Category: 3. Business

Released: 2026-01-09

Highlights

In December, employment was little changed (+8,200; 0.0%) and the employment rate held steady at 60.9%.

The unemployment rate rose 0.3 percentage points to 6.8%, as more people searched for work.

Employment rose among people aged 55 and older (+33,000; +0.8%), while it fell among youth aged 15 to 24 (-27,000; -1.0%).

There were more people working in health care and social assistance (+21,000; +0.7%) as well as in ‘other services’ such as personal and repair services (+15,000; +2.0%). At the same time, fewer people were employed in professional, scientific and technical services (-18,000; -0.9%), accommodation and food services (-12,000; -1.0%), and utilities (-5,300; -3.0%).

Employment was up in Quebec (+16,000; +0.3%) while it fell in Alberta (-14,000; -0.5%) and Saskatchewan (-4,000; -0.6%). There was little employment change in the other provinces.

Average hourly wages among employees increased 3.4% (+$1.23 to $37.06) on a year-over-year basis in December, following growth of 3.6% in November (not seasonally adjusted).

Employment holds steady

Employment was little changed (+8,200; 0.0%) in December. This followed three consecutive monthly increases in September, October and November (totalling 181,000; +0.9%). The employment rate—the percentage of the population aged 15 years and older who are employed—held steady at 60.9% in December.

Full-time employment rose by 50,000 (+0.3%) in December while part-time employment fell by 42,000 (-1.1%). The decline in part-time work in the month partially offsets a cumulative gain of 148,000 (+3.9%) in October and November. Over the 12 months to December 2025, part-time employment rose at a faster pace (+2.6%; +99,000) than full-time employment (+0.7%; +128,000).

In December, there was little change in the number of private and public sector employees, as well as in the number of self-employed workers.

Unemployment rate rises to 6.8%

The unemployment rate rose 0.3 percentage points to 6.8% in December, as more people searched for work. The increase in the unemployment rate in December partially offsets a cumulative decline of 0.6 percentage points in the previous two months.

There were 1.6 million people unemployed in December, an increase of 73,000 (+4.9%) in the month.

The participation rate—the proportion of the population aged 15 and older who were employed or looking for work—rose by 0.3 percentage points to 65.4%. On a year-over-year basis, the labour force participation rate was unchanged in December.

Youth unemployment rate increases

The unemployment rate for youth aged 15 to 24 rose 0.5 percentage points to 13.3% in December, as fewer youth were employed (-27,000; -1.0%). Labour market conditions had previously improved for youth in October and November, with employment rising (+70,000; +2.6%) and the youth unemployment rate falling 1.9 percentage points over this period.

In December, among core-aged people (25 to 54 years old), increases in the number of people searching for work led to a rise in the unemployment rate for men (+0.4 percentage points to 6.0%) and women (+0.4 percentage points to 5.9%). On a year-over-year basis, the unemployment rate was up 0.4 percentage points for core-aged men, while it was little changed for core-aged women.

For people aged 55 and older, the unemployment rate fell 0.2 percentage points to 5.1% in December as employment rose by 33,000 (+0.8%). On a year-over-year basis, the unemployment rate for people aged 55 and older was unchanged.

Employment grows in health care and social assistance, and falls in professional, scientific and technical services

Employment in health care and social assistance increased by 21,000 (+0.7%) in December, building on growth of 46,000 (+1.6%) recorded in November. This brought the net increase in health care and social assistance over the 12 months ending in December to 85,000 (+3.0%). On a year-over-year basis, employment in health care and social assistance grew faster among private sector employees (+6.9%) than among self-employed workers (+3.0%) (not seasonally adjusted). There was essentially no change in employment among public sector workers in health care and social assistance over the period.

On the other hand, there were fewer people employed in professional, scientific and technical services in December (-18,000; -0.9%), the first decrease since August. Despite the monthly decline, employment in the industry was little changed in December compared with 12 months earlier.

More people employed in Quebec, while Alberta posts a decline

In December, employment increased by 16,000 (+0.3%) in Quebec, the first significant gain in the province since June 2025. The unemployment rate increased 0.3 percentage points to 5.4% in December as more people searched for work. Over the 12 months to December 2025, employment in the province was up by 45,000 (+1.0%), a slower rate of growth than in the 12 months ending in December 2024 (+1.6%; +72,000).

Employment declined in Alberta in December (-14,000; -0.5%), partly offsetting an increase of 29,000 in November. On a year-over-year basis, employment in Alberta was up by 58,000 (+2.3%) in December. The unemployment rate in Alberta was 6.8%, on par with the rate recorded at the end of 2024 (6.7%).

Employment also fell in Saskatchewan in December (-4,000; -0.6%), and the unemployment rate in the province increased 0.9 percentage points to 6.5%.

In Ontario, employment was little changed for the second consecutive month in December. Over the 12 months ending in December 2025, employment rose at a slower pace (+0.9%; +72,000), compared with the 12 months ending in 2024 (+2.1%; +165,000). With more Ontarians searching for work, the unemployment rate in the province increased 0.6 percentage points to 7.9% in December 2025, 0.4 percentage points higher than at year-end in 2024 (7.5%).

