Stocks higher, silver rebounds as 2025 trading winds down
Stocks markets mostly moved higher on Tuesday while silver prices rebounded amid volatile trading in precious metals.Wall Street’s main indices were barely changed in early afternoon trading as worries over valuations of artificial intelligence stocks lingered in the final days of 2025.”It’s perfectly normal for the market to pause, consolidate, go down a little bit, so on,” said Adam Sarhan of 50 Park Investments.”Right now, the market is consolidating a very strong rally from April’s low until October,” he added.The blue-chip Dow was still heading nevertheless for a gain of more than 13 percent in 2025, while the broader S&P 500 was on track for an increase of more than 17 percent and the tech-heavy Nasdaq was up more than 21 percent.The Fed’s monetary easing in the second half of this year has been a key driver of the markets’ rally, compounding a surge in the tech sector on the back of the vast amounts of cash pumped into all things AI.It also helped offset recent worries about a possible tech bubble and warnings that traders might not see a return on their investments in artificial intelligence for some time.Investors were awaiting minutes from the Federal Reserve’s most recent policy meeting to scour for clues on the outlook for US interest rates next year.”Perhaps one of the biggest threats to stock indices for 2026 is an end to interest rate cuts, or even rate hikes in the major economies,” Kathleen Brooks, research director at trading group XTB, noted Tuesday.Investors, including central banks, have been piling into dollar-denominated silver and gold on expectations of more cuts to US interest rates next year.Gold, in particular, has rocketed to record highs this year thanks to its status as a safe-haven investment amid geopolitical unrest.The price of silver jumped more than three percent to $74.47 an ounce Tuesday, having reached a record-high $84 on Monday before tumbling as investors booked profits.Silver, a key industrial metal as well as being used for jewellery, has won additional support from tight supply concerns.Europe’s main stock markets ended the day with gains.Frankfurt, which is closed on Wednesday, ended the year with a gain of 23 percent.The CAC 40 index in Paris was heading for an annual gain of more than 10 percent and London’s FTSE 100 of over 21 percent.Asian markets have enjoyed a healthy year, with Seoul’s Kospi piling on more than 75 percent and Tokyo’s Nikkei 225 more than 26 percent — both having hit records earlier in the year.But the two edged down Tuesday, with Sydney, Mumbai and Taipei also lower. Hong Kong, Singapore, Wellington, Bangkok and Jakarta rose. Shanghai was flat.In company news, shares in Facebook owner Meta rose 1.1 percent after it announced it had agreed to buy Manus, an artificial intelligence agent created by a company founded in China but now based in Singapore.- Key figures at around 1630 GMT – New York – Dow: DOWN less than 0.1 percent at 48,418.63 pointsNew York – S&P 500: UP less than 0.1 percent at 6,910.34New York – Nasdaq Composite: UP 0.1 percent at 23,503.47London – FTSE 100: UP 0.8 percent at 9,940.71 (close)Paris – CAC 40: UP 0.7 percent at 8,168.15 (close)Frankfurt – DAX: UP 0.6 percent at 24,490.41 (close)Tokyo – Nikkei 225: DOWN 0.4 percent at 50,339.48 (close) Hong Kong – Hang Seng Index: UP 0.9 percent at 25,854.60 (close) Shanghai – Composite: FLAT at 3,965.12 (close)Euro/dollar: DOWN at $1.1762 from $1.1766 on MondayPound/dollar: DOWN at $1.3472 from $1.3504Dollar/yen: UP at 156.27 yen from 156.06 yen Euro/pound: UP at 87.31 pence from 87.00 pence Brent North Sea Crude: UP 0.2 percent at $61.61 per barrelWest Texas Intermediate: UP 0.3 percent at $58.27 per barrelburs-rl/rmb
A war within a war: Yemen’s latest conflict
