Key events
Hargreaves Lansdown’s shares to watch in 2026
“2025 has been a year of two halves for equity investors,” said Derren Nathan, head of equity research, Hargreaves Lansdown.
Overall, markets have held up well, but heading into 2026, global tensions and a mixed economic outlook mean there could be sharper share price swings next year.
The good news? Uncertain times can suit long‑term investors. Trying to call every short‑term turn rarely works. A better plan is to spread money across regions, sectors and asset types, rather than relying on one theme or one market.
For investors looking to diversify and strengthen their portfolios for the years ahead, we’ve shared three of our five shares to watch for 2026 and beyond, each with a unique thematic investment case.
Marks & Spencer goes into 2026 looking to rebuild after a tough year. A cyber‑attack hit online sales, mainly in Fashion, Home & Beauty, but bosses expect systems to be back to normal by spring. The Food division keeps winning customers, and if spending on digital and margins pays off, profits could bounce back.
Novo Nordisk had a rough 2025 as supply was tight, rivals pushed harder, and pricing came under pressure in diabetes and obesity care. Even so, demand is still huge. More factory capacity, stronger action against illegal copy drugs and the recent approval of its oral weight‑loss pill could lift confidence.
Nvidia remains a key name in the AI build‑out. Competition is rising, and some big buyers want more than one supplier, but the firm’s fast pace of new chips and strong position in advanced computing keep it central to big tech spending.
Introduction: Silver and other precious metals hit new peaks before falling back; oil price rises after Trump-Zelenskyy meeting
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
As the final trading week of the year gets under way, the rally in precious metals has continued – silver, platinum and palladium hit new all-time highs before falling back.
Asian stocks are mixed, while the dollar is hovering near a three-month low on expectations of more interest rate cuts from the US Federal Reserve next year.
Gold is down 1.3% this morning at $4,472 an ounce, but is on track for its biggest annual gain since 1979, with a rise of more than 70%.
Silver climbed above $80 an ounce for the first time on Monday, before falling back 3.3% to around $76 an ounce, amid profit-taking. It is up from $56 at the start of December, and just $29 an ounce at the start of 2025. The surge prompted a warning from Elon Musk that manufacturers could suffer the consequences.
Charu Chanana, chief investment strategist at Saxo Bank, said precious metals have been boosted this year by rate cut hopes and hedging against geopolitical and fiscal uncertainty. She told Reuters:
Add supply worries and the move has turned parabolic. But the late-year, near-vertical surge, especially in silver, also raises the risk of higher volatility.
In Asian stock markets, South Korea’s Kospi rose by 2.2% to a two-month peak and is on pace for its strongest annual gain since 1999, while the Taiwan exchange rose by 0.9%. Other markets fell slightly. MSCI’s broadest index of Asia-Pacific shares climbed by 0.2%. Most Asian markets have notched up double-digit gains this year despite Donald Trump’s global tariffs.
It remains to be seen whether the Santa rally, which pushed Wall Street stocks to record highs on Christmas Eve, reaches London, in this shortened trading week. European futures point to a slightly higher open and trading volumes are likely to remain thin as the Christmas holiday period continues. Markets are closed on Thursday for New Year’s Day.
Oil prices have risen by 1% amid Middle East tensions and the latest Ukraine peace talks. Unrest in the Middle East, including Saudi air strikes in Yemen and Iran’s declaration of a “full-scale war” with the US, Europe, and Israel, has triggered concerns of supply disruptions. Brent crude, the global benchmark, is trading 61 cents higher at $61.25 a barrel.
The US president said a deal to end the war in Ukraine is “closer than ever” but has admitted that “thorny” questions over the future of the eastern Donbas region have yet to be resolved, after a two-hour meeting on Sunday with Volodymyr Zelenskyy in Florida. Trump said a draft agreement to end the war was nearly “95% done”.
The Agenda
