it remained anchored at two-month lows. yen The Japanese yen strengthened to 155,07 per U.S. dollar ahead of Friday's BOJ decision, with markets pricing in a rate hike.
With regard to raw material, the prices of Petroleum fell as investors weighed the impact of a potential peace agreement between Russia and UkraineBrent crude futures fell 0,54% to $60,23 a barrel, while U.S. West Texas Intermediate crude settled at $56,48 a barrel, down 0,6%. Both contracts slipped more than 4% last week, weighed down by expectations of a global oil surplus in 2026. The price of fell about 0,6% to $4.275,41 an ounce, falling below last week's eight-week high.
European stock markets opened lower. At the Milan Stock Exchange, Unicredit is all eyes on the matter.
Euro Stoxx 50 futures point to a 0,5% decline in the start of European stock markets.
Banco BPM – KBW analysts have lowered their target price to 12,82 euros, from the previous 13,28 euros.
Eni – The Antitrust Authority accepted the commitments made by the subsidiary Plenitude, regarding an investigation into unfair commercial practices, and closed the proceedings without establishing the infringement.
Classic Ferrari for sale – Berenberg lowered its target price to 381 euros, from 399 euros previously, maintaining a Buy rating.
Fincantieri – The remaining €495 million guaranteed loan granted to the subsidiary Virgin Cruises has been extended from the end of 2025 to September 2030, reclassifying it from current to non-current. The 2025 guidance for a net debt/EBITDA ratio of 2,7-3x has been confirmed.
Cars – After receiving several requests from the European auto industry, the European Commission is ready to reverse the EU ban on internal combustion engine cars starting in 2035, allowing up to 10% of non-electric vehicles. According to the German newspaper Reuters, quoted by Reuters, the European Commission is reportedly examining a new compensation system to allow car manufacturers to sell combustion engine vehicles beyond 2035.
Luxury – Zegna's top management confirms a supportive outlook for the fourth quarter of 2025. This is a positive reading for the sector as a whole, particularly for the high-end segment.
Unicredit – KBW analysts raised their rating to Outperform from Market Perform, with a target price of €76,88, up from €73,79 previously.
Caltagirone The Board of Directors acknowledged the Chairman's decision to waive his voting rights at the shareholders' meetings of MPS and Generali.
Media for Europe – ProSieben has announced the sale of the weather portal wetter.com. The amount has not been disclosed.