Yemen has been at war since Iran-backed Houthi rebels ousted the government in 2014, triggering a Saudi-led military intervention, but a new internal conflict has been brewing in recent weeks.The face-off involves rival armed factions loosely grouped under the government but separately backed by the United Arab Emirates and Saudi Arabia.The UAE on Tuesday said it was pulling its remaining forces out of Yemen, following a Saudi demand to withdraw within 24 hours as tensions escalate over a sweeping offensive by Abu Dhabi-backed separatists, who have refused to pull back.Here is what we know about the latest events threatening the already-fractured government and what could happen next.- What’s happening now? -This month, the Southern Transitional Council (STC), a UAE-backed secessionist group and key government partner, seized most of resource-rich Hadramawt province and swaths of neighbouring Mahrah. Saudi Arabia, chief supporter of Yemen’s government, has hit back, and tensions escalated Tuesday when a Saudi-led military coalition attacked an alleged shipment of weapons and combat vehicles it said was sent from the UAE to the separatists.The UAE denied sending weapons to the STC.After the strikes, Yemen’s presidential council dissolved a defence pact with the UAE and declared a 90-day state of emergency.The strikes came after raids hit STC positions on Friday, following calls from Riyadh for a separatist withdrawal. Later Tuesday, the UAE announced its remaining forces would leave Yemen, before an STC spokesman vowed the separatists would hold their positions.A Yemeni military official said around 15,000 Saudi-backed fighters were massed near the Saudi border, with no orders to advance.”The standoff risks upending Yemen’s fragile three-and-a-half-year truce,” wrote April Longley Alley, a senior fellow at the Washington Institute, in an analysis.”It could also further strain relations between key US allies Saudi Arabia and the UAE.”- What does the STC want? -The STC appears to be launching a bid for greater self-determination over territories it controls or even outright independence, observers said. Headed by Aidaros Alzubidi, the STC is a coalition of groups that want to bring back South Yemen, which existed from 1967 to 1990, when it reunified with North Yemen.They now control almost all of South Yemen’s former territory.The STC “is betting that if the South can be united under a single leadership –- its own, of course –- it can cordon the South off from the Houthis in the North, utilise oil and gas revenue, and create a stable and functioning state,” wrote Gregory D. Johnsen, a non-resident fellow at the Arab Gulf States Institute, in a recent analysis.Such a move “is a tall order, and it will likely be contested both internally and externally”, Johnsen added.- Why is Saudi ‘sleepless’ over Hadramawt? -Hadramawt is Yemen’s largest province, comprising roughly a third of the country’s territory, and its wealthiest.It is home to most of Yemen’s vital petroleum deposits, and its ports are away from the Red Sea hotspot that regularly comes under Houthi fire.But for the Saudis, the province abutting their southern border is about more than just land and wealth. For generations, Hadramawt families have been a force in the Saudi economy and make up a sizeable portion of the business community.Seen as having entrepreneurial skills and grit, migrants from Hadramawt have long flourished in Saudi Arabia, from running family restaurants to starting multi-billion dollar construction consortiums. Losing Hadramawt to a UAE-backed militia would be a strategic blow to Riyadh.”If I’m Saudi Arabia, I’d be sleepless if I lose Hadramawt,” said Farea al-Muslimi, a research fellow at Chatham House’s Middle East and North Africa Programme. – Can the Saudis stop the separatists? -The latest escalation pits the Saudi alliance against a militia keen to exert control over territory it sees as historically distinct from the rest of Yemen. The decade-long, largely fruitless fight against the Houthis may not give Riyadh much cause for optimism. Despite spending billions in a campaign including air strikes, the Saudi-led intervention has failed to bring the Houthis to heel.Military experts cite the south’s more open terrain as playing to Saudi Arabia’s possible advantage. An air campaign alone, however, is unlikely to dislodge their forces. Air strikes “can never make a significant difference in battles if there is no ground war”, said Muslimi.
