Stay in the loop with our weekly updates. A quick global event summary from our portfolio managers for informed conversations with clients.

Issue 276 | 19th January 2026

UK

• UK Gross Domestic Product expanded by 0.3% in November, beating estimates of 0.1% expansion, after contracting over the previous two months. Growth was driven by a stronger performance across services and production, particularly in manufacturing, supported by the reopening of Jaguar Land Rover’s factories after a cyber-attack disruption.

North America

• Politics and trade-related US headlines stole headlines last week after President Donald Trump laid out his plans for a proposed 25% tariff on imports from countries doing business with Iran, as well as a 10% cap on credit card interest rates.
   
• Over the weekend, Trump told the press that 10% tariffs would be imposed from 1st February on goods from Denmark, Norway, Sweden, France, Germany, Great Britain, the Netherlands and Finland. He stated that these would rise to 25% on 1st June and remain in place until a deal is reached for the United States to proceed with a 'complete and total purchase' of Greenland.
   
• US core consumer prices rose at the slowest annual pace since March 2021 in December, according to the Bureau of Labor Statistics (BLS). The agency reported that its core consumer price index (CPI) - which excludes volatile food and energy costs - increased 0.2% month-on-month (mom) and 2.6% year-on-year (yoy), below estimates for 0.3% and 2.7%, respectively.
   
• The BLS also reported its government shutdown-delayed November producer price index (PPI) - which gauges price increases at the wholesale level. The data showed that producer prices rose 0.2% mom and 3% yoy, increasing from the prior month’s readings of 0.1% and 2.8%, respectively. The increase was primarily driven by rising energy prices.
   
• US consumer spending was stronger than expected in November as retail sales rose 0.6%, beating estimates of around 0.4% and bouncing back from a slight decline in October. 

Europe

• The German economy expanded for the first time in 3 years in 2025 – showing 0.2% growth in Q4 – as households and the government increased spending. Exports declined 0.3% in 2025, as a stronger Euro, Chinese competition, and US tariffs weighed. However, imports increased 3.6% after declining for two years. This resulted in one of the smallest trade surpluses in more than two decades at €110 billion in 2025, from €241 billion in 2024.
   
• The Eurozone's industrial output increased by 0.7% in November – the third consecutive month of gains. Stronger economic expectations boosted investor sentiment in January and was the strongest since July 2025, according to market research firm Sentix. 

Asia

• Japanese equity markets hovered around record highs following on from the news that Japan’s Prime Minister Sanae Takaichi is calling a snap election on 8th February – seeking a majority for the ruling Liberal Democratic Party. Investors believe her victory would provide greater clarity on politics and the potential for strong economic stimulus, potentially focused on artificial intelligence, defence, and nuclear energy.
   
• China reported that exports surged 6.6% in December, the fastest pace in three months, and that its trade surplus hit a record $1.2 trillion in 2025. The latest trade data showed that the combined increase in exports to Southeast Asia and Europe outweighed the negative effects of US tariffs. China’s economic power and level of undisrupted trade may raise tensions with other trading tensions and remains a key risk for 2026. 

Sources: Bloomberg, Reuters, Yahoo Finance, The Guardian, Proactive Investors, BBC, Oxford Economics, FactSet 

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