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• Date de création 07/01/2025
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In December 2024, the global economy maintained moderate momentum. Annual inflation continued to slow, supported by a gradual easing of pressures on wage costs, food and energy prices, as well as the lagged effect of recent monetary tightening on consumer prices. These developments, combined with a squeeze on profit margins, should mitigate the impact of inflationary pressures. The slowdown in international trade, exacerbated by the intensification of trade frictions between major economic powers, should continue to weigh on global growth. In addition, a more pronounced materialization of the lagged effects of restrictive monetary policies could accentuate this deceleration. However, a gradual recovery of the global economy is expected, driven by the increase in real incomes that would stimulate household consumption. The gradual easing of monetary constraints should also support a recovery in consumption and investment. Finally, rising global demand should support the recovery of exports, thereby helping to strengthen overall economic activity.

In the commodity market, we observed a continued decline in copper prices. On the other hand, cobalt prices remained frozen in December, showing no significant change from their closing level at the end of September 2024. On the other hand, crude oil prices showed mixed dynamics in the main reference markets (WTI rose by 4.49%, thanks to the economic recovery in China, while Brent declined slightly (-0.89%). On the other hand, gold prices experienced a downward trend, mainly due to the appreciation of the US dollar against reference currencies, which put pressure on demand for this precious metal.