Macron va présenter ses voeux pour une dernière “année d’action” avant 2027
Des menaces pesant sur l’Europe aux enjeux sociétaux sur la fin de vie et l’internet, Emmanuel Macron, confronté à une impopularité record, présente mercredi ses voeux aux Français pour 2026, sa dernière année pleine à l’Elysée, dont il entend faire “une année d’action” malgré ses faibles marges de manoeuvre.2026 sonne un peu comme le crépuscule pour le chef de l’Etat, très entravé depuis le pari manqué de la dissolution de 2024 et qui, après deux quinquennats, ne peut se représenter.A plus d’un titre, la séquence qui s’ouvre s’annonce inédite, des municipales de mars au verdict sur l’inégibilité de Marine Le Pen, à l’été, qui donnera de facto le coup d’envoi de la campagne pour 2027.Un scrutin que le Rassemblement national abordera pour la première fois en position de force, et où le camp présidentiel doit encore identifier son champion.”Tout le problème d’Emmanuel Macron, c’est qu’il sort du jeu, il n’existe plus. Tout le monde est dans le coup d’après”, résume un ténor de droite.Un constat que le président est bien décidé à démentir jusqu’au bout, malgré les appels réguliers à sa démission dans un pays bloqué par l’absence de majorité et un domaine réservé largement circonscrit à la scène internationale.”Ce seront ses derniers voeux d’année pleine mais justement c’est tout sauf des vœux d’immobilisme et de rétrospective. Il va vouloir montrer que 2026 sera une année d’action et une année utile”, déroule-t-on dans son entourage.- “Domaine réservé” -Avec trois priorités pour lui sur la scène intérieure : l’instauration d’un service militaire volontaire, la régulation des réseaux sociaux, notamment auprès des jeunes, et une loi sur la fin de vie.”Ce n’est pas des sujets qui pèsent léger dans un bilan présidentiel”, veut croire un proche.Près de quatre ans après le début de la guerre en Ukraine et alors que les efforts en faveur de la paix de Donald Trump peinent à se concrétiser, la situation géopolitique de l’Europe sera aussi au coeur de son allocution.”C’est à la fois son domaine réservé, et ce encore plus depuis un an et demi (dissolution, ndlr). L’an prochain sera un moment décisif pour ce qu’il défend depuis toujours : la capacité de l’Europe d’assurer par elle-même sa sécurité”, pointe son entourage.Début janvier, la Coalition des volontaires, constituée en grande partie d’Européens, se réunira à Paris pour “finaliser” les garanties de sécurité qu’elle accordera à l’Ukraine, une fois un cessez-le-feu acquis, dont le déploiement de forces dans ce pays.Le chef de l’Etat pourrait aussi évoquer la dissuasion nucléaire, alors que Paris et Londres ont déjà acté un rapprochement d’ampleur en la matière et que des discussions sont à l’étude sur un possible élargissement de ce parapluie à d’autres pays européens.- Référendum -Dans l’immédiat, les Français sont surtout sensibles à l’instabilité politique, l’événement le plus marquant de l’année pour 47% d’entre eux devant les problèmes de pouvoir d’achat (40%) ou le conflit en Ukraine (33%), selon un sondage Odoxa-Backbone publié jeudi par Le Figaro.Emmanuel Macron est avant tout jugé à l’aune des “enjeux nationaux”, renchérit Jean-Daniel Lévy, directeur délégué de Toluna/Harris, en pointant une cote de confiance présidentielle de nouveau à son plus bas en décembre, avec seulement 25% d’avis favorables. Mais durant ses voeux, le chef de l’Etat devrait laisser les “affaires gouvernementales au gouvernement” et se contenter de réitérer son appel à la culture du “compromis” entre forces politiques, indique-t-on dans son entourage.Lors du dernier Conseil des ministres de l’année, le 22 décembre, il a tout de même appelé à “donner au plus vite, en janvier, un budget à la Nation”, sans aller toutefois jusqu’à demander à Sébastien Lecornu d’utiliser le 49.3.Soucieux de continuer à exister sur la scène intérieure, Emmanuel Macron est surtout monté en première ligne contre les dérives des réseaux sociaux, à coups de débats publics à travers l’Hexagone, et contre le fléau du narcotrafic.Mais après avoir promis de demander aux Français de “trancher” sur des sujets “déterminants” lors de ses derniers voeux, il n’a jamais dégainé l’arme du référendum.”Vu l’instabilité gouvernementale, c’est compliqué”, mais “c’est un outil qu’il garde dans sa manche”, relève le proche.



