Briefings

Week InReview: December 12, 2025

Global stocks at record high.
Global stocks are at records after a week in which confirmation that the Fed's interest-rate easing cycle remains intact helped clear the way for a year-end rally. The US market looks set to pull back after setting its first all-time high in six weeks. | Stocks in Asia rally, led by Hong Kong and Japan. Chinese consumer stocks climb as the government prioritizes boosting domestic demand for the new year, while the Topix index reached a record high, with financials leading the gains. European equity futures gain while US contracts underperform. | The Treasury Department is preparing to release a corporate tax workaround that would deliver large tax savings to companies. The tax guidance could come as early as next week. | The S&P 500 clawed back losses to close at a record as buyers emerged after Oracle's plans for vast capital outlays on AI infrastructure drove a broad retreat from riskier assets. Treasuries slid late in the day to unwind much of the rally that had kicked off after the Federal Reserve meeting proved less hawkish than anticipated. The dollar fell. | Oil gains, paring a weekly loss. The seizure of an oil supertanker off the coast of Venezuela is just the beginning of a new phase in the US's ramped-up pressure campaign against Nicolas Maduro.
 

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