The technology-heavy Nasdaq Composite index is poised for a 21% gain this year, while the Russell 2000 index of smaller companies is roughly 12% higher year-to-date.
In early April, when Trump announced sweeping tariffs on US trading partners, the S&P 500 fell to the brink of bear market territory – Wall Street’s term for a drop of 20% from the latest high. Both the Nasdaq Composite and Russell 2000 indexes did briefly tumble into bear markets.
But major indexes quickly bounced back after Trump walked back his steepest tariffs, easing Wall Street’s fears about a tariff-driven economic slowdown.
Stocks have since surged to new highs.
That’s been in spite of persistent jitters about the economy, Robert Edwards, chief investment officer at Edwards Asset Management, said in a note.
“The market continues to climb the wall of worry into next year,” he said.
He added that 2026 “should be another year of record setting for stocks”, pointing in part to expectations for lower borrowing costs, which could boost corporate earnings and drive stock prices higher.
Strong earnings growth in corporate America has been a key driver of the stock market rally since the tariff-drivenwhiplash in the spring, said Parag Thatte, an equity strategist at Deutsche Bank.
At the same time, geopolitical tensions, Trump’s tariffs and expectations of interest rate cuts added to investor demand this year for safe haven assets, such as gold and other commodities. The price of gold is on track for a nearly 70% yearly increase.
Bitcoin, on the other hand, has struggled to keep up with strong returns across stocks and gold.
Despite getting a boost earlier in the year from the Trump administration’s support for digital assets, the world’s largest cryptocurrency is poised to end 2025 slightly lower, after a sharp decline from its record highs in October.
The line closures will affect passengers travelling on Avanti West Coast trains
Train passengers are being warned of disruption to cross-border services in the first week of the new year due to major engineering work.
Network Rail says the West Coast Mainline between Lockerbie and Carlisle will be closed from New Year’s Day for six days.
Replacement bus services transport passengers between the two stations.
Buses will also replace trains between Carlisle and Dumfries when the line is shut from Friday until 6 January.
The cross-border closure is part of a wider shutdown of the line to allow the installation of a new bridge at Clifton, near Penrith.
The 426ft (130m) bridge, which weighs 4,200 tonnes, will carry trains on the West Coast Main Line over the M6.
The removal of the previous bridge and the installation of the new structure begins on Hogmanay and will affect services on the line until 15 January.
Part of the M6 motorway will also be closed and Network Rail says it will use that opportunity to also replace more than 50 miles (80km) of overhead cables.
And it added that “significant work” will also take place on an ongoing £61m upgrade to signalling systems north of Carlisle.
Rail passengers are being warned that the West Coast Main Line will be closed:
From 1-4 January through Preston, between Oxenholme and Carlisle, and Carlisle to Dumfries and Lockerbie
From 5-6 January between Oxenholme and Carlisle, and Carlisle to Dumfries and Lockerbie. The line through Preston will be open.
From 7-14 January the line north of Carlisle will be open. The line between Oxenholme and Carlisle will be closed until the early hours of 15 January.
Network Rail
Engineers will replace the bridge over the M6 near Clifton
The M6 will be shut between junctions 39 at Shap and 40 near Penrith on two consecutive weekends.
The closures will take place between 20:00 on Friday 2 January and 05:00 on Monday 5 January, and between 20:00 on Friday 9 January and 05:00 on Monday 12 January.
William Brandon, Network Rail’s project manager, said: “This is a vital project which will improve journeys for passengers for decades to come.
He added: “We appreciate passengers’ patience while this work is completed, and I would urge anyone planning to travel in this period to check National Rail Enquiries in advance.”
Chris Liptrot, operations director at Avanti West Coast, said it would operate an amended timetable.
“Some journeys between the north-west, Carlisle, and Scotland will involve changes onto a shuttle service as well as rail replacement buses,” he added.
“We strongly advise customers to plan ahead and check their journey before travelling.”
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Siemens Energy has been the second-best performing German blue-chip stock in 2025, with its shares more than doubling, but the dramatic recovery has been too slow for some investors who see its struggling wind business weighing down its valuation.
