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There was a last-minute selloff in precious metals markets on Wednesday as investors cashed in some of the year's massive gains in gold, silver and platinum, while stocks quietly consolidated their best year since before the COVID pandemic.
Most markets were on end-of-year autopilot after a roller coaster 12 months of geopolitics-related swings, extreme dollar weakness, bond market jitters and the ongoing frenzy around AI stocks.
But it wasn't the case for all.
Silver prices jerked back nearly 6 per cent in London following their astonishing 150 per cent surge this year. Gold, which has had its best year since the 1979 oil crisis, dipped 1 per cent, while an 8 per cent plunge in platinum took some of the shine off its 120 per cent 2025 gain.
European share markets were little changed meanwhile, hovering near record highs after a stellar - albeit jarring - year that has even seen the region's banking and weapons sector stocks both handsomely outperform the mighty 'Mag 7'.
MSCI's broadest index of world stocks was also flat after its $15 trillion rally this year and as investors digested Tuesday's Federal Reserve December meeting minutes that underscored deep divisions among policymakers about US rates.
The index is poised to clock a 21 per cent increase for the year, its sharpest rise since 2019, mainly on a strong rally in chipmakers amid the boom in artificial intelligence-related stocks.
"Notwithstanding a few little shocks, the year has been terrific for investment returns," said Kyle Rodda, senior financial analyst at Capital.com.
"The gains have been a little concentrated, obviously, but the combination of the AI boom and accommodative monetary and fiscal settings have driven risk assets higher and around record levels."
NEW YEAR, NEW QUESTIONS
In currencies, the dollar ticked higher but was set for a 9.4 per cent drop for the year, its biggest fall since 2017, which leaves the euro and most other currencies with the exception of the yen with sizeable gains.
Investor focus next year will continue to be on the Fed's interest rate moves, especially with US President Donald Trump teasing this week that he plans to announce his hotly awaited new Fed chairperson in the coming weeks.
Tuesday's Fed minutes had underscored the challenges policymakers and markets will be facing.
"Most participants" ultimately supported a cut earlier this month with "some" arguing that it was an appropriate forward-looking strategy "that would help stabilise the labour market" after a recent slowdown in job creation, the minutes said.
"Kevin Hassett has to get appointed (as Fed chair) and then has to be very dovish" for the dollar's slump to continue next year, Societe Generale strategist Kit Juckes said - and even then, it might also need Wall Street to buckle.
"I think the yen is the most difficult currency next year for everyone to get right," he added.
"They really do have an underlying debt problem", he said, also highlighting how the normal correlation between the currency and bond yields looks to have now fallen apart.
Most big euro zone bond markets were closed on Wednesday. UK gilts, which were trading, were at 4.5 per cent for the 10-year benchmark, while US Treasuries hovered just below 4.12 per cent having dropped 45 basis points this year.
Back in the commodities markets, Brent oil was bobbing around $61 a barrel as traders did their final rounds for the year.
Its price has slid more than 17 per cent in 2025 and is set for its third consecutive yearly drop against a backdrop of plentiful supply, trade tariffs and speculation around the future of US sanctions on producers like Russia and Venezuela.