December closed out 2025 with a global economy still shifting gears, marked by uneven regional momentum but the same underlying theme: uncertainty.

In Canada, headline inflation looks steadier, yet food prices remain a key pressure point, keeping the Bank of Canada cautious.

In the United States, disinflation is progressing, but resilient consumer spending complicates the policy path.

Europe continues to normalize at a measured pace, balancing modest growth with persistent trade frictions.

The United Kingdom is seeing inflation cool faster than activity improves.

In China, exports remain a pillar despite weak domestic demand.

Silver, meanwhile, stood out as the commodity of the month, lifted by industrial demand and tighter supply dynamics.