The German producer of gas turbines and power grid equipment, which was forced to turn to a government-backed €15bn rescue package in 2023, has been buoyed by surging energy demand driven by artificial intelligence data centres and electrification.
Shares in Siemens Energy, which fell below €7 in late 2023 amid problems at its wind business, are now trading around €120.
“Even 12 months ago, we would not have imagined that the momentum, in all areas, is as strong as it is today,” Siemens Energy finance chief Maria Ferraro told the Financial Times.
The share surge has allowed it to so far shrug off calls in December from activist investor Ananym Capital to consider a spin-off of its Siemens Gamesa wind business, which it says competes with other units for investment.
Ferraro said the company’s leadership had the “proven track record” to turn around the wind unit, after guiding the gas and grid businesses to growth.
The company wanted Siemens Gamesa to “be a contributor . . . and not dilutive to our business, but that takes time”.
The group’s management had discussed a potential spin-off of Siemens Gamesa before receiving the letter from Ananym. Chief executive Christian Bruch said in November that Gamesa needed to be a “double-digit margin business, otherwise we’re not the right owner”.
Ferraro said Siemens Energy was currently “committed” to its target for the wind unit to break even and reach an operating margin of between 3 and 5 per cent in 2028 as a “minimum”.
Siemens Energy finance chief Maria Ferraro
Jefferies analyst Lucas Ferhani noted that the energy business was marked by cyclical changes. “Not too long ago people were telling us that [Siemens Energy’s] gas business was not great. And now look at where they are,” he said, pointing to soaring demand.
Management would hope that the market for wind turbines would turn out to be “on their side” in years to come, he added.
Siemens Energy’s order backlog stood at a record €138bn as of September, with the next available delivery slot for one of its large gas turbines in 2029. The group, which made a net loss of €4.6bn at the depth of its crisis in 2023, turned a profit of €1.7bn in the year to September.
The energy company, which had been at the core of the Siemens conglomerate, was spun out in 2020 inheriting a majority stake in the wind power business, Siemens Gamesa.
The stake in the wind engineering and turbine unit was seen at the time as a counterweight to Siemens Energy’s fossil fuel divisions.
However, beset with technical problems, Siemens Gamesa suffered from steep losses. After Siemens Energy delisted the wind unit in 2023 to gain more control over the business, it was forced to fall back on a rescue package owing to a funding crunch.
Siemens Gamesa recorded an operating loss of €1.3bn before special items in the past financial year and is finally expected to break in 2025 after it restarted sales for onshore turbines.
Despite the share rally, Ananym’s letter argued that Siemens Energy still traded at a significant discount to its sum-of-the-parts value as well as its industry peers such as GE Vernova and Mitsubishi Heavy Industries.
Other investors and analysts have said that simply separating out the wind business would not close the valuation gap.
A factor behind the difference was that the concentration of AI data centre investment in the US meant an American company such as GE Vernova had been “quicker to benefit” from the boom, according to one banker.
Ferraro also said that a German company might be perceived differently by investors. “When you look at European companies versus American companies and valuations, you see that there’s a different evaluation,” the finance chief said.
The calls for Siemens Energy to sell the wind unit were understandable while the rest of the business was booming, some analysts said. Jefferies’ Ferhani said that without a path to an operating margin of at least 10 per cent for Siemens Gamesa, “you’re going to get continued pressure to sell the business”.
The banker said the wind industry had a “good future” but the question for investors was “do I want to stay and keep that exposure, or am I too scared about the volatility and Chinese competition?”
Ferraro said that beyond 2028, Siemens Gamesa would need to be “evaluated to ensure it has double-digit potential” in terms of profitability.
However, she showed confidence in Siemens Energy and the wind business to deliver on its targets, saying: “We’re going to continue to execute on this plan as fast as possible.”
The newly established Board of Directors of Telenor Pakistan appointed Awais Vohra as the Acting Chief Executive Officer of the company, Telenor Pakistan, which is now an autonomous subsidiary of Pakistan Telecommunication Company Limited (PTCL) following the completion of all regulatory approvals.
