The heads of leading central banks around the world have expressed solidarity with the head of the US Federal Reserve, a criminal investigation has been launched against Jerome Powell in the States

'Own goal': investment fund managers on risks over Trump's fight with the Fed

The cycle of monetary policy easing by the world's leading central banks has come to an end. But regulators may have to raise rates already this year. This may become one of the key risks for the markets.

Central banks could raise rates in 2026. This is the "pin" for the market bubble

lululemon athletica inc.

Tesla, Inc.

In Europe, the ECB paused rate cuts, signaling confidence in the economy's resilience. The IPO market comes alive with the strong debut of medtech company Medline. New investor OpenAI could value it at $830 billion - more expensive than Elon Musk's SpaceX. The U.S. is increasing pressure on the commodities sector, forcing Lukoil to sell off foreign assets or accept external management amid sanctions. The main events from December 15 to 19 are in our review.

Highlights of the week: OpenAI's $830 billion valuation, ECB pause and Tesla records

The European Central Bank, as expected, on Thursday, December 18, kept the interest rate unchanged and raised some forecasts for economic growth and inflation, which is likely to strengthen investor forecasts for the absence of further rate cuts, <a href="https://www.reuters.com/business/finance/ecb-keeps-rates-steady-nudges-up-growth-forecast-2025-12-18/">writes</a> Reuters. The ECB keeping the rate unchanged can be considered a signal of confidence in the current state of the eurozone economy: growth exceeds expectations, and inflation, despite external trade shocks, remains close to the regulator's target benchmarks, the agency notes.

ECB keeps interest rate unchanged for the fourth time in a row

At the same time, strong price pressures in the services sector are offset by falling energy prices

Eurozone inflation unexpectedly accelerated in November

The European regulator does not agree that a bubble has formed in the market

Fear of lost profits led to inflated valuations of bigtechs, ECB confident. What are the risks

Apple Inc.

Oracle Corporation

Adobe Inc.

Data on inflation in the United States this week will be a key factor for Wall Street ahead of the U.S. Federal Reserve meeting on interest rates, the results of which are expected on September 17, <a href="https://www.wsj.com/economy/week-ahead-for-fx-bonds-u-s-inflation-france-confidence-vote-ecb-in-focus-a8e5cdc7?mod=economy_more_article_pos2#:~:text=U.S.%20inflation%20data%20in%20the%20coming%20week%20will%20be%20the%20next%20key%20data%20ahead%20of%20a%20Federal%20Reserve%20interest%2Drate%20decision%20on%20September%2017.%20Investors%20anticipate%20that%20rate%20cuts%20will%20resume%20from%20this%20month%2C%20but%20the%20pace%20of%20reductions%20beyond%20that%20remains%20uncertain.">writes</a> The Wall Street Journal. The stock market expects the regulator to resume rate cuts in September, but the pace of further easing of monetary policy remains uncertain, the newspaper notes.

US inflation, the crisis in France and the ECB: what investors need to know this week

Price growth in the eurozone in August amounted to 2.1%, which is more than experts predicted. However, core inflation, which excludes volatile food and energy prices, remained unchanged compared to July. The European Central Bank will decide on interest rates in September, and the consensus view is that it will leave them unchanged, as in July.

Eurozone inflation in August exceeded expectations. What to expect from the ECB meeting?

The European Central Bank did not change interest rates for the first time in more than a year. This decision coincided with the expectations of market participants. The regulator noted that inflation has reached the target level of 2% and is under control, but the external environment remains highly uncertain, especially against the background of trade disputes. ECB head Christine Lagarde said: we can say that the current interest rates are "frozen", and the regulator itself is in a "wait and see" mode;

"The situation is highly uncertain": the ECB left the rate unchanged for the first time in a year

Alphabet Inc.

Intel Corporation

The second-quarter earnings season has gotten off to a strong start on Wall Street, with more than 80% of the S&amp;P 500 Index companies reporting earnings and revenues that beat expectations, <a href="https://www.barrons.com/articles/tesla-verizon-coke-google-earnings-stocks-52dad8b3?mod=RTA"> writes</a> Barron's. About 100 other issuers - including two members of the "Magnificent Seven" - will release their results this week.

Tesla and Alphabet earnings, ECB rate: what investors need to know this week

The first half of 2025 was the worst for the dollar since the end of the Bretton Woods system

Central banks saw no threat to the dollar's dominance. What will happen to its exchange rate in the future?

ING, the Netherlands' largest bank, has warned of the risks of a euro slowdown and urged clients to be cautious