Chart of the week: few US jobs, how so?

There was eager anticipation for a new US labor market report. And not only because the flow of macro data from the United States is still lagging as a result of the shutdown. The US labor market is what can still obscure the real reason why rates were cut by another quarter point. But that argument does not hold either.

Fed and politics

In financial markets, 2026 will not only be a year of economic normalization, but also a test of the institutional fabric of US monetary policy. Renewed political polarization and the approaching expiration of central banker Jerome Powell’s term are creating a rare convergence of uncertainty for the period ahead.

Europe thé comeback category for 2026, according to asset managers

Around one-third of asset managers active in Europe expect a comeback for European equities in 2026. They consider stocks from the region to be inexpensive and expect the planned large-scale European government investments in areas such as defense and infrastructure to act as a catalyst.

The balance of trade equilibrium

Last week, China’s trade surplus crossed the threshold of one thousand billion dollar for the first time. In the first eleven months of 2025 alone, China exported one trillion dollar more than it imported. It is a milestone that both illustrates the export strength of Chinese industry and exposes the deep problems in China’s growth model, while further fueling calls for protectionism in the rest of the world.