The Board of Directors acknowledged the strategic leadership of Mr. Fridtjof Rusten during a pivotal phase for Telenor Pakistan. His guidance was instrumental in navigating a complex transaction and regulatory process, while safeguarding operational stability, customer trust, and organizational focus.
The development follows the formal acquisition of 100% of the issued share capital of Telenor Pakistan by PTCL. However, in line with regulatory directives, Telenor Pakistan will operate as a separate legal entity alongside Pak Telecom Mobile Limited (PTML), widely known as Ufone 4G, and U Microfinance Bank.
Awais brings over 25 years of leadership experience in telecommunications, with senior roles across Pakistan and Scandinavia. A founding member of Telenor Pakistan’s launch team, he is recognized for fostering a performance-driven culture, leading large-scale digital transformations, and delivering impactful cross-border initiatives. Most recently, as Chief Technology Officer, he has spearheaded network modernization, AI adoption, and strategic technology transformation to enhance customer experience and business performance
PTCL had announced the acquisition of 100 percent of the issued share capital of Telenor Pakistan and Orion Towers (Private) Limited in December 2023. After a comprehensive regulatory review, the CCP granted approval for the acquisition on October 01, 2025, followed by the PTA’s approval on December 05, 2025.
Telenor Pakistan will continue to provide uninterrupted services to its customers nationwide. The company remains committed to a smooth transition and changeover for its customers, ensuring provision of all services without disruption.
From 5 January 2026, construction is scheduled to begin at Inverness Crematorium as part of a project to upgrade the current cremators.
Councillor Graham MacKenzie, Chair of Highland Council’s Communities and Place Committee said: “The Cremator Replacement Project at Inverness Crematorium is a major initiative aimed at meeting forthcoming UK Government emission standards, upgrading to modern and more efficient cremators and improving the overall quality of service facilities.”
The construction works will include the refurbishment of the small chapel to better accommodate direct cremations and smaller services, as well as upgrades in the main chapel, featuring a new catafalque and refurbished committal area. A new extension will be built to house the new cremators and abatement systems. These improvements will introduce advanced cremation technology and enhanced chapel spaces, all while ensuring continuity of service through a carefully phased construction programme.
The project is expected to be completed by late 2026, restoring full operational capacity and ensuring compliance with new environmental regulations.
During the refurbishment, there will be an impact on service delivery and Funeral Directors have been informed of the temporary arrangements. Chapel service times will be reduced to three per day at 10:00, 11:00 and 12:00, with an increased number of direct cremation slots available. At certain stages of the project, overall capacity may be limited to five cremations per day.
Cllr MacKenzie continued: “We appreciate the public’s understanding and cooperation during this essential project, which will ensure ongoing high quality facilities to the public and continuing compliance with environmental standards.”
Trump Mobile, the phone company launched by Donald Trump’s family business, has pushed back plans to deliver a $499 (£371) gold-coloured smartphone by the end of the year.
The Trump Organization licensed its name to launch a mobile service and the device in June, in the latest monetisation of his presidency by a family business empire now run by Trump’s sons.
In the latest setback for the project, Trump Mobile said there was a “strong possibility” the handset would not be delivered this month, the Financial Times reported. The company’s customer service team told the FT that the recent government shutdown had disrupted shipments.
The T1 smartphone, described by the company as “proudly American”, was initially promoted as a US-made rival to devices from Apple and Samsung. Almost all smartphones sold in the US are made overseas, primarily in China and South Korea but also increasingly in India and Vietnam.
Etched with an American flag, the T1 was initially promised in August and the website still states it will be released “later this year”. Customers are required to pay a $100 payment to pre-order the device.
The T1 launch came shortly after Trump criticised Apple over its plans to move the production of iPhones destined for the US market from China to India.
It remains unclear who could manufacture the T1 handset, given the low levels of domestic smartphone production in the US.
Trump Mobile also offers a phone contract costing $47.45 monthly, with the name of the service plan and the price referencing Trump’s status as the 47th US president.
