Roblox -10.95%: The American studio behind the game of the same name has released mixed results, particularly regarding average revenue per daily active user. Significant investments are planned in security and infrastructure.

WPP -20.38%: The communications service provider has published disastrous results. The group has lowered its revenue forecasts, now expecting a decline of 5.5% to 6% compared with -3% to -5% previously.

Cigna -19.01%: The health insurer warned on Thursday that its margins would be under pressure over the next two years as its pharmaceutical benefits management division (which manages the purchase and reimbursement of medicines for policyholders) is set to change its business model.

Meta -12.19%: The parent company of Facebook, Instagram and WhatsApp has announced that it is revising its spending forecasts upwards, a matter of concern for investors who want AI to generate more profits.

Oil: Trade talks between the United States and China have resulted in a provisional agreement, providing for a reduction in customs duties and the resumption of Chinese purchases of American soybeans. Although this agreement is seen as positive for the global economy and therefore for oil demand, the market seems sceptical about its major impact on crude oil prices, especially after the United States allowed China to continue buying Russian oil despite the announced sanctions. Indeed, with regard to Russian oil, US sanctions against Russia have not caused any major disruptions to supply, as Russia continues to sell oil to key countries such as China and India. At the same time, the market's attention is turning to the OPEC+ meeting scheduled for Sunday. The group is expected to announce a slight increase in production of 137,000 barrels per day in December, in line with expectations. This increase, although modest, could accentuate the persistent bearish sentiment, with a surplus expected for 2026. In terms of prices, Brent is trading down at USD 64.8, compared to USD 61.10 for WTI.

Metals: Copper prices in London – 3-month delivery – peaked at nearly $11,000 per metric tonne. The momentum remains bullish, mainly due to concerns about global supply. Signs of declining production among several major mining producers are keeping up the pressure. On the precious metals front, the price of gold fell this week, hovering around the symbolic USD 4,000 mark. Despite this recent decline, gold remains up more than 50% since 1 January, supported by strong demand from ETFs and purchases by central banks. In the short term, the Fed's hawkish tone and reduced expectations of future rate cuts have strengthened the dollar, making gold more expensive for foreign buyers.

Agricultural commodities: Grains rebounded in Chicago following the announcement that China would purchase 25 million tonnes of US soybeans annually for three years. At the same time, the market remains deprived of forecasts. The US Department of Agriculture did not publish its weekly export sales report due to the federal government shutdown. Wheat (December 2025 delivery) traded slightly higher at 525 cents, corn rose to 420 cents and soybeans (January 2026 delivery) jumped to 1106 cents.

Macro: As expected, the Fed cut interest rates by 25 basis points this week. The other important announcement was the end of balance sheet reduction on 1 December. Jerome Powell calmed investors somewhat by indicating that a further cut in December was far from a ‘ foregone conclusion’. As a result, rates tightened. The 10-year US yield rose by around 10 basis points to around 4.1%. The Fed's announcement was also a result of the shutdown: with no economic statistics available, it is difficult to know where the US economy stands. In the eurozone, GDP figures exceeded expectations, thanks in particular to exports. This strong growth has allowed the ECB to keep its interest rates unchanged.

Crypto: Bitcoin fell 4% this week, dropping back below the USD 110,000 mark. This decline was also felt by Bitcoin Spot ETFs, with more than USD 600 million evaporating from these stock market products since Monday. Investors had their eyes on Strategy this week as S&P assigned the company a B- rating for its debt, a speculative category with a high risk of default. In recent years, the company, which has become a listed vehicle for holding Bitcoin, has financed its purchases through convertible debt and share issues. In mid-2025, it held approximately £70 billion in BTC for £15 billion in debt and preferred shares, but had little dollar liquidity and negative operating cash flow. S&P points to a currency asymmetry: assets in BTC but debts, interest and dividends in USD, which exposes the company to a liquidity crisis if BTC falls or market access tightens. MSTR shares are currently trading at £273, down 46% from their all-time high.