In the spotlight: The number of digital platform workers largely unchanged in 2025, and digital platform work continues to be more prevalent among recent immigrants

Digital platform employment is a form of work that can be flexible and easy to access, though it typically offers short-term tasks and limited job security. As one of the core components of the gig economy, this type of work involves paid work organized through websites or apps that connect workers with clients and often oversee or organize the work process.

In December 2025, 667,000 Canadians (2.3% of the population aged 15 to 69) had done paid work through a digital platform in the previous 12 months, little changed compared with December 2024 (671,000; 2.3%). These workers provided services; rented out accommodation, goods or equipment; or sold goods through websites or apps that coordinated their work activities or managed payments.

The most common types of digital platform employment that Canadians did in the 12 months to December remained the delivery of food or other goods (272,000 people), personal transport services (184,000 people) and selling goods online with the specific purpose of earning income (92,000 people).

Digital platform employment is often taken up as a secondary activity or done sporadically. Among people who had worked through an internet platform or app in the 12 months to December 2025, less than one-quarter (21.8%) were doing so as part of their main job or business in December.

Further, less than half (45.6%) of digital platform workers reported that the main reason they had started working through an internet platform or app was to supplement income from a main job or to earn extra money. Other common main reasons included difficulty finding other work (15.4%) or flexible working hours or convenience (14.2%).

Among recent immigrants (those who had landed in Canada in the previous five years), 8.4% had worked through an internet platform or app in the 12 months to December 2025. This was about 6 times higher than the corresponding proportion among people born in Canada (1.5%). Compared with a year earlier, the proportion was up 2.7 percentage points for recent immigrants but little changed (-0.1 percentage points) for people born in Canada.

Products

More information about the concepts and use of the Labour Force Survey is available online in the Guide to the Labour Force Survey (Catalogue number71-543-G).

The product “Labour Force Survey in brief: Interactive app” (Catalogue number14200001) is also available. This interactive visualization application provides seasonally adjusted estimates by province, gender, age group and industry.

The product “Labour Market Indicators, by province and census metropolitan area, seasonally adjusted” (Catalogue number71-607-X) is also available. This interactive dashboard provides customizable access to key labour market indicators.

The product “Labour Market Indicators, by province, territory and economic region, unadjusted for seasonality” (Catalogue number71-607-X) is also available. This dynamic web application provides access to labour market indicators for Canada, provinces, territories and economic regions.

The product “Labour market indicators, census metropolitan areas, census agglomerations and self-contained labour areas: Interactive dashboard” (Catalogue number71-607-X) is also available. This dashboard allows users to visually explore the estimates using an interactive map as well as time series charts and tables.

The product Labour Force Survey: Public Use Microdata File (Catalogue number71M0001X) is also available. This public use microdata file contains non-aggregated data for a wide variety of variables collected from the Labour Force Survey. The data have been modified to ensure that no individual or business is directly or indirectly identified. This product is for users who prefer to do their own analysis by focusing on specific subgroups in the population or by cross-classifying variables that are not in our catalogued products.

Contact information

For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).

A look into the Cleethorpes of yesteryear has been unearthed during ongoing works to an historic building.

Nearly 250 years ago, the Dolphin Hotel, or the “Cleethorpes Hotel” as it was known at the time came into being, and it’s having a full make-over, partly thanks to The National Lottery Heritage Fund.

The Dolphin Hotel sits on the corner of Market Street and Alexandra Road in the seaside resort of Cleethorpes, and over the years has played a major role in the history and development of the town.

To support this increase in popularity, the Cleethorpes Hotel was built, with a major rebuild (and re-name) in the 1820s in response to growing visitor numbers to the town.

The building has been a hotel, restaurant, oyster bar, café and in more recent years, various nightclubs, and now the current owners are starting a major project to restore the building.

The restoration of the external features is being supported by the Townscape Heritage Project for Cleethorpes (TH) grant initiative. Grant funding is supported by North East Lincolnshire Council, the Heritage Fund and matched with third party funding from the freeholder.

The TH has already seen several buildings in the resort having the facades, shop fronts and heritage balconies restored. The Mermaid building on the North Promenade was also part of this programme.

The restoration work at the Dolphin includes:

• Restoring all original windows and doors where possible, or replacing with accoya timber sash windows
• Reinstating all chimney stacks in clay brick, style and fired clay pots to match the original
• Restoring cast iron moulded gutters and circular section downpipes, with heritage style replacements as required
• Restoring all stone detailing
• Restoring original openings and reveals where possible
• Full reroof which entailed removal of modern concrete roof tiles, and replacing with traditional slate
• Demolition of some unoriginal and harmful additions/extensions to the rear of the building
• Removal of all unoriginal electrical fixtures and fittings
• Removal of poor-quality render and re-rendering western courtyard elevation
• Full external redecoration in Victorian period colours

During the restoration of the doors, a part of Cleethorpes history has been uncovered above the Main Entrance. Removal of the modern signage above the door revealed a marker labelled FP with the numbers 46 and 4, and this is thought to have been a point of information for the fire service in the 1900s.

FP is likely to  represent Fire Point, or Fire Plug. These were an early form of fire hydrant and marks the distance in feet and inches from the sign to where the water supply was.

In modern times, we are familiar with fire hydrants where the Fire Service can connect to source water. However, in years gone by the Firemen were directed to an area where they would need to dig down to the water source, which was usually a mains water pipe. Once they’d finished using the pipe, they would often plug it with a piece of wood.

