Agricultural consultancy SovEcon has raised its forecast for Russian wheat exports for the 2025-26 marketing season, boosting the figure by 0.4 million metric tons (MMT) to a commanding 44.6 MMT. 

The revision comes as a direct result of the consistently robust pace of wheat shipments from the world’s largest wheat exporter, SovEcon said in its latest update. 

This increased export capacity signals a significant supply presence in the global grain market and underscores the resilience of Russia’s wheat supply chain. 

Strong monthly export performance

The upward adjustment is closely watched by international grain traders and importing nations, as Russia’s export volume is a critical factor influencing global wheat prices and supply dynamics.

Russia has maintained a strong pace of wheat exports in recent months, with estimates indicating a significant year-over-year increase in December shipments. 

SovEcon projects Russian wheat exports for December at 4.2 MMT, which is a notable rise from 3.4 MMT a year ago, although it remains just under the 2017 record of 4.3 MMT. 

This trend follows extremely strong performance in the preceding months. November exports reached a record-breaking 5.1 MMT, up substantially from 4.1 MMT in the previous year. 

Similarly, October saw high volumes, with shipments hitting 5.5 MMT, narrowly missing last year’s record of 5.6 MMT. Overall, these figures highlight Russia’s consistent and robust role as a major global wheat exporter.

Key importers re-engage

Importer demand for Russian wheat is currently robust, sustaining historically high shipment volumes in recent months. 

This consistent demand highlighted the competitive pricing and reliable supply offered by Russia in the global grain market. 

Notably, key buyers who had paused their purchasing activities, such as Egypt and Saudi Arabia, in anticipation of future price drops, have now re-entered the market, SovEcon said. 

This renewed engagement from major importers underscores a broader acceptance of current pricing levels and a need to secure essential wheat supplies, further solidifying Russia’s dominant position as a global wheat exporter.

Market conditions are currently providing a favourable environment for exporters, the agricultural consultancy said. 

Improved profitability from price divergence

A key driver is the divergence between domestic and international pricing.

Specifically, domestic prices for the commodity are continuing a trend of easing, or becoming lower. 

In contrast, export prices are remaining stable and robust, holding firm at around $230 per ton Free On Board (FOB). This shift in the pricing structure has led to a significant change in exporter profitability. 

Margins, which were previously in negative territory, have now “flipped” to a slightly positive position, equating to a few dollars per ton. This indicates a modest but welcome improvement in the financial viability of export operations.

“Russia’s export campaign started slowly this season but has accelerated to near-record levels,” Andrey Sizov, managing director at SovEcon, said in the update. 

We do not rule out further upward revisions to the export forecast, though slow farmer selling and a strong ruble remain key headwinds.

Meanwhile, the US Department of Agriculture’s December forecast for Russian grain exports remained consistent, with wheat exports holding steady at 44.0 MMT. 

Similarly, the forecasts for barley and corn exports were unchanged at 3.5 MMT and 3.0 MMT, respectively.

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Russia’s pipeline gas exports to Europe plummeted by 44% in 2025, reaching their lowest level since the mid-1970s, driven by the closure of the Ukrainian route and the European Union’s ongoing phase-out of Russian fossil fuel imports, Reuters calculations showed on Tuesday.

The European Union has made a firm declaration that it intends to completely halt the importation of natural gas from Russia by the close of 2027.

This ambitious commitment is a cornerstone of a broader strategic effort designed to achieve two primary objectives. 

Firstly, the move is critical to overcoming the bloc’s historical and substantial energy dependency on Russia, a reliance that has been exposed as a significant geopolitical vulnerability. 

Secondly, and with direct bearing on the current conflict, the cessation of gas imports is intended to withhold substantial revenue streams that could otherwise be used to finance Russia’s ongoing military campaign in Ukraine. 

EU’s policy shift

This policy shift is a major element of the EU’s wider response to the war, seeking to exert economic pressure while simultaneously bolstering the Union’s energy security and accelerating its transition to alternative energy sources. 

