US manufacturing activity remained in contraction territory for the tenth consecutive month in December 2025, with the ISM index falling to 47.9, the lowest level in a year. A sharp drawdown in raw material inventories, weaker new orders, and sluggish exports were the main drivers, while input costs remained elevated. However, the rapid decline in customer inventories may signal a relative improvement in orders and production in the coming months, although trade uncertainty and tariffs continue to weigh on the sector.

The US government has set a series of strict conditions for Venezuela’s interim leadership, including the expulsion of forces linked to Iran and Cuba, combating drug trafficking, and restricting oil sales to Washington’s rivals. According to Politico, these conditions could affect the lifting of sanctions and the future of Venezuela’s oil industry, and may even limit global supplies of heavy crude. The US has also called for steps toward free elections, although no specific deadlines have been announced, and officials say Washington’s current aim is to assess the new leader’s intentions.

UK food inflation rose in December 2025 for the first time since August, reaching 3.3 percent. According to the British Retail Consortium, this pushed overall shop price inflation to 0.7 percent, while non food price inflation continued to decline. Weak consumer confidence led shoppers to seek cheaper options during the Christmas period, helping discount retailers such as Aldi and Lidl post record sales.