Therefore, what FP 46-4 is likely to represent is that the source of water closest to The Dolphin in an emergency was 46 feet and 4 inches away from the Main Entrance.

However, this is not the only FP marker that has been uncovered in Cleethorpes. On the nearby Empire, there is another example above the main entrance which show 14 feet and 1 inch.

Councillor Philip Jackson, Leader and Portfolio Holder for Economy, Regeneration, Devolution and Skills, said: “It’s great to see some of the original heritage come to life as we go through this programme of works.

“As part of the heritage led regeneration in Cleethorpes, it is important that we preserve the historic features that made Cleethorpes what it is today.”

Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Danish Economic Society Conference

Kolding, 9 January 2026

I am grateful to the Danish Economic Society for the invitation to participate in this conference. In line with the overall theme of the event, I will speak today about the implications of a changing world for the euro-denominated monetary system.

In our 2025 assessment exercise that reviewed the monetary policy strategy of the ECB, the Governing Council concluded that:

“Ongoing structural shifts related to geopolitics, digitalisation, artificial intelligence, demography, the threat to environmental sustainability and changes in the international financial system suggest that the inflation environment will remain uncertain and potentially more volatile, with larger target deviations in both directions, posing challenges for the conduct of monetary policy. A more resilient financial architecture – supported by progress on the savings and investments union, the completion of banking union and the introduction of a digital euro – would also support the effectiveness of monetary policy in this evolving environment.”

In addition to their implications for monetary policy, this set of structural factors will also re-shape labour markets, investment dynamics, productivity and the financial system. In what follows, I will focus my attention on how structural changes might affect the euro monetary system.

Monetary union: common shocks and scale economies

By and large, the structural changes facing Europe can be interpreted as common shocks. While each country might face some specific challenges, forces such as revisions to the global geopolitical equilibrium (including the global trading system), digitalisation, AI, demography, climate change and shifts in the international financial system have broadly similar implications across EU Member States.

Under such circumstances, a monetary union acts as an embedded coordination mechanism by enabling that a common monetary policy can respond effectively to the evolution of common trends and common shocks.

Moreover, the identified structural changes are arguably more easily handled in a larger-scale monetary system than under the hypothetical alternative of a collection of standalone national monetary systems. First, all else equal, a larger-scale monetary system means that a greater proportion of trade and financial transactions will be denominated in domestic currency – both among domestic counterparties and with external counterparties. In turn, this provides considerable insulation against shifts in the exchange rate or changes in foreign monetary systems. Chart 1 illustrates the high euro invoicing share in trade involving euro area member countries: there is a strong positive correlation between the importance of the euro area as an export destination and the invoicing share of the euro.^[1]

Second, the existence of considerable fixed costs in running the market infrastructure and payment systems that underpin the monetary system means that larger-scale monetary systems can be operated more efficiently.^[2] Large-scale monetary systems also have the capability to reduce dependencies on external providers of infrastructural services. In addition, large-scale monetary systems can afford to undertake infrastructural innovations that might not be viable for smaller-scale monetary systems.

This means that the automation and digitalisation of the financial system can be accompanied and reinforced by investment projects that ensure that central bank money can adapt to such innovations. A prime example is the digital euro project that, if the supporting legislation is adopted, will provide retail central bank money in digital form.^[3] It also includes the Pontes/Appia projects that aim to ensure that settlement in central bank money can play its essential role in the future-ready, innovative and integrated financial ecosystems that can best exploit the opportunities promised by technological development in the financial system. For smaller-scale monetary systems, such projects would be more daunting and incur higher unit costs, increasing the likelihood of transactions migrating to foreign-currency systems.

Third, scale matters for the efficiency, breadth and liquidity of the financial system. Euro area residents can allocate assets across borders within the euro area without taking on currency risk, which is especially relevant for the money market, the bond market and the banking system.^[4] Chart 2 illustrates the high area-wide integration in these markets.

In addition, a larger market is also more attractive for foreign investors and foreign issuers, especially since the availability and cost of hedging instruments are scale-dependent. A larger market also makes it more feasible to fund supranational initiatives such as the Next Generation EU (NGEU) programme and other EU bond issues, as well as bonds issued by the European Stability Mechanism and the European Investment Bank.

These scale benefits from a monetary union are at risk if internal imbalances and financial fragilities give rise to fragmentation dynamics. These lessons were learned at a high cost during the sequence of crises over 2008-2013. However, the euro area financial architecture is now far more resilient, thanks to the significant institutional reforms that were introduced in the wake of these crises and the track record of financial stability Europe has shown over the last decade.^[5]

The list of reforms include: an increase in the capitalisation of the European banking system; the joint supervision of the banking system through the Single Supervisory Mechanism; the adoption of a comprehensive set of macroprudential measures at national and European levels; the implementation of the Single Resolution Mechanism; the narrowing of fiscal, financial and external imbalances; the introduction of the fiscal backstops provided by the European Stability Mechanism; solidarity shown during the pandemic through the innovative NGEU programme; the demonstrated track record of the ECB in supplying liquidity in the event of market stress; and the expansion of the ECB policy toolkit (Transmission Protection Instrument, Outright Monetary Transactions) to address a range of liquidity tail risks.

As illustrated in Chart 3, the improved resilience has increased the role of common factors in driving the euro area bond market, with much less volatility in inter-country spreads in recent times.

