Merryn Talks Money FTSE 100 Hits 10,000 as Defence, Commodities and Gold Lead Market Themes
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Jan 9, 2026 The hosts celebrate the FTSE 100 closing above 10,000 and ponder its future stability. They delve into investment themes for 2025, emphasizing the influence of geopolitical tensions on defence, commodities, and precious metals. The discussion touches on the impact of recent geopolitical events on market performance and sparks lively debate about the US tech sector's potential pullback. With rising interest in a new commodity cycle, they explore the implications of AI adoption on productivity and employment, all while considering the broader political landscape.
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Favor Globally Exposed Sectors
- Consider exposure to sectors insulated from domestic UK weakness, like globally oriented miners and defence firms.
- Look for assets that benefit from falling interest rates or structural global demand rather than purely domestic cyclicality.
Markets Price A Less Globalized World
- Markets are adapting to a world less reliant on a rules-based global order and that shifts capital toward defensive sectors.
- Historical shocks leave lasting market effects unless property rights are threatened, so investors price longer-term structural changes.
Not All Geopolitics Moves Markets Fast
- Geopolitical events don't always trigger immediate market moves unless they quickly affect economies or energy prices.
- Venezuela's turmoil so far lacks short-term market impact, though it shifts strategic thinking about commodities.