Tuesday, Dec 30 2025, 12:00 UTC time

📋 Latest Important Headlines — Markets & Macro (Concise)

✅ Global FX & Rates — Dollar steady ahead of Fed minutes; US 10‑year yield near 3‑week low. Euro holds after Spain inflation; eurozone government bond yields tick up. Swiss KOF barometer at 15‑month high, supporting CHF strength. 

🔖 US / Canada — Investor flows: Joe Terranova trims gold ETF exposure into 2026. Royal Bank of Canada issues FRN variable rate fix (RBC note update). US yields lower, watch Fed minutes for near‑term moves. 

📌 China — Equities muted; yuan remains strong on year‑end flows. Market commentary questions 2025 assumptions on tariffs, China and the dollar — implications for 2026 positioning. 

📋 Russia — Mixed activity but under pressure in energy exports: Services PMI hits 11‑month high and private sector shows faster services growth, yet overall stagnation in December. Pipeline gas exports to Europe plunge ~44% (50‑year low after Ukrainian route closure); LNG exports down 2.5% in 2025. Russian crude shipments to India fall to a three‑year low in December. SovEcon lifts wheat export outlook on stronger demand/margins. 

✅ Europe — Inflation & Activity — Spain: EU‑harmonised inflation eases to 3.0% (Dec), national CPI ~2.9%; retail sales surge (strongest since June) and Spain posts record current account surplus (~€7.18bn in Oct). Austria sees continued producer deflation. Slovenia CPI 2.7% y/y. Finland monthly GDP recovers in Nov. Euro reaction: steady but yields higher after Spain data. 

🔖 Northern Europe — Sweden: central bank minutes show policy rate likely held at 1.75% through 2026; household lending growth slows slightly. Slovakia & Bulgaria show mixed business confidence; Bulgaria producer inflation eases. 

📌 New Zealand & Australia — NZ shares steady with year‑end gains intact, but NZD retreats. Australia 10‑year yield rises amid local rate expectations. 

📋 Japan / Korea / Italy / France / Germany / Brazil — No major country‑specific headlines in this batch. 

✅ Commodities Outlook — Oil: analysts warn of potential 2026 oversupply as OPEC+ may struggle to defend prices — watch crude flows and Russian export patterns for downside risk. Macau trade deficit narrow; global trade flows impacting regional FX and commodity balances. 

🔖 Trade & Retail Snapshots (Selected EU) — Spain November retail sales +6.0% y/y; Portugal retail sales accelerate (fastest since 2022); Croatia, Latvia, Bosnia show softer retail trends. 

📌 Takeaway for Traders — Expect headline‑sensitive FX/rates moves: Fed minutes and Spain inflation data are near‑term catalysts; pronounced Russia → Europe gas decline and weaker Russian crude flows to India add geopolitical supply risks for energy markets; yuan strength and Chinese market caution shape EM/commodity flows. Position risk accordingly and watch bond yields across US/UK/EUR for cross‑currency pressure. 

End of brief — monitor Fed minutes, Spain data, and Russian energy export flows for next directional moves.

Top 100 24h Gainers 🚀

2Z        $0.1252            +6.66% 
CC        $0.1375            +5.19% 
LEO      $8.84                +3.08% 
XTZ      $0.5148            +2.58% 
PEPE    $0.00000418    +1.96% 

Top 100 24h Losers 🔻

LIT      $2.78                -17.84%
MNT      $0.9828            -3.35% 
CRV      $0.3797            -3.25% 
FIL      $1.32                -3.11% 
M          $1.44                -2.75%

🌍The world's top copper mines are absolute monsters

and South America owns the list!

Escondida (Chile) – 1,350kt (BHP/Rio Tinto)
Collahuasi (Chile) – 640kt
Buenavista (Mexico) – 535kt
Morenci (USA) – 520kt
Cerro Verde (Peru) – 500kt

Chile + Peru = 70% of the top 20.

These giants fuel EVs, grids & renewables... but replacement pipelines are thin.

Copper supply concentration risk is real.

#Copper #Mining #Chile #EnergyTransition #Commodities

📕 Minutes from the last meeting #FED:

▫️ Nine chairmen voted for a 25 basis point rate cut, with three against (two for a pause, one for a -50 basis point cut)

❗️ The balance sheet reduction (#QT) has been completed. The Fed is starting reverse repo (purchasing US government bonds) to maintain sufficient reserves in the system.

▫️ The expected volume of bond purchases is around $220 billion over the first 12 months. Purchases will mainly be in short-term Treasury securities (bills).

▫️ The $500 billion limit on permanent repo operations has been removed.

▫️ Inflation has risen since the beginning of the year and remains elevated. The main reason for the increase is tariffs.

▫️ The labor market continues to cool: unemployment has reached 4.4%, and hiring rates have slowed down.

▫️ Most Fed chairmen supported the rate cut due to increasing risks in the labor market, although some expressed concern about the lack of progress on inflation.

❗️ Further rate cuts are likely if inflation declines as expected. However, some chairmen suggested taking a PAUSE after this cut.

▫️ Market expectations: another two rate cuts in 2026 (according to surveys).

▫️ The economy is growing at a moderate pace. GDP is slowing compared to 2024, but remains positive.

▫️ Some participants noted that technological progress and productivity growth (possibly related to AI) could support economic growth without inflationary pressure.

▫️ The Fed's decisions will depend on incoming macroeconomic data, the evolution of economic prospects, and the balance of risks.