Global Daily - Auld Lang Syne

Happy New Year to all of our readers, and welcome to the first Global Daily of 2025! The S&P500 closed 1.26% higher on Friday (it’s second trading day of the year) after a 0.2% fall the prior day. US 10-year treasury yields of 4.60% are near their highest level since May of last year and Brent crude has been staging a quiet rally in the festive period. The active Brent futures contract (March 2025) last traded at $76.71/bbl, well up from the $71.50 close on the final trading day of November, despite a strengthening in the Bloomberg Dollar spot index from 105.74 to 108.96 over the same period of time.