Good Saturday !
MACROECONOMICS
The first week of the year proved to be very favorable for European markets, with a series of records for many indices, despite a still tense geopolitical context. On the contrary, Wall Street showed more caution, penalized by the technology sector. However, the publication of the monthly employment report in the United States contributed to reviving, at least temporarily, risk appetite. Volatility could quickly re-emerge as next week's quarterly earnings season and the release of US inflation data approaches.
The capture of Nicolas Maduro by the special forces has brought the defense sector back into the spotlight. Together with Donald Trump's new threats towards Greenland, it fuels an increasingly tense geopolitical climate. Over the course of the week, this context especially favored sector stocks, with strong increases for Rheinmetall (+16%), Leonardo (+15%) and Thales (+13%), in a movement clearly focused on defence.
American employment inflames stock indices. After months of waiting, the US Department of Labor has released long-awaited data on nonfarm job creation. In December, the US economy created only 50,000 jobs versus the expected 60,000. At the same time, however, the unemployment rate fell by 0.1 point to 4.4%. This was enough for the main indices to continue their upward journey, while bond yields remained almost stable: the ten-year yield remains below the resistance at 4.20% with a first support at 4.11%. The dollar remained virtually unchanged and gold stabilized below recent highs at $ 4,550 an ounce.
The annual results season will begin on Tuesday with JPMorgan Chase and Bank of New York, followed by a number of other American financial firms. In Europe, Sika will open the dance on Tuesday, before the first publication of the luxury sector, that of Richemont, scheduled for Thursday.
US inflation in December (Tuesday) and German GDP 2025 (Thursday) will drive the macroeconomic agenda.
I wish you all a great start to the year.
$NSDQ100$SPX500$EUSTX50... Show More
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Fri Feb 13 2026 20:10:08 GMT+0000 (Coordinated Universal Time)