The 2027 deadline provides a challenging but achievable timeframe for Member States to diversify their energy suppliers, invest in renewable energy infrastructure, and expand alternative fuel import capacity, such as Liquefied Natural Gas (LNG) terminals.

Europe was previously the primary source of budget revenues for Russia from oil and gas sales.

This was facilitated by pipelines that were constructed between the Soviet Union and Western Europe during the 1960s and 1970s.

In 2018-2019, Russia’s pipeline gas exports to Europe reached a high of over 175-180 billion cubic metres (bcm) annually. 

These exports generated tens of billions in revenue for Gazprom, a company in which the Russian state holds a controlling stake, and for the Russian state itself.

Ukraine declined to renew transit deal

However, this year, Gazprom delivered only 18 bcm of gas. This supply was exclusively sent via the TurkStream undersea pipeline, according to Reuters, which based its calculations on data from the European gas transmission group Entsog.

This was the lowest volume delivered since the early 1970s. 

In the early years of exporting gas from Siberia, the Soviet Union’s supplies to Europe significantly increased, according to Gazprom data.

Exports grew from 6.8 bcm in 1973 to 19.3 bcm in 1975.

TurkStream now serves as Europe’s sole remaining route for Russian gas transit.

This follows Ukraine’s decision not to renew its five-year transit agreement with Moscow, which lapsed on January 1.

In addition to Turkey, countries such as Serbia, Hungary, and Slovakia receive gas through the TurkStream pipeline.

Russia is the EU’s second-largest supplier of LNG after the US, which is exported to Europe via tankers.

Supplies to Europe via TurkStream saw a notable increase in December, reaching approximately 56 million cubic metres per day.

This represents a 12.9% rise compared to the same month the previous year and a 3% increase from the volumes recorded in November, according to the data.

Exports to Europe through TurkStream have seen an increase of approximately 7% this year, rising from 16.8 bcm in 2024, according to the data. 

When combined with the volumes transported via the Ukrainian route, total exports reached 32 bcm in 2024, marking a 13% increase compared to 2023.

Turkey receives approximately 20 bcm of gas annually from Gazprom.

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British renewable energy group Octopus Energy is moving closer to spinning out its artificial intelligence-driven software arm, Kraken Technologies, in a step that underlines how digital infrastructure is becoming central to the UK energy transition.

The proposed separation follows a major funding round that repositions Kraken as a standalone technology business rather than a support function within an energy supplier.

As utilities face growing pressure to modernise systems, manage volatile energy markets, and handle rising customer complexity, Kraken’s evolution reflects a broader shift where AI-powered platforms are reshaping how energy companies operate and scale.

Funding sets direction

The latest move follows a $1 billion first standalone funding round for Octopus, disclosed late Monday by Origin Energy, a major shareholder.

The transaction values the Octopus business at $8.65 billion and is designed to pave the way for Kraken’s separation by mid-2026.

Origin said the funding structure supports the spin-off process, allowing both businesses to pursue their own growth strategies with clearer capital allocation.

The round included participation from Daniel Sundheim’s hedge fund D1 Capital Partners, alongside an unnamed major Kraken customer.

Origin will also invest $140 million as part of the process, reinforcing its strategic interest in the technology platform. The funding is expected to support Kraken’s expansion, product development, and customer onboarding as it prepares to operate independently.

Ownership after separation

Once the spin-off is completed, Octopus Energy will retain a 13.7% stake in Kraken Technologies, while Origin’s ownership will stand at 22.7%.

The revised ownership structure is intended to balance independence with continuity, allowing Kraken to operate as a focused technology provider while maintaining ties to its original backers.

Origin said the transactions are designed to position both Octopus and Kraken for their next growth phase, supported by capital structures aligned to their respective business models.

The separation also reflects how energy groups are increasingly unlocking value by structurally separating technology platforms from supply operations.

For Octopus, this allows sharper focus on retail energy and renewables.

