Financial markets got off to a good start this year, despite all the geopolitical turmoil. Stock markets in Asia and emerging markets played a starring role. US stocks lagged behind, and the dollar fell in value. European capital market interest rates also fell slightly.
January 2026 presented a positive picture for stock markets. Many stock markets even reached new record levels. For example, the Dutch AEX index broke through the 1,000-point barrier for the first time in history, and the US S&P 500 index briefly exceeded the 7,000-point barrier. It was striking that the Nasdaq index, which mainly comprises US technology shares, came close to the record high of late October 2025, but just failed to break through that level. At the end of January, most stock markets were back below their peak levels.
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