Automatic translation: Originally published in Finnish 12/10/2026, 04:27 GMT. Give feedback here.

Last week was a positive week on the US stock market, but a slight decline was seen on the Helsinki Stock Exchange, and the Stoxx 600 index ended up flat in Europe for the entire week. US stock indices set new records once again, while at the same time government bond yields rose to decades-high levels in an increasing number of developed economies.

The rise in stocks in the US is now almost entirely on the shoulders of the technology sector's narrow momentum. Elsewhere, inflation and interest rate pressures abound. The price of Brent crude oil remained above USD 100 per barrel as the standoff between the US and Iran continues. In addition, ahead of the November midterm elections, the US agreed with Russia on diesel deliveries of approximately 4.8 million tons and suspended sanctions on Russian diesel until April 2027. This is driven by the US domestic need to curb diesel prices as energy inventories dwindle. The decision caused particular confusion in Europe, and Ukrainian President Volodymyr Zelenskyy called it dishonest. Among the week's peculiarities was also the fact that chartering a supertanker for oil transport from the US to China cost already around USD 80 million according to Bloomberg, which is more than the launch of SpaceX's Falcon 9 rocket, reflecting a severe shortage in the supertanker market.

According to the Congressional Budget Office, meanwhile, the US federal budget deficit in the recently ended fiscal year was around USD 2,000 billion, or 6.2% of GDP. The deficit was large even though the economy is growing at a pace of 3–4% according to the Atlanta Fed's GDPNow model and the labor market remains strong. According to the Budget Office, interest expenses rose by 11% and are already the government's second-largest expenditure item. The deficits are expected to continue growing in the future, which in part creates pressure on long-term interest rates through supply.