For Kraken, it opens the door to broader commercial partnerships across global utility markets.

Software at the core

Kraken supplies energy management software to utility companies, including EDF and E.ON.

Its platform supports functions such as billing, customer engagement, and operational optimisation.

According to Origin Energy, Kraken’s contracted annual recurring revenue has more than doubled over the past 18 months, signalling accelerating demand from utilities seeking scalable digital solutions.

Customer growth has been a central theme.

Origin chief executive Frank Calabria said the signing of a major new customer has brought Kraken closer to its target of managing 100 million customer accounts, and that progress toward this target is ahead of plan.

This scale positions Kraken among the largest dedicated energy software platforms globally.

Strategic implications

The planned mid-2026 separation places Kraken at the intersection of AI adoption and the UK’s energy transition.

As grids decentralise and customer data volumes expand, software platforms capable of managing complexity are becoming critical infrastructure.

By advancing the spin-off, Octopus is signalling that AI-led energy software is no longer a secondary function but a standalone growth engine with global relevance.

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Berkshire Hathaway (BRK.B) remains in focus as markets brace for the most significant transition in corporate history.

Legendary investor Warren Buffett steps down as the conglomerate’s chief executive following a remarkable 60-year tenure at the end of this year, with Greg Able taking over officially on Jan. 1

Investors are watching closely as Abel attempts to balance continuity with change, and Wall Street analysts have already started outlining what they believe he must deliver to reassure shareholders and chart Berkshire’s next chapter. 

Establish his own identity and focus on earnings growth

According to Bill Stone, the chief of investments at Glenview Trust, Abel must not try to replicate Buffett’s persona.

“Don’t try to be Warren Buffett,” he cautioned, adding his credibility will come not from imitating the influential investor but from demonstrating operational discipline.

This would involve boosting operating earnings, tightening capital allocation, and reducing shares outstanding to improve per-share value.

Street expects Abel to seize opportunities decisively when market dislocations arise – positioning Berkshire Hathaway to capitalize on volatility.

By carving out his own leadership style while maintaining Buffett’s ethos of prudence, Greg Abel can reassure investors that the firm’s profitability engine remains intact under new stewardship.

Show conviction through personal investment in BRK.B

Boyar Research believes Abel must visibly align his personal wealth with Berkshire’s future.

“Buy an extremely large amount of Berkshire stock personally and really put his money where his mouth is,” the firm’s senior expert, Jonathan Boyar, told Yahoo Finance in a recent interview.

Abel already owns shares valued at some $171 million, but most were purchased during Buffett’s tenure. Wall Street sees a fresh, sizable investment as a symbolic gesture that could bolster investor sentiment.

Such a move will signal Abel’s confidence in Berkshire’s trajectory, helping offset concerns about losing the “Buffett premium.”

In an era where executive alignment matters, Abel’s willingness to deepen his stake could prove pivotal in winning over skeptical shareholders.

Tighten management oversight and unlock hidden efficiencies

Unlike Buffett, who famously allowed subsidiaries wide autonomy, Greg Abel is expected to favor greater oversight.

Boyar suggests there is “a lot of fat to cut” across Berkshire’s sprawling empire, with potential for consolidations and efficiency gains.

Analysts believe Abel’s managerial rigor could enhance profitability in ways Buffett deliberately avoided, preferring decentralization.

This may involve streamlining divisions, modernizing operations, and sharpening accountability across Berkshire’s diverse portfolio.

While Buffett was celebrated as the greatest capital allocator, he was not regarded as the most hands‑on manager.

Greg Abel’s ability to introduce discipline without stifling entrepreneurial spirit will be critical in proving that Berkshire Hathaway can thrive under a more structured leadership model.

Heading into 2026, Wall Street firms have a consensus “hold” rating only on BRK.B.

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India’s small-cap stocks had a year to forget in 2025. 

Even though India’s large caps managed to put up a decent showing, the small caps suffered after a strong run in the last 2 years.