An increasing global role for the euro?

The events of 2025 have prompted much discussion of possible shifts in the international monetary system. In particular, a more domestically oriented US economy suggests that the US dollar will offer a less effective hedge against global risks.^[6] For euro area investors, this might translate into a lower portfolio allocation to dollar assets and/or increased currency hedging of dollar positions, with a greater “euro home bias” in financial holdings. For global investors, it might entail a somewhat lower portfolio allocation to dollar assets and a somewhat higher portfolio allocation to the euro as the “next best” international currency. While the dollar should remain by far the largest international currency, there is some scope for a shift towards a less unipolar international monetary system.

Across a range of metrics, the euro is firmly established as the second-largest international currency (Charts 4 and 5). In relation to the raising of debt (bonds and loans), Tables 1 and 2 illustrate some of the largest euro-denominated issuances in 2024 by external entities.

There are also some signs of a step up in demand for euro-denominated assets (and in the hedging back to euro of dollar exposures) during 2025. As illustrated in Chart 6, the shift in international debt flows was largely concentrated in the second quarter.

Of course, much of the adjustment took the form of a level shift in the EUR/USD rate, with the euro appreciating against the dollar by 9 per cent (1.08 to 1.18) during the second quarter. According to a BVAR model maintained by ECB staff (Chart 7), much of this appreciation can be attributed to a risk sentiment factor, reflecting some mix of a decline in risk sentiment towards the dollar and an improvement in risk sentiment towards the euro.

Chart 8 shows that 2025 was also a strong year for euro-denominated bond issuance by external firms.

The benefits of such an increase in euro asset demand would be larger if Europe undertook reforms to increase the scale of high-quality euro asset supply.^[7] Most importantly, pro-growth economic policies would increase the size and profitability of European firms, thereby increasing the incentives to issue and hold corporate securities. As laid out in the Draghi and Letta reports, a concerted campaign to increase the pan-European integration of product markets would not only contribute to a faster growth rate but would also enable more firms to expand to the scale at which market-based financing becomes a more viable option. By lowering transaction costs, improving liquidity and increasing domestic demand for the full spectrum of financial assets, the savings and investments union package of measures (reinforced by further progress on banking union) can further boost the scale and efficiency of the European financial system.

In recognition of the implications for monetary policy transmission of the participation of foreign investors in euro area financial markets, the ECB provides swap and repo lines to key partners. The provision of such liquidity lines ensures the smooth transmission of monetary policy, prevents euro liquidity shortages abroad and strengthens global trust in the euro. Our frameworks for providing liquidity lines are reviewed regularly to ensure that they continue to serve their purpose.

An increase in the supply of safe assets

A foundational element of the international monetary system is the provision of global safe assets.^[8] In particular, a safe asset should rise in relative value during stress episodes, thereby providing essential hedging services.

The current design of the euro area financial architecture results in an undersupply of the safe assets that play a special role in investor portfolios. Since the Bund is the highest-rated large-country national bond in the euro area, it serves as the main de facto euro-denominated safe asset, but the stock of Bunds is too small relative to the size of the euro area or the global financial system to satiate the demand for euro-denominated safe assets. Especially in the context of much smaller and less volatile spreads (as shown in Chart 3), other national bonds also directionally contribute to the stock of safe assets. However, the remaining scope for relative price movements across these bonds means that the overall stock of national bonds does not sufficiently provide safe asset services.

In principle, common bonds backed by the combined fiscal capacity of the EU Member States are capable of providing safe asset services. However, the current stock of such bonds is simply too small to foster the necessary liquidity and risk management services (derivative markets; repo markets) that are part and parcel of serving as a safe asset.

There are several ways to expand the stock of common bonds. Just as the NGEU programme was financed by the issuance of common bonds jointly backed by the Member States, these countries could decide to finance investment in European-wide public goods through more common debt. From a public finance perspective, it is natural to match European-wide public goods with common debt, in order to align the financing with the area-wide benefits of such public goods. In related manner, common policy imperatives such as the urgent funding of Ukraine also warrant joint borrowing.

Outlining the general potential for greater scope for joint debt in funding joint programmes raises many governance issues, especially when the natural set of participants in a joint programme does not fully match the current membership of the EU. Accordingly, innovative forms of governance may be desirable, including taking into account the coordination of programme operation and programme funding. To this end, Philipp Hildebrand, Hélène Rey and Moritz Schularick have recently developed a set of principles that jointly address how European countries could expand shared defence capabilities and develop a common framework for their financing.^[9] Over time, the associated joint debt could make a sizeable contribution to the expansion of euro safe assets.

In addition, in order to meet the rising global demand for euro-denominated safe assets more quickly and more decisively, there are a number of options to generate a larger stock of safe assets from the current stock of national bonds. For instance, Olivier Blanchard and Ángel Ubide recently proposed that the “blue bond/red bond” reform be re-examined.^[10] Under this approach, each member country would ring-fence a dedicated revenue stream (say a certain amount of indirect tax revenues) that could be used to service commonly issued bonds. In turn, the proceeds from issuing blue bonds would be deployed to purchase a given amount of the national bonds of each participating Member State. This mechanism would result in a larger stock of common bonds (blue bonds) and a lower stock of national bonds (red bonds).

