The year is drawing to a close, and we are still confronted with the same conflicts as at the beginning. The ceasefire in Gaza continues to crumble, and a lasting peace seems a long way off. Even though negotiations appear to be underway in the Ukraine conflict, it remains to be seen whether Putin will actually sit down at the table. Cynics might claim that Trump is trying everything to portray himself as a peacemaker, perhaps hoping to finally win the Nobel Peace Prize. Unfortunately, his efforts are poorly conceived and have significant shortcomings for long-term sustainability.

The market is taking a somewhat wait-and-see approach; we’re currently moving sideways. (S&P 500)

The euro-dollar exchange rate continues to fluctuate, depending on whether geopolitical events are positive or negative for the EU.

Oil prices have been steadily decreasing since summer, and even now in the winter months the price remains rather low.

Economically, 2026 should show a slight improvement over the previous year. However, several challenges lie ahead, such as the situation in Gaza and Ukraine, and not forgetting a potential new nuclear agreement with Iran. For the US, the election of the new Fed chair will also be crucial for future fiscal policy. So, many exciting and potentially profitable situations await us.