High valuations, earnings misses added to its woes.

Most of the stocks are trading below their 52-week highs as well.

Can small-cap investors shake off its underperformance and stage a comeback in 2026?

Analysts suggest stock picking as opposed to passive index investing and to look for fundamentally strong and undervalued stocks.

Smallcap’s underperformance 

While India’s benchmark index, Nifty 50, underperformed its Asian counterparts, it still logged a 10% gain in 2025. 

Whereas, the Nifty Small Cap 100 index had a 7% decline in 2025, making its worst performance in 3 years after a 14% decline in 2022.

India’s small-cap stocks have rewarded investors handsomely in the last 2 years, with a 47% return in 2023 and 25% in 2024, respectively. 

The valuations of the smallcap stocks surged after their strong run, and the stocks were set for disappointment as earnings didn’t catch up to the expectations in the recent quarter. 

Earnings miss and overvaluation

Motilal Oswal said almost 40% of the small-cap stocks failed to meet their earnings expectations in the second quarter of FY26. 

The firm said small caps saw 5% fall in their earnings growth from the previous year, compared to 3% growth expectations. 

According to JM Financials, 32% of the small-cap companies under its coverage underperformed its earnings forecast in Q2FY26. 

This earnings miss, compounded with high valuations, led to the underperformance of the high beta stocks. 

According to the data by OmniScience Capital Advisors, small-cap stocks are expected to post earnings growth of 11.7% two-year forward earnings growth.

However, the index is trading at a multiple of 29.5 times P/E. 

“At this combination of growth and valuation, small-cap stocks appear overvalued relative to their fundamentals.”, the report added. 

OmniScience’s report also points out that 63% of the companies within the smallcap segment, which represents around Rs 28 lakh crore, are overvalued. 

Analysts also attribute profit booking in the small-cap segment. 

Kranthi Bathini, Director – Equity Strategy, WealthMills Securities, said, 

“The small caps are high beta in nature. In the last 18 months, contrary to the popular view, mid and small caps have outperformed the largecaps. Now, at the fag end of the year, the large cap started outperforming, whereas the mid cap and small cap witnessed profit booking. Various reasons can be attributed. One is valuation concerns. The large-cap seems to be fairly valued compared to the mid and small caps. The margin of safety is very high in large caps than in the mid and small caps.”

Stocks trading below their highs

87% of the stocks in the Nifty small cap index is trading more than 10% below their 52-week highs, according to data from Trendlyne. 

Among these, 36% are trading 30% below their 52-week highs.

Major companies in the index that have surged in the 2023-24 rallies have come crashing down in 2025.

Companies like Reliance Power, Ola Electric, Tejas Networks, and Whirlpool of India were trading more than 50% below their 52-week highs. 

Reliance Power, which gained 194% in 2023 and 202,4 fell by 11% in 2025. 

A similar thing happened to Tejas Networks with a 95% rally in 2 years and a 61% decline in 2025.

India’s retail investors have high ownership in some of these stocks, according to shareholders’ data. 

Public shareholders own 58% of the free float in Reliance Power, and 48% own Ola Electric as per the shareholding data till September 2025. 

The retail investors have burned their hands after entering these stocks after witnessing their huge rallies. 

Analysts advise bottom-up stock picking for smallcaps 

Although most of the small-cap stocks have underperformed, analysts see opportunities for investors who analyse and pick individual stocks rather than investing in the index.

Bathini has said he will look at stock-specific picks among the smallcaps for 2026.

OmniScience Capital, in its report, said that 36.3% of the stocks in the small-cap sector, which represents Rs 16 lakh crore, are fair or undervalued.

Adding to this, the report adds that around 230 companies outside the top 250 companies are also undervalued according to their assessment. 

The firm says that these pockets “offer ample opportunities for active investors to generate alpha.”

What should small-cap investors do?

Apart from active stock picking, experts also said investors should clean up their portfolio of underperforming and overpriced stocks. 

