US data sends its regards — Merry Xmas!

The year is almost over, yet the markets keep delivering surprises. US Q3 GDP came in at 4.3%, the fastest growth in two years, fueled by AI investments, strong corporate profits, and resilient consumer spending. Price pressures rose too, with PCE at 2.8%, but happily less than expected, keeping the Fed hawks in check. Equities rallied on the back of earnings and spending, though the move was narrow and mostly benefited Big Tech. The US dollar eased, sending gold, silver, and copper to fresh all-time highs — another strong year for the metals, thanks to scarce supply, rising demand, and the ongoing “debasement trade.” It feels like Santa is still on his way, bringing the year’s final gifts to investors. Merry Xmas and Happy New Year! Listen to find out more! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.