Bloomberg Daybreak: Europe Edition Daybreak Holiday: Market Expectations, The 12 Days of Christmas Cost
Dec 24, 2025
Cameron Dawson, Chief Investment Officer at New Edge Wealth, shares insights on market forecasts and highlights the risks of oil price fluctuations. Brian Levitt, Global Market Strategist at Invesco, discusses the implications of Fed policy and anticipates a bullish 2026 market setup. Amanda Agati, Chief Investment Officer at PNC, reveals the PNC Christmas Price Index's current cost—$51,476—up 4.5% from last year, while explaining stable prices for certain holiday items and rising entertainment costs. Their diverse perspectives offer a fascinating look at economic trends.
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April Capitulation Fueled The Rally
- Investor positioning hit extreme bearish levels in April, creating a large pool of money to push markets higher.
- Earnings growth, not multiple expansion, drove 2025 returns and underpins expectations for 2026.
Policy Clarity Reduced Volatility
- Market volatility clustered around policy uncertainty and eased after clarity on tariffs and inflation.
- That clarity helped create a bottom and an improving advance for markets into 2026.
Tariffs Influence Treasury Supply
- Tariff outcomes affect fiscal financing because tariff revenue reduced the need for Treasury issuance.
- A change in tariff collection could push longer-term yields higher via increased Treasury supply.