Vikas Gupta, CEO and Chief Investment Strategist of OmniScience Capital, said, “It wouldn’t make sense to sell at the bottom. But, if you have small-cap stocks that are above 50 P/E and you are not confident that they can maintain the growth rate, then you can sell and get out of it.”

Gupta adds that investors shouldn’t worry about the sunk cost fallacy.

“Don’t look at it in a way that you bought it at Rs 100 and it went to Rs 150, now it’s Rs 60. It doesn’t matter. Look at the current or forward-looking P/E, and if it’s above 50, you should sell out.  You are not going to make that much money.”

However, he adds that if a stock is currently available at 20 P/E and you are expecting a 15% growth rate, then it’s better to hold or add positions to it. 

“When you are reassessing, first look at the fundamentals before deciding to keep it. You have to clear out highly leveraged companies, low ROE companies, low growth companies, and overvalued companies from your portfolio. You have to sell them and accept the losses.” Gupta said. 

As India’s small-cap stocks had a year to forget, investors should look to find undervalued and fundamentally sound stocks for 2026.

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The Hang Seng Index had a good performance in 2025 as it jumped by 30%, outperforming other top global indices like the S&P 500, Dow Jones, and the Nasdaq 100 Index. It was trading at $25,935 on Monday, up by ~40% from its lowest level in April. This article explores some of the top reasons behind the rally and the top gainers.

Why the Hang Seng Index soared in 2025

The Hang Seng Index, which tracks the biggest companies in China, did well in 2025. First, the rally was because of the ongoing performance in the global equities market, with most indices being in the green. This includes popular indices like the German DAX, the Nasdaq 100, and the TSX Composite. 

Second, the index jumped after Donald Trump announced a trade deal with China in his bid to secure rare earth materials. He slashed tariffs from over 100% to the current 15%. 

Additionally, the index benefited from the artificial intelligence trade experienced this year. That is important as the index is made up of some of the biggest companies in the AI industry, like Tencent and Alibaba. 

The Chinese economy continued doing well, with analysts expecting it to hit the important milestone of 5%. One sign that this will happen is the soaring copper price, which hit a record high of $13,000. Copper is widely seen as the barometer for the global economy. 

Top gainers in the Hang Seng in 2025

Most companies in the Hang Seng Index did well this year. China Hongqiao Group stock jumped by 181% this year and was the best-performing company in the index. This increase brought its ten-year gains to over 653% as demand for aluminium continued soaring. This is notable as it is one of the biggest players in the aluminium index.

Zijin Mining Group stock price jumped by 154% this year as the copper and gold prices continued their bull run. Gold more than doubled and moved above the key resistance level at $4,50. Silver price is nearing $80, while other metals it mines continue rising. 

SMIC, one of the biggest chip manufacturing companies in China, soared by 126% this year as the artificial intelligence boom accelerated. It has jumped by over 800% in the last decade. 

Meanwhile, the Pop Mart stock price jumped by 126%, helped by the ongoing labubu craze. However, the stock has plunged by 22% in the last three months as concerns about its demand remained. 

The other top gainers in the Hang Seng Index were companies like Innovent Biologics, Hansoh Pharmaceutical Group, JD Health, and Sino Biopharmaceutical Group. 

Some key companies in the index did well. For example, Alibaba jumped by over 78% as the company’s turnaround strategy accelerated. HSBC stock soared because of the ongoing boom in the banking sector, and as its turnaround continued. Hang Seng Bank also jumped after being acquired by HSBC. 

There were some notable laggards in the Hang Seng Index this year. Meituan’s stock price plunged by 30% this year as the price war with Alibaba and JD accelerated. Li Auto and BYD stocks dropped by double digits as concerns about the Chinese electric vehicle (EV) remained.

Investors are concerned that these companies will see waning demand after many Chinese provinces started to end the subsidies. As such, market participants worry that the companies will see slow growth during the year.

The other top laggards in the Hang Seng Index were Zhongsheng Group, JD.com, New Oriental, China Mengniu Dairy, Longfor Group, and JD Logistics.

