Markets are entering the final stretch of the year with investors closely watching the US for guidance. European equities remain subdued, with trade tensions and slowing growth weighing on sentiment, while rotation into cyclical sectors continues cautiously. All eyes are now on key US data: Q3 GDP revisions and PCE inflation — the Fed’s preferred gauge. Stronger-than-expected growth or rising price pressures could shake up market expectations and trigger a dollar rebound, while weaker numbers would keep the Fed on a dovish path. Positioning in stocks, FX, and bonds is increasingly delicate, making even small surprises impactful. As year-end approaches, investors are balancing hopes for a Santa rally against the risk of early January volatility. This episode breaks down the key numbers, market positioning, and what could tip the scales for global markets heading into 2026.

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Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.