Many Happy Returns The Naughty List: Assets That Misbehaved in 2025
22 snips
Dec 17, 2025 2025 has brought some surprising misfortunes for various assets. The US dollar has weakened due to fiscal concerns, while Japan's bond market faces issues from rising yields. Oil prices have plunged amidst decreased demand from China and Europe. Meanwhile, Indian equities struggle against foreign outflows and currency drops, contrasting sharply with China's recovery. Novo Nordisk's stock crash raises questions about the obesity-drug hype, and discussions on cryptocurrency emphasize its volatility and risks from leverage. Ultimately, no asset seems safe from the impacts of rising interest rates.
AI Snips
Chapters
Transcript
Episode notes
Dollar Lost Its Safe-Haven Crown
- The US dollar lost safe-haven status during 2025 amid political and fiscal concerns.
- That weakening prompted investors to tilt away from US assets and question American exceptionalism.
Japan's Bond Normalisation Risks Global Shock
- Japan's bond market is normalizing after decades of ultra-low yields, causing large price moves as yields rise.
- That repricing threatens domestic wealth and could trigger global flows reversing into Japan, pressuring foreign bond markets.
Oil Slump Despite Geopolitical Risk
- Oil fell sharply in 2025 because production exceeded consumption despite major geopolitical risks.
- Weak demand from China and Europe plus fragmented OPEC influence drove the price drop to around $60 Brent.