READ MORE: Top reasons why the Hang Seng Index may surge in 2025

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The Nikkei 225 Index did well this year, rising from a low of ¥31,145 in April to a record high of ¥52,590. It rose by nearly 30% this year, outperforming most global indices like the S&P 500, FTSE 100, and the German DAX. 

Why the Nikkei 225 Index soared

The Nikkei 225 Index surged this year, even as the Bank of Japan maintained its hawkish tone and Japan bond yields soared to the highest level in decades. Data shows that the ten-year bond yield jumped to a multi-year high of 2.10%, while the five-year soared to 1.54%.

The index jumped because of the ongoing artificial intelligence boom, which benefited some of the biggest players in the industry, like Advantest and Softbank.

Additionally, it jumped because of the falling Japanese yen, which continued its freefall during the year. The USD/JPY exchange rate rose from a low of 139.87 in April to a high of 157.83.

A weaker Japanese yen benefits the Nikkei 225 Index by helping its biggest exporters, including automakers like Toyota, Mazda, and Honda. Other large industrial companies like Hitachi and Mitsubishi Electric also benefited.

Meanwhile, like other indices, the Nikkei Index jumped after Donald Trump signed a trade agreement with Japan, which reduced tariffs for goods from the country. This deal brought the levies to 15%, down from over 30%, with Japan promising to invest billions of dollars in the United States.

Top gainers and laggards in 2025

Most companies in the Nikkei 225 Index did well this year. Sumitomo Dainippon, a giant player in the pharmaceutical industry, soared by 311% this year, bringing its market capitalization to over $4.35 billion. This surge happened as the company made progress on its pipeline and as the turnaround gained steam.

Mitsui Mining & Smelting stock price jumped by 286% this year, with its valuation hitting over $7 billion. This surge happened as commodity prices continued soaring, with gold, silver, and copper gaining momentum. The jump benefited this company as it provides engineered materials used in the mining industry.

Fujikura share price soared by 173%, with its valuation jumping to $36 billion as demand for its technology products rose. Advantest, a top player in the semiconductor industry, rose by 116%, while Sumitomo Electric rose by 123%.

Japanese bank stocks also did well as the Bank of Japan (BoJ) hiked interest rates during the year. Shizuoka Bank stock rose by 90%, while Concordia Financial, Mizuho, Chiba Bank, and Sumitomo Mitsui Financial jumped by double digits during the year.

Meanwhile, Softbank’s stock price jumped by 90% this year. Recently, however, the stock has dropped by over 35% this year as concerns about the AI bubble have remained.

On the other hand, the top laggards in the Nikkei 225 Index in 2025 were companies like Itochu, KDDI, Bridgestone, Daiichi Sankyo, and Recruit Holdings, which dropped by over 20%.

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Asian markets began the week on a strong footing, buoyed by expectations of easier US monetary policy next year, while precious metals pulled back after a sharp rally.

At the same time, geopolitical tensions resurfaced in East Asia as China announced large-scale military drills around Taiwan.

In crypto markets, Bitcoin staged a notable rebound, climbing back above the $90,000 mark, though uncertainty over the broader macro backdrop continues to cloud its outlook.

Asian markets advance on rate-cut expectations

Asian equities pushed higher on Monday, with MSCI’s broadest Asia-Pacific index rising 0.40% to its highest level since early October.

The index has gained more than 25% this year, driven largely by technology stocks as enthusiasm around artificial intelligence remained strong into year-end.

South Korea’s Kospi jumped 1.87% to a near two-month high, taking its annual gains to about 75%, its strongest performance since 1999.

Taiwan’s benchmark index rose 0.8% to a record high, while Japan’s Nikkei slipped 0.3%.

Markets were supported by expectations that the US Federal Reserve would continue cutting interest rates next year.

The dollar hovered near its lowest level in almost three months, with the dollar index down slightly on the day and on track for a near 10% decline for the year, its steepest drop since 2017.