The company has also recently started selling secondhand smartphones from Apple and Samsung on its website, which it states come “without the inflated price tag”.
However, a refurbished iPhone 15, which was launched in September 2023, costs $629 (£467) through Trump Mobile, whereas customers can buy a newer model, an iPhone 16 from 2024, directly from Apple for $699. A Samsung Galaxy S24 is being sold for $459, slightly lower than the $489 listed on Samsung’s US website.
The phone venture is headed by Trump’s sons Donald Jr and Eric, who took over the family company after their father transitioned to his second presidency.
The mobile service joins Trump-branded watches, footwear and Bibles as products capitalising on his political brand, while Trump’s sons have indicated there will be more to come.
The Trump Organization has expanded from real estate into digital media and telecommunications. The venture will operate through licensing deals that generated more than $8m for the president in 2024, according to financial disclosures.
The move into phones also raises questions about conflicts of interest, as the president’s family business operates in a sector that is heavily regulated by federal agencies over which Trump wields executive power.
ASIC has published a report on its review of whistleblower practices across Australian companies.
The report reveals gaps including poor training, limited feedback and weak reporting channels.
The regulator is urging businesses to improve whistleblower protections and compliance with legal obligations.
Recognising the importance of effective whistleblower policies and programs, the Australian Securities and Investments Commission (ASIC) has undertaken a project to benchmark whistleblower practices of 134 companies across 18 industries in Australia and how well companies have progressed in adopting the practices outlined previously by the regulator.
ASIC’s objectives for the project were to understand the level of compliance with statutory requirements, measure companies’ adoption of practices outlined in previous regulatory guidance, and to understand to what extent practices are scalable.
In December 2025, ASIC published a report on the outcome of its project – Insights from the ASIC Whistleblower Questionnaire. The report finds that the adoption of good practices and the outcomes of whistleblower programs vary significantly. It acknowledges that there is no single approach to implementing a whistleblower program, and what is appropriate and effective will depend on the company. However, ASIC found large differences between companies in investigation timeframes and substantiation rates and that many companies had not adopted best practices such as:
Providing a dedicated whistleblower webpage or hotline to raise concerns.
Providing regular training to staff about the whistleblower programme.
Seeking feedback from employees on their whistleblower program.
The report observes that the absence of best practice likely affects the willingness and ability of people to make whistleblower disclosures. ASIC encourages companies to benchmark themselves against the report findings and to review and improve their whistleblower policies and practices. The report identifies key actions for companies to consider when conducting a review such as offering multiple, accessible whistleblower reporting channels, providing regular training, and ensuring strong governance practices.
Companies are reminded that they are required to provide specific protections for whistleblowers and to manage whistleblower disclosures confidentially. Proper whistleblower policies should reflect these protections and outline how the employers will support and protect whistleblowers.
For its part, the regulator says it will remain focused on supporting businesses to adopt good whistleblower practices. It will engage with companies which have been identified as having non-compliant or less mature practices, encouraging them to improve their whistleblower frameworks and practices.
Traders work on the floor of the New York Stock Exchange (NYSE) on Dec. 30, 2025 in New York City.
Spencer Platt | Getty Images
The U.S. 10-year Treasury was slightly lower on Wednesday as investors await economic data and take stock ahead of the New Year.
The yield on the 10-year Treasury dipped by 2 basis points to 4.108%. The yield on the 2-year Treasury was also last seen more than 1 basis point lower at 3.442%.
Yields and prices move in opposite directions. One basis point equals 0.01%.
On the data front, jobless claims for the week through to Dec. 27 will be published at 8:30 a.m. ET.
It marks the final data release of 2025, with investors set to scrutinize the figures for any further clues on the Federal Reserve’s monetary rate path.
The Fed on Tuesday released minutes from its divided Dec. 9-10 meeting, which concluded with a vote to lower interest rates again that appeared to be an even closer call than the final vote indicated.
U.S. stocks held slightly negative following the release. Traders slightly raised bets that the Fed would cut again in April.
