Markets entered 2026 facing an unexpected geopolitical shock, with events in Venezuela sparking global headlines. Despite the scale of the development, the immediate market reaction was measured. Oil and energy stocks saw modest gains, reflecting potential supply-side impacts, while safe haven assets like gold and silver also moved slightly higher. Investors appear to be viewing the situation as contained for now, though the potential for longer-term disruption remains, particularly if there are broader shifts in energy infrastructure or geopolitical stability.
Despite the geopolitical noise, US share markets reached another record high, rising 1.7% for the week. There were mixed results across sectors, especially after President Trump criticised institutional investors and defence contractors, only to later call for a larger military budget.
On the economic front, inflation in Australia appears to be easing. November’s consumer price index came in slightly lower than expected, with consumer price index (CPI) rising by3.4% in the 12 months to November 2025, down from 3.8% in the 12 months to October 2025. While electricity and rent costs remained high, there were noticeable price drops in domestic travel, clothing and vehicles. These signs of moderation suggest that recent spikes in inflation may not persist, giving the Reserve Bank more breathing room when it next meets in February.
In other local news, building approvals surged by over 15% in November, the strongest monthly gain in nearly four years. This was mainly driven by a sharp rise in apartment approvals and is a positive sign for future housing supply.
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