As emphasised in the Blanchard-Ubide proposal, there is an inherent trade-off in the issuance of blue bonds. In one direction, a larger stock of blue bonds boosts liquidity and, if a critical mass is attained, would also trigger the fixed-cost investments needed to build out ancillary financial products such as derivatives and repos. In the other direction, too large a stock of blue bonds would require the ring-fencing of national tax revenues on a scale that would be excessive in the context of the current European political configuration in which fiscal resources and political decision-making primarily remain at the national level. As emphasised in the Blanchard-Ubide proposal, this trade-off is best navigated by calibrating the stock of blue bonds at an appropriate level.

In particular, the Blanchard-Ubide proposal gives the example of a stock of blue bonds corresponding to 25 per cent of GDP. Just to illustrate the scale of the required fiscal resources to back this level of issuance: if bond yields were in the range of 2 to 4 per cent on average, the servicing of blue bond debt would require ring-fenced tax revenues in the range of 0.5 to 1 per cent of GDP. While this would constitute a significant shift in the current allocation of tax revenues between national and EU levels, it would still leave tax revenues predominantly at the national level (the ratio of tax revenues to GDP in the euro area ranges from around 20 to 40 per cent). The shared pay-off would be the reduction in debt servicing costs generated by the safe asset services provided by an expanded stock of common debt.

An alternative, possibly complementary, approach that could also deliver a larger stock of safe assets from the pool of national bonds is provided by the sovereign bond-backed securities (SBBS) proposal.

The SBBS proposal envisages that financial intermediaries (whether public or private) could bundle a portfolio of national bonds and issue tranched securities, with the senior slice constituting a highly safe asset. The SBBS proposal has been studied extensively (I chaired an ESRB High-Level Task Force on Safe Assets that published a report in January 2018) and draft enabling legislation was published by the European Commission. Just as with the blue/red bond proposal, sufficient issuance scale would be required in order to foster the market liquidity needed for the senior bonds to act as highly liquid safe assets.

In summary, there are several complementary routes to expand the stock of common euro debt and thereby help to meet the demand for euro-denominated safe assets. I have focused on proposals that are potentially feasible, constituting incremental steps that build on the current institutional configuration. Of course, the safety of common debt inescapably relies on the robust and demonstrable commitment of all Member States to maintain sustainable national debt paths: an expansion of common debt increases the importance of fiscal discipline at the national level.

Monetary policy and structural shocks: incorporating uncertainty

Finally, I would like to comment on the implications of structural change for the conduct of monetary policy. Our 2025 assessment of our monetary policy strategy drew several conclusions.

First, in an environment of elevated uncertainty, it is all the more important that people can be confident that the central bank will protect price stability. For the ECB, this translates into a symmetric commitment to ensure that inflation stabilises at the two per cent target in the medium term. In turn, this commitment determines our monetary policy decisions, which is evident in our track record in delivering the return of inflation to target after the 2021-2022 inflation surges.

Second, especially given the range of structural factors operating on the economy, the flexibility of the medium-term orientation should take into account that the appropriate monetary policy response to a deviation of inflation from the target is context-specific and depends on the origin, magnitude and persistence of the deviation. This means that it is unhelpful to seek out all-purpose monetary policy rules that set interest rates on the basis of a fixed relation to a small number of variables. Rather, optimal monetary policy requires a nuanced, full-scale assessment of the underlying drivers of inflation and activity.

Third, monetary policy decisions should take into account not only the most likely path for inflation and the economy but also the surrounding risks and uncertainty, including through the appropriate use of scenario and sensitivity analyses.

Taken together, these considerations call for a pragmatic, evidence-based approach to making monetary policy decisions that draws on a comprehensive and rigorous analytical framework for interpreting the unfolding evidence in relation to the shocks driving inflation, economic activity and monetary and financial developments. Arguably, there are increasing returns to scale in providing such an analytical framework: the range and quality of analysis prepared by Eurosystem staff in recent years (much of which has been published in the ECB’s Economic Bulletin, other ECB outlets and the publications of the national central banks) would be difficult to match for a smaller central bank. In particular, scale economies are especially relevant in building and maintaining a range of macroeconomic models that are capable of facilitating useful scenario analysis and the exploration of optimal policy paths.

(Bloomberg) — Wall Street brushed aside concerns about the Trump administration’s tariff regime to send US stocks to all-time highs in the first trading week of the new year. Bonds remained under pressure.

The S&P 500 rose 0.6% Friday to a record while the Nasdaq 100 jumped 1%. Stocks had dipped briefly after the Supreme Court failed to weigh in on the fate of President Donald Trump’s import levies with consumer names, like Mattel Inc. and Deckers Outdoor Corp., left out of the rally. Small-cap and blue-chip benchmarks hit new peaks as equity gains broadened beyond just big tech names.

Mark Malek, chief investment officer at Siebert Financial said Friday’s move higher in stocks was unsurprising.

“This morning many folks became hyper focused on the SCOTUS ruling and perhaps quickly dismissed the jobs data with a ‘meh,’” he said. “Once we learned that there would be no ruling, many may have circled back to the employment numbers and viewed them as being slightly positive. Not bad, not good either, but slightly positive.”

Malek expects any relief rally to be short-lived once investors turn their focus back to the deficit.

All eyes will be on the labor market, according to David Lebovitz of JPMorgan Asset Management, he has a more sanguine view of the year to come.