Investor attention during the holiday-shortened week is expected to focus on the minutes from the Fed’s most recent policy meeting, due Tuesday.

The central bank cut rates earlier this month and projected just one more cut next year, even as traders continue to price in at least two.

Precious metals pull back after parabolic rally

Precious metals retreated on Monday after a powerful rally earlier in the session and over the year.

Silver briefly surged above $80 per ounce for the first time before sliding sharply in volatile trading.

Spot silver later fell 1.3% to $78.12 per ounce, after touching an all-time high of $83.62.

Gold eased as well, slipping about 0.4% to $4,512.74 per ounce after hitting a record high of $4,549.71 on Friday.

Platinum and palladium also pulled back after reaching all-time highs, with palladium dropping as much as 8%.

Analysts said profit-taking and easing geopolitical tensions weighed on prices.

Charu Chanana, chief investment strategist at Saxo, said in a Reuters report that precious metals have been lifted this year by rate-cut expectations, supply concerns, and hedging against geopolitical and fiscal uncertainty, but warned that the late-year surge has increased volatility risks.

Despite the pullback, the broader outlook remains supportive.

Silver has surged 181% year-to-date, while gold is up around 72% in 2025, aided by expectations of lower rates, central bank demand, and diversification away from the dollar.

China announces large-scale drills around Taiwan

Geopolitical risks returned to focus after China announced it would conduct live-fire military drills around Taiwan on December 30.

The exercises, dubbed “Justice Mission 2025,” will involve the People’s Liberation Army’s Eastern Theater Command and include army, navy, and air force units.

Beijing said the drills are intended to test its ability to carry out precision strikes against key targets.

Taiwan responded by calling on China to halt what it described as irresponsible provocations, while placing its own forces on high alert.

Bitcoin rebounds above $90,000

Bitcoin showed renewed strength on Monday, surging past $90,000 after weeks of pressure.

The cryptocurrency found support above $85,500 and climbed above $88,000 before reaching an intraday high of $90,143, according to TradingView data.

The move brought Bitcoin close to the Fibonacci retracement level near $90,883.

The price is now trading above $90,038 and its 100-hourly simple moving average, a short-term positive signal.

Upside targets are seen around $90,200 and $90,500, with further resistance near $91,500 and $92,000.

However, downside risks remain. Immediate support lies at $88,000, followed by $87,250 and $86,500.

Bitcoin continues to trade below its 365-day moving average, a key long-term indicator, and faces year-end pressure.

Unless it rises more than 3.5% above its yearly open of about $93,374, Bitcoin is set to close the year in the red.

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The Edinburgh Worldwide Investment Trust (EWIT) has generated a near 950% return on its long-held investment in Elon Musk’s Space Exploration Technologies, better known as SpaceX, underscoring one of the most successful private-market bets in its portfolio.

The investment has also become a focal point in a growing dispute with the trust’s largest shareholder, activist hedge fund Saba Capital.

A speculative bet that paid off

EWIT, a closed-end investment trust managed by Baillie Gifford, first invested in SpaceX in 2018.

At the time, the position was considered an early-stage and speculative bet, according to Jonathan Simpson-Dent, chair of the trust.

Much of the conviction came from EWIT’s portfolio management team, backed by what Simpson-Dent described as a “massively supportive” board.

The trust’s familiarity with Musk’s track record, particularly through its early investment in Tesla, played a key role in shaping confidence in SpaceX’s long-term potential.

Simpson-Dent said Tesla had generated “disproportionate returns” for EWIT shareholders over the past decade, helping reinforce the belief that SpaceX could follow a similarly transformational path.

As SpaceX expanded its launch capabilities and the Starlink satellite network gained traction across multiple end markets, EWIT continued to strengthen its position over several years.

In a recent update, the trust said its SpaceX holding has generated an absolute return of 947%, making it EWIT’s largest investment.

