3. Fixed income found itself back in favour

After a fallow 2024, the fixed-income asset class came back into fashion in 2025 as investors reacted to interest rate cuts from central banks and priced in further monetary easing in 2026 for good measure.

Further rate cuts could help in 2026, but sticky inflation would pressure sovereign, investment-grade and corporate debt. A growth shock could also leave high-yield spreads uncomfortably thin. Bond vigilantes remain wary of rising government borrowing in the West, though expectations of a return to zero rates and QE in any downturn may ease those concerns.

4. Oil slid lower

Oil prices slid despite wars, sanctions and steady demand. Brent peaked just above $80 in January before falling, pressured by OPEC+ output, Trump’s push for cheaper oil and the global drive toward net zero.

Energy stocks suffered: the S&P Global 1200 Energy sector now makes up just 3.3% of the index -  near 2020’s COVID low and far below the long-term 7.7% average.

Tight spending by oil majors means supply growth is slow. If demand beats forecasts, prices could rebound - especially if inflation or rising Western debt push investors toward hard assets. Renewables and peace deals could also reshape the outlook.

5. Gold and silver shone

Gold and silver are both into their third bull markets since President Richard M. Nixon withdrew America from the gold standard and ended the Bretton Woods monetary system in summer 1971.

Silver’s late-year surge has closed up the gold: silver ratio to 75, from a figure above 100 earlier in 2025, but that is still above the modern-day average of 66. In this respect, precious metal fans may be inclined to believe that the so-called devil’s metal is cheap, relative to gold.

“Interest in both could cool if equity markets’ dream scenario of cooler inflation, steady economic growth and lower interest rates pans out as hoped and central banks prove they are on top of the situation.”

Equally, any diversion from that path, and any sense that central banks are not fully in control, or that they may chance their arm with inflation as they keep interest rates low to try and help governments manage their debts and interest bills, could yet give silver and gold a further boost.