“A stable market should allow forecasts for above trend growth to materialize and further disinflation. Not too hot, not too cold, just right,” he said. “We don’t think AI is a bubble, and expect that the application of this technology – and the associated profits – will broaden over the course of 2026.”

The retail trader buying spree that’s helped protect the market from broader pullbacks has extended into the new year according to data from JPMorgan Securities.

Friday’s US jobs report reinforced Wall Street’s bets that the Federal Reserve will leave interest rates on hold for the near term. The yield on two-year Treasuries rose around 4 basis points to 3.53%.

Nonfarm payrolls increased by 50,000 in December, according to Bureau of Labor Statistics data out Friday. The unemployment rate was 4.4% last month, down from 4.6% in November. Economists anticipated 70,000 new positions and an unemployment rate of 4.5%.

Art Hogan, B. Riley Wealth’s chief market strategist, called the report a mixed bag. “We continue to see an environment where companies are slow to hire and slow to fire. The overarching takeaway in today’s report is that there is more good news than bad in the first on time jobs report in three months.”

Swaps traders are still expecting around half a percentage point of Fed interest rate cuts in 2026 with a January cut largely off the table.

“The unemployment rate dropped to 4.4%, a positive given its rise had been a key concern and marker of labor weakness over the past year. On the negative side, revisions revealed fewer jobs created than previously believed with private payrolls bearing the brunt of the downgrade,” according to Jeff Schulze, head of economic and market strategy at ClearBridge Investments. “This outcome should keep the Fed on hold for now, although the committee will remain vigilant for signs of further labor softening.”

To Karen Georges, a fund manager at Ecofi Investissements in Paris, the readout was “not catastrophic and the market is taking the view that the Fed will be content with these mediocre numbers for now.”

The rate on the benchmark 10-year was little changed at 4.16% with bond investors remaining in wait-and-see mode. The dollar rallied to a one-month high while the yen weakened the most among Group-of-10 currencies.

What Bloomberg Strategists say…

“With jobs data and SCOTUS/tariff angst out of the way, the focus will shift to the return of supply next week. This advances the prospect of higher yields in the coming week.”

—Alyce Andres, Macro Strategist, Markets Live

For the full analysis, click here.

In commodities, oil notched its longest streak of weekly gains since June as Iran intensified a crackdown on protests across the country and President Trump threatened repercussions if demonstrators were targeted.

Corporate News:

Meta Platforms Inc. agreed to a series of electricity deals for its data centers that will make it the biggest buyer of nuclear power among its hyperscaler peers. Rio Tinto Group is in talks to buy Glencore Plc to create the world’s biggest mining company with a combined market value of more than $200 billion, a little over a year after earlier talks between the two collapsed. China Vanke Co. is preparing a debt restructuring plan at the request of authorities, people familiar with the matter said, pushing one of the country’s largest real estate developers closer to default. Dutch telecommunications group Odido is considering launching an initial public offering as soon as this month that could raise about €1 billion ($1.2 billion) or more, according to people familiar with the matter. General Motors Co. will take another $6 billion in charges tied to production cutbacks in its electric vehicle and battery operations as the financial fallout spreads from the weakening US market for EVs. Some of the main moves in markets:

Stocks

The S&P 500 rose 0.6% as of 4:01 p.m. New York time The Nasdaq 100 rose 1% The Dow Jones Industrial Average rose 0.5% The MSCI World Index rose 0.6% Currencies

The Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.2% to $1.1634 The British pound fell 0.2% to $1.3407 The Japanese yen fell 0.7% to 157.89 per dollar Cryptocurrencies

Bitcoin fell 1.1% to $90,164.54 Ether fell 1.5% to $3,068.66 Bonds

The yield on 10-year Treasuries was little changed at 4.17% Germany’s 10-year yield was little changed at 2.86% Britain’s 10-year yield declined three basis points to 4.37% Commodities

West Texas Intermediate crude rose 1.7% to $58.76 a barrel Spot gold rose 0.6% to $4,506.63 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Peyton Forte, Isabelle Lee, James Hirai, Sujata Rao, Julien Ponthus, Daniel Curtis and Neil Campling.

©2026 Bloomberg L.P.

NEW YORK, Jan. 9, 2026 /PRNewswire/ — GRIN Therapeutics, Inc., a leader in the development of targeted disease-specific therapies for serious neurodevelopmental disorders, today announced that it has dosed the first patient in its global Phase 3 Beeline trial of investigational radiprodil in individuals with GRIN-related neurodevelopmental disorder (GRIN-NDD) with gain-of-function variants (ClinicalTrials.gov identifier: NCT07224581). 

Radiprodil is a selective negative allosteric modulator of the NMDA receptor GluN2B subunit and is designed to address the underlying biology of GRIN-NDD, and not just the symptoms. Because of radiprodil’s direct mechanism of action impacting the underlying biology of the NMDA receptor, there is an opportunity to have impact on all resulting manifestations of the dysregulation caused by receptor overactivation. This offers potential advantages over existing non-targeted anticonvulsant therapies. 