Portfolio discipline and trimming the position

SpaceX now accounts for around 16% of EWIT’s overall portfolio, which totals approximately £847.15 million ($1.14 billion) in assets.

The position is more than double the size of the trust’s next-largest holding.

Recently, EWIT trimmed its exposure to SpaceX, selling roughly one-third of its stake, while keeping it as the trust’s biggest investment.

Simpson-Dent said the decision was driven by portfolio discipline rather than a loss of conviction.

EWIT’s investment guidelines allow around 25% of the portfolio to be held in unlisted assets, a threshold that can naturally rise as valuations increase.

However, Simpson-Dent noted that when the unlisted portion grows closer to 30%, it reduces the flexibility to invest in other private companies.

Trimming the SpaceX stake was intended to manage concentration risk and preserve “dry powder” for future opportunities, while maintaining significant exposure to the business.

Activist pressure and boardroom tensions

The sale has intensified a long-running dispute between EWIT and Saba Capital, a New York-based hedge fund that holds roughly 30% of the trust.

Saba founder Boaz Weinstein publicly criticized the decision, questioning the price at which EWIT sold part of what he described as its “crown jewel,” amid speculation over SpaceX’s potential valuation.

Simpson-Dent explained that SpaceX periodically conducts employee tender offers, providing opportunities for shareholders like EWIT to reduce positions while remaining invested.

Despite this, Saba has accused EWIT of value destruction and has called for significant governance changes.

Saba has secured a general meeting scheduled for January 26, where it plans to propose removing EWIT’s current board and replacing it with three nominees of its own.

EWIT has urged shareholders to vote against the proposal, arguing that its approach balances long-term conviction with prudent risk management.

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South Korean e-commerce giant Coupang has announced a compensation package worth 1.69 trillion won ($1.17 billion) for millions of users affected by a major data breach disclosed last month.

The move marks one of the largest customer compensation efforts following a cybersecurity incident in South Korea and comes amid regulatory scrutiny and leadership upheaval at the company.

Compensation plan for affected users

Coupang said on Monday that it will provide purchase vouchers worth up to 50,000 won to customers whose personal information was compromised in the breach.

The vouchers will be applicable across several Coupang services, including its core retail platform, food delivery, travel offerings, and luxury beauty platform R.LUX.

According to the company, the compensation will cover approximately 33.7 million to 34 million users, including former customers who closed their accounts after the breach was made public.

Eligible users will be able to check their status starting Jan. 15.

The company described the compensation as a measure to address customer concerns following what has been described as South Korea’s largest-ever data breach.

Interim CEO Harold Rogers said the move reflected Coupang’s responsibility toward its users.

“I once again deeply apologize to our customers,” Rogers said, adding that the company would “fulfill its responsibilities to the end.”

Apologies and leadership fallout

The announcement follows a series of public apologies from Coupang’s leadership.

Founder and chairman Bom Kim issued an apology a day earlier, saying he was “devastated” by the disappointment experienced by customers.

Kim acknowledged that the company failed to communicate clearly in the early stages of the incident and said his public apology had come too late.

Kim explained that he initially believed it was best to speak publicly only after all facts surrounding the breach were confirmed.

“In retrospect, this was a poor judgment,” he said, adding that the situation had weighed heavily on him since learning of the breach.

The data breach, which was revealed on Nov. 18, has already led to significant leadership changes.

CEO Park Dae-jun resigned earlier this month following the disclosure.

Both Kim and Park also failed to appear at a parliamentary hearing related to the breach, drawing criticism as the incident disrupted the lives of millions across the country.

Investigation findings and regulatory scrutiny

Coupang has said it is cooperating with authorities and that it has recovered all leaked customer information through collaboration with the government.

The company stated that it identified a former employee who allegedly accessed personal data from around 33 million accounts.

According to Coupang, data from approximately 3,000 accounts was found stored on the suspect’s computer.

Kim said the company’s investigation indicated that the information was not distributed or sold externally.

Storage devices belonging to the suspect have also been recovered, the company added.

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