January started the year with positive market sentiment as investors weighed continued economic stability against increased geopolitical risks. Stock markets performed strongly in Europe and Sweden, with the Stockholm Stock Exchange up +4.98 % and the EUROSTOXX 50 up +2.70 %, while the US performed more mutedly with the S&P 500 up +1.37 %, marked by sector rotation and higher volatility. The mood was supported by signals of a slow rate cut cycle, stabilising Swedish inflation and a weaker dollar, combined with generally strong corporate reports.