“This study reflects a truly collaborative effort between investigators, patient communities, and industry partners,” said Kristen Park, M.D., pediatric epileptologist in the Division of Neurology at Children’s Hospital Colorado and Principal Investigator for the Phase 3 Beeline trial at the Children’s Hospital Colorado trial site. “GRIN-NDD is one of the most complex neurodevelopmental disorders with limited treatment options today. The Beeline trial gives us the opportunity to further evaluate whether radiprodil can address not only seizures but also the cognitive and behavioral aspects of the disease and provide the kind of treatment option that patients and families have been hoping for. We are proud to be a part of this important trial at Children’s Hospital Colorado.” 

“With the first patient dosed, the Beeline trial marks a pivotal moment for GRIN Therapeutics and the community. For the first time, through the Phase 3 Beeline trial, patients have the opportunity to receive a drug that specifically targets the abnormal receptor leading to their condition – a drug that aims to address the underlying biology of GRIN-NDD, potentially modifying the course of disease,” said Michael Panzara, M.D., MPH, Chief Medical Officer of GRIN Therapeutics. “In four years, we have advanced from company inception to a global Phase 3 program built around deep scientific understanding of the disease and engagement with key stakeholders, including families and global regulatory authorities. This milestone represents what can be achieved when the right team with the right background and experience, the right resources, and the right collaborators align to drive clinical development.” 

The Beeline trial (NCT07224581) is a global Phase 3 study designed to evaluate the efficacy and safety of investigational radiprodil in patients with GRIN-NDD who have confirmed gain-of-function variants. The trial incorporates a disease-specific endpoint, the GRIN-specific Clinical Global Impression (GRIN-CGI) scale developed in collaboration with caregivers, as well as traditional clinical outcome assessments and measures of seizure reduction.  

This study builds on results from the Phase 1b/2a open-label Honeycomb trial, in which patients with countable motor seizures (CMS) who received investigational radiprodil experienced a median reduction of 86% in CMS frequency compared to baseline. During the trial period, 71% of patients achieved more than 50% reduction in CMS and six of seven were seizure-free on at least 80% of days during the eight-week maintenance period. Clinicians and caregivers generally assessed patients as improved clinically over the course of the study regardless of the occurrence of seizures, as measured by Clinician and Caregiver Global Impressions of Change (CGI-C and CaGI-C) and the Aberrant Behavior Checklist – Community (ABC-C). The most common adverse events observed were those associated with infections or the underlying disease. Serious adverse events (SAEs) were similarly associated with infections or the underlying disease, and all were assessed as unrelated to radiprodil. 

The Phase 3 Beeline trial is being conducted across multiple regions globally. GRIN Therapeutics’ collaboration with Angelini Pharma outside of North America will support future accessibility if approved for patients in Europe and other regions. 

About Radiprodil 

Radiprodil is an investigational, potent negative allosteric modulator that selectively targets the GluN2B subunit of the N-methyl-D-aspartate (NMDA) receptor and is being assessed for the treatment of GRIN-related neurodevelopmental disorder (GRIN-NDD). It has been awarded Breakthrough Therapy, Orphan Drug and Rare Pediatric Disease designations by the U.S. Food and Drug Administration as well as Priority Medicines (PRIME) designation by the European Medicines Agency (EMA) and a positive opinion for orphan designation from the EMA Committee for Medicinal Products for Human Use (CHMP). The global Phase 3 Beeline trial for radiprodil in patients with GRIN-NDD gain-of-function variants is designed to evaluate the impact of a targeted disease-specific treatment on core aspects of the disease, including seizures, behavioral manifestations, and functional outcomes. Radiprodil is also being assessed for the treatment of tuberous sclerosis complex (TSC) and focal cortical dysplasia (FCD) type II, two disorders associated with NMDA receptor overexpression. The Astroscape trial (ClinicalTrials.gov identifier: NCT06392009) is an ongoing, open-label Phase 1b/2a clinical trial assessing the safety, tolerability, pharmacokinetics (PK), and potential efficacy of radiprodil in patients with TSC or FCD type II. 

About GRIN Therapeutics 

GRIN Therapeutics, Inc. is dedicated to the research and development of precision therapeutics for neurodevelopmental disorders with the goal of bringing hope to patients and caregivers. In late 2024, GRIN Therapeutics reported promising topline data from a Phase 1b/2a clinical trial (the Honeycomb Trial, ClinicalTrials.gov identifier: NCT05818943) evaluating investigational radiprodil in GRIN-related neurodevelopmental disorder (GRIN-NDD) in patients with gain-of-function (GoF) variants, leading to the decision to advance to the global pivotal Phase 3 Beeline trial (ClinicalTrials.gov identifier: NCT07224581). The company has an additional ongoing clinical trial to evaluate radiprodil for the potential treatment of tuberous sclerosis complex (TSC) and focal cortical dysplasia type II (FCDII). GRIN Therapeutics is an affiliate of Neurvati Neurosciences, a portfolio company of Blackstone Life Sciences. For more information, please visit www.grintherapeutics.com. 

About Neurvati Neurosciences 

Neurvati Neurosciences is the neuroscience development platform of Blackstone Life Sciences, created to bridge the gap that has long constrained progress in the field. Neurvati identifies and advances high-potential neuroscience assets through a disciplined, scalable model that establishes and funds fit-for-purpose affiliate companies—each designed to drive development with precision, dedicated capital, and experienced leadership. By addressing the challenges that have historically impeded neuroscience drug development, Neurvati offers a differentiated solution that creates durable value across the neuroscience ecosystem and accelerates the delivery of new therapies for patients with complex neurological and psychiatric disorders. 

