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Investment Insights - December 2025

5 December 2025

Our monthly look at what’s driving global markets


Rathbones Investment Management
  1. Home
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  3. Investment Insights - December 2025

Article last updated 5 December 2025.

Our December edition features three stories — read each online via the links below or download a PDF with all three articles. 

Four wheel-drive ploughing through water

Monthly Digest: A bumpy ride around the block

Equities ended roughly where they started over a volatile month. Meanwhile a tumble in Softbank shares may reflect souring sentiment toward AI-related private-equity. Uncertainty around the next Fed rate cut also curbed investor enthusiasm.
Monthly Digest: A bumpy ride around the block
Geometric abstract background with connector lines and dots

Healthy trends in medical tech: Sales growth to trump policy uncertainty

Demography and technology are boosting growth in the sector. Ozge Brinkworth sees potential for companies that can either introduce entirely new products or enhance existing ones to improve efficiency and clinical outcomes.
Healthy trends in medical tech: Sales growth to trump policy uncertainty
Abstract circuit board with microchips

A tale of two booms: What calls to mind the 1990s and what doesn’t

For all the billions of dollars spent on AI so far, the current increase is nothing like as large, relative to the size of the US economy. dotcom boom was also fuelled by debt in a way that the current AI wave, so far at least, is not. But vigilance is vital.
A tale of two booms: What calls to mind the 1990s and what doesn’t
Download these articles in a single PDF file

Snapshot

The global economy and markets

Figure of the month

$1 trillion

The potential value of Elon Musk’s pay award as Tesla CEO if he hits all targets over the next decade. Shareholders hope this package will ensure Musk’s devotion to transforming Tesla into a leader in AI and robotics. But critics have attacked its magnitude and design, including vague and overlapping targets.

At a glance

3.6%

Annual rise in UK consumer prices (CPI) to October 2025

6.1%

EM and developing economy government borrowing (% of GDP)

4.0%

Bank of England base rate

4.4%

US unemployment rate as at September 2025

Key market indicators

Equities 

Total return (1 December 2020 = 100)
 

Government bonds

10-year yields
 

Value of £1 

In sterling and in euros
 

Gold

US dollars per troy ounce
 

Download Investment Insights as a PDF

Access more investment insights

Alongside this monthly Investment Insights publication, our large and experienced in-house research team share a wide range of updates and analysis, from regular strategy commentary and video briefings to in-depth reports, all designed to help you understand what’s driving the global economy, financial markets and the outlook for investment returns.

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