Stocks Maintain Gains Before 2025’s Final Important Data – Europe Market Wrap

US equities are holding their ground following a solid run, as traders await some of the last 2025 data sets to see if they dramatically alter forecasts for Fed interest-rate reduction.

The S&P 500 is expected to open little altered after a three-day run that has brought the benchmark close to a new all-time high. European equities rose 7% after Novo Nordisk received US approval to sell a tablet form of its obesity medicine Wegovy.

Gold extended its record-breaking run, aiming for $4,500 per ounce. Silver and copper both advanced. US Treasuries recovered after days of losses, with the 10-year yield sliding two basis points to 4.15%. Meanwhile, the Dollar is set for its lowest level since October.

Equity markets, on the other hand, have recovered from recent turbulence as traders prepare for a traditional year-end rally, with dropping inflation and mixed employment statistics driving markets to price in at least two US rate cuts in 2026. Market experts anticipate another year of high S&P 500 gains, bolstered by predictions for strong earnings and bets on policy easing.

The Yen led major currency gains versus the Dollar, soaring above the 156 mark as Finance Minister Katayama issued a sharp caution to speculators. The Swiss Franc also saw strong gains.