Up:

Affirm Holdings +13.34%: the U.S. specialist in installment payments and financing solutions reassured investors during a call with analysts. Volume growth is strong, the group is gaining market share, and strategic partnerships with major players in commerce and technology are multiplying.

IG Group +12.92%: the British company operating online trading platforms is strengthening its share buyback program as business momentum remains very strong. Activity is supported by the acquisition of many new clients, solid outlooks, an expanded offering, and gains from marketing campaigns.

DBV Technologies +11.8%: the biopharmaceutical company specializing in treatments for food allergies announced the success of its advanced-phase clinical trial evaluating the Viaskin Peanut patch in young children allergic to peanuts. These results mark a key milestone after several years of setbacks.

Micron +10.28% : AI has driven a surge in demand for memory chips. Prices have soared, and this trend is reflected in Micron's results. Profit forecasts for the current quarter are more than double Wall Street expectations.

Down:

Insmed -11.25%: The biopharmaceutical company focused on inflammatory and pulmonary diseases announced the discontinuation of development of its anti-inflammatory treatment for chronic rhinosinusitis. This is a major setback, even though the pipeline remains substantial.

Nike -12.98%: Quarterly results are disappointing. Turnaround efforts are weighing on margins, and the company continues to lose ground in China.

ServiceNow -10.23%: The cloud-based digital service management software publisher suffered from a downgrade by KeyBanc, which warned about risks linked to the accelerated adoption of artificial intelligence for traditional SaaS solutions.

Oracle +1.05%: The stock experienced a volatile week as investors continue to question the company's ability to monetize its investments in AI. This week, the Financial Times revealed that Blue Owl has withdrawn from financing a data center project in Michigan with Oracle. The week nevertheless ends on a more positive note following an agreement with TikTok as part of the continuation of the social network's operations in the United States.

Energy: Hopes for peace in Ukraine are weighing on crude oil prices. Brent crude fell to its lowest level in seven months, dropping below £59 per barrel, while WTI fell to less than £55 per barrel. At the same time, traders are closely monitoring the escalating tensions surrounding Venezuela's oil exports. The United States has threatened to blockade sanctioned ships travelling to and from Venezuela, mainly those bound for China. Despite these threats of supply disruptions, the decline is prevailing in the short term due to global oversupply. In terms of prices, Brent is trading at around USD 60.20, compared with USD 56.40 for WTI.

Metals: The price of gold is returning to close to its annual high. The barbarous relic is trading slightly below USD 4,380 per ounce. The stars remain aligned for gold, which is benefiting from Fed rate cuts, geopolitical tensions and robust purchases by central banks. Silver is also reaching new highs, exceeding USD 66.40 per ounce. Its value has more than doubled this year, supported by strong investor interest and the appeal of silver-backed ETFs. The outlook remains positive, supported by robust industrial demand linked to solar energy and battery technologies. On the base metals front, copper prices hit new records this week. The rise is mainly due to China's promise to adopt a more proactive economic policy and the possibility of further interest rate cuts by the Fed after Thursday's inflation figures. Copper reached USD 11,778 per tonne on the London Metal Exchange.

Agricultural commodities: Wheat loses ground in Chicago. Wheat harvest forecasts in Russia and South Africa reinforce the prospects of abundant global supply, weighing on wheat prices. Wheat is trading at 506 cents per bushel (March 2026 contract). Corn benefited from robust export demand in the United States, allowing prices to rebound to 444 cents (March 2026 contract).

Macro: Following announcements by central banks, which came as no real surprise from the Fed, the ECB or the BoE, investors focused on recent unemployment and inflation figures in the United States. While the former were received rather coldly, the fall in consumer prices allowed the indices to recover somewhat, without however managing to offset the losses conceded in previous days. The end of the quarter and the year is marked by the last settlement day, synonymous with the triple witching hour, before the arrival of Santa Close. In the absence of a year-end rally, we can always take comfort in looking back at how far we have come since the lows of last April. Since the beginning of December, there has been little news that seems capable of making a real difference: bond yields are flat, gold is close to its historic highs and the indices are consolidating at flat levels. See you next year to write a new page in the stock market!

Crypto: Bitcoin (BTC) remains stable this week, trading around USD 88,000. However, the US Senate has just confirmed Michael Selig as head of the Commodity Futures Trading Commission (CFTC), which has legal jurisdiction over Bitcoin and has a track record of supporting cryptocurrencies. He has worked with the SEC's Crypto Task Force and has repeatedly stated his desire to make the United States ‘the global capital of cryptocurrencies’, echoing the sentiments of the country's president. This is good news for the cryptosphere on paper, but it is not enough to revive the market. There have even been outflows from spot Bitcoin ETFs this week, with total assets under management down to $111 billion from $164 billion in October. At this stage, Bitcoin is projected to decline by 5.5% in 2025, after surging 120% in 2024 and 155.8% in 2023. Ether (ETH) is down 3% this week, falling back below the £3,000 mark. Solana (SOL) is down 2.6% at around £125, while XRP (XRP) is down 5.8% at £1.87.