World Business Report The market moments that shaped the year
Dec 24, 2025
In this session, Russ Mould, Investment Director at AJ Bell, analyzes the market moments of the year. He dives into the US tariffs debacle, explaining initial panic followed by stabilization. The conversation shifts to precious metals, discussing central bank buying amidst dollar concerns. Mould also highlights Japan's economic rebound, touching on inflation and currency risks. He then explores the private credit collapse and its systemic implications, before finishing with insights on the AI boom and tech valuation worries. A compelling look at today's financial landscape!
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Tariff Shock Was Short Lived
- Markets initially panicked when the US announced large universal tariffs in April 2025.
- Prices fell then recovered as tariffs were delayed and applied selectively, muting long-term market impact.
US-China Tension Remains Structural
- US-China relations stayed tense despite a big summit in Korea that eased attention briefly.
- Key structural issues like intellectual property and chips keep tariffs and friction elevated.
Precious Metals as Political Havens
- Gold and silver surged to record highs as investors and central banks sought safe stores of value.
- Concerns about US policy and dollar weaponisation drove central banks to diversify into precious metals.