About Blackstone Life Sciences 

Blackstone Life Sciences is an industry-leading private investment platform with capabilities to invest across the life cycle of companies and products within key life science sectors. By combining scale investments and hands-on operational leadership, Blackstone Life Sciences helps bring to market promising new medicines and medical technologies that improve patients’ lives and currently has more than $12 billion in assets under management. 

Corporate Contact  
Elliott Ruiz
+1 201.674.5417
[email protected] 

SOURCE GRIN Therapeutics Inc.

Sellafield Ltd, through its SiX (social impact, multiplied) programme, has announced a major investment in LEVELS, a ground-breaking £4.6 million redevelopment of the former Whittles department store in Whitehaven, West Cumbria into a state-of-the-art immersive entertainment and education centre.

Delivered and developed by social impact property developers BEC, LEVELS has transformed a Grade II-listed building into a cutting-edge hub for digital creativity, learning, and interactive experiences.

Across 4 floors, the centre features immersive digital and gaming experiences, an esports arena, interactive learning spaces, and a café—creating a vibrant space for education and creativity in the heart of Whitehaven.

By equipping young people with the skills needed for a digital-first future, the project aims to engage young people, their families, and educators, inspiring the next generation to explore careers in digital and creative technology.

Funding for the project includes £3.3 million from Sellafield Ltd through its SiX programme, alongside £800,000 in funding, equipment, and logistical support from BT, Atos, and Openreach—as part of their social impact commitments through Information and Communications Technology contracts with Sellafield Ltd.

BEC has also contributed £500,000, demonstrating the power of partnership to multiply impact.

Tracey West, Sellafield Ltd’s head of social impact, said:

LEVELS represents exactly what our SiX programme is about—creating lasting social impact by investing in skills, innovation, and opportunity. By collaborating with partners like BEC and our supply chain, we’re helping West Cumbria’s young people prepare for a digital future.

This investment builds on our long-standing commitment to improving education provision in West Cumbria, following projects such as West Lakes Academy, the Whitehaven Campus, the National College for Nuclear, and the Well programme.

This article first appeared on GuruFocus.

The dollar moved to a one-month high as rising US Treasury yields and looming risk events kept investors cautious ahead of Friday’s payrolls report and a possible Supreme Court ruling on President Donald Trump’s tariffs. A four-day advance put the greenback on track for its strongest week since November, while the yen lagged most major peers. Treasuries extended Thursday’s slide, with the 10-year yield rising two basis points to 4.19%, and S&P 500 futures hovered near flat as markets weighed whether upcoming data could challenge expectations for US interest-rate cuts later in 2026.

Equities faced mixed signals as policy headlines and corporate developments pulled sentiment in different directions. Trump’s proposed $200 billion mortgage-bond purchase plan lifted mortgage-linked stocks, with LoanDepot (NYSE:LDI) and Rocket Companies (NYSE:RKT) jumping in premarket trading. In Europe, Glencore (GLNCY) rose more than 8% in London after resuming talks with Rio Tinto (NYSE:RIO) on a potential combination that could create the world’s largest miner, though broader risk appetite remained restrained ahead of two closely timed macro catalysts.

Attention is now centered on December payrolls, where economists surveyed by Bloomberg expect 70,000 new jobs and an unemployment rate easing to 4.5%, data that could shape expectations for Federal Reserve policy. Markets are fully pricing at least two quarter-point rate cuts in 2026, with odds favoring an initial move in April, although traders warned that outcomes at either extreme could unsettle markets. In parallel, investors are monitoring the Supreme Court’s pending decision on Trump’s tariffs, which could allow companies to seek refunds on billions of dollars in duties, while oil, gold, and silver traded cautiously amid developments involving Venezuela and Iran.

Value for money is at the heart of everything we do. Wandsworth is investing in new homes and estate improvements that create lifelong assets for the borough. These homes not only pay for themselves through rental income but also reduce reliance on costly temporary accommodation. Thanks to strengthened prevention work, Wandsworth is now avoiding an additional £3.7 million in temporary accommodation costs every year.

Wandsworth’s Housing Revenue Account, a ringfenced fund dedicated to council housing, is in a significantly stronger position than that of many other stock holding authorities. This strong financial position enables the council to continue ambitious regeneration and development plans while maintaining essential investment in existing homes.

A key milestone was recently reached as the Homes for Wandsworth programme celebrated the completion of its 500th new council home, marking the halfway point toward the borough’s pledge to deliver 1,000 new homes for local residents.

Building on this momentum, the council has announced a landmark partnership with Battersea Power Station to deliver 200 new high quality council homes within the development’s 42 acre masterplan, further expanding opportunities for families in need of secure, affordable housing.

Aydin Dikerdem, Cabinet Member for Housing, said: “Investing in new council homes is one of the most powerful tools we have to tackle the housing crisis and strengthen our communities. Every new home means a family moved off a waiting list and into a secure, comfortable home. And it also saves us money in the long-term, delivering a public asset and reducing expensive temporary accommodation costs. It’s an investment not just in buildings, but in the future of Wandsworth.”

Together, these initiatives reflect Wandsworth’s strategic, long term commitment to ensuring that every resident has access to a safe, secure, and high quality place to call home.