Outrageous Predictions
Executive Summary: Outrageous Predictions 2026
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London Quick Take – 23 Dec - Stocks look to stay positive as Novo pops on pill approval, gold nears $4,500
Neil Wilson
Investor Content Strategist
Note: This is marketing material. This article is not investment advice, capital is at risk.
I had a look at some key investing themes for 2026 here and
Grinding up: Santa Claus is in town, or on Wall St, as the S&P 500 rose for a third day with a sea of green across the board. AI stocks did well with Nvidia up 1.5% and Oracle gaining more than 3%. The broad market finished up 0.64% to near its all-time high with bulls eyeing the 7,000 level. The Nasdaq rose 0.5% for the session while the Dow Jones advanced 0.5%. Tesla's European car sales fell again but it's no longer a car company.
Stocks across Europe advanced to record highs with the Stoxx 600 at 588.45 in the final full session before Christmas. Novo Nordisk popped as its GLP-1 pill won US approval, with sales set to commence in the new year. There were some modest gains for the FTSE 100 and the DAX in early trade on Tuesday morning. The FTSE 100 has had a good run this year , and has added about 10% in the last five months - bulls may well nudge it over the 10k mark before the year out, particularly if the Santa Claus rally comes to Wall Street. The DAX has traded sideways since May and has really failed to break out. It’s been a bit of a dud in H2.
Gold posted yet another record high close to $4,500, while silver also advanced to the $70 level. It’s been a remarkable year for the precious metals – gone from being much maligned as yield-less assets that do nothing into cornerstone assets for any portfolio. Gold led the rally but it's not done as well as silver, platinum or palladium. Central banks buy gold, not the others, so is it just industrial demand? Rather, I tend to think, it's a broad belief in an overly stimulative policy mix driving demand for 'real' assets. I had a look at gold here.
Sterling ripped past $1.35 to hit its strongest level in three months versus the US dollar. The pound is also near its strongest in two months against the euro as sentiment seems towards the UK currency improves following the Budget. Revised GDP figs showed a substantial upwards revision to business investment so traders taking the positive out of that one I guess. Positioning was kind of negative going into the Budget so as that delivered (albeit dubious) extra fiscal headroom we have seen some relief rally since. Broad dollar weakness is playing the starring role here, though. There are some big policy risks ahead for the US, which could seriously impact USD.
Last proper session before Christmas and we get a bunch of US data - GDP (fc 3.3%), durable goods orders, Richmond mfg index and CB Consumer Confidence reports.
Gold posted yet another record high close to $4,500, while silver also advanced to the $70 level. It’s been a remarkable year for the precious metals – gone from being much maligned as yield-less assets that do nothing into cornerstone assets for any portfolio. Gold led the rally but it's not done as well as silver, platinum or palladium. Central banks buy gold, not the others, so is it just industrial demand? Rather, I tend to think, it's a broad belief in an overly stimulative policy mix driving demand for 'real' assets. I had a look at gold here.
Sterling ripped past $1.35 to hit its strongest level in three months versus the US dollar. The pound is also near its strongest in two months against the euro as sentiment seems towards the UK currency improves following the Budget. Revised GDP figs showed a substantial upwards revision to business investment so traders taking the positive out of that one I guess. Positioning was kind of negative going into the Budget so as that delivered (albeit dubious) extra fiscal headroom we have seen some relief rally since. Broad dollar weakness is playing the starring role here, though. There are some big policy risks ahead for the US, which could seriously impact USD.
Last proper session before Christmas and we get a bunch of US data - GDP (fc 3.3%), durable goods orders, Richmond mfg index and CB Consumer Confidence reports.
I had a look at some key investing themes for 2026 here
Read my look at some ideas for 2026 here.
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