The final quarter of the year once again demonstrated the immense impact of US politics on global financial markets. In just three months, European equity investors could have achieved an additional return of almost 15% by investing across the Atlantic, with half of the difference stemming from the appreciation of the greenback against the euro.

The European automobile market has hit a roadblock. Once a symbol of post-war prosperity and innovation, the sector now finds itself in a state of stagnation. New light vehicle registrations are stubbornly 4 million units below pre-pandemic levels, and the anticipated recovery seems elusive.

From a macro perspective, there are three important prices in the world: The oil price, the US 10-year rates, and the US dollar. All three of these prices are dependent on the policy decisions of the new US administration to be set in early 2025.