Markets Hold Near Records as Gold and Silver Surge Into Year-End | The Integrity Ledger

Welcome to The Integrity Ledger — Markets hover near records while gold surges, crypto braces for volatility, and corruption cases reshape global power. Beneath the holiday calm, money is moving, risks are rising, and 2026 is quietly being priced in.

On December 26, major U.S. stock indexes traded near record highs during muted post-Christmas sessions, driven by resilient economic data and expectations of Federal Reserve rate cuts in 2026. The S&P 500, Dow Jones, and Nasdaq all showed slight gains, positioning for a third consecutive year of double-digit returns. Meanwhile, precious metals surged, with silver reaching a record $75.62 per ounce on a 161% annual rise and gold climbing to $4,544 per ounce amid supply deficits and geopolitical tensions.

Investors can expect ongoing volatility as markets digest potential Fed leadership changes and rate-cut timing. The continued strength in precious metals highlights their role as safe havens amid geopolitical uncertainty and currency fluctuations, while cautious optimism in equities suggests broadening sector participation beyond technology stocks.

Channel News Asia

Wall Street indexes hovered near all-time highs during light post-Christmas trading as investors anticipate further interest rate cuts and strong corporate earnings. The S&P 500 reached a record intraday peak near 7,000 points, supported by optimism for AI-driven productivity gains expected in 2026. Analysts forecast a 15.5% profit increase for S&P 500 companies in 2026, up from 13.2% in 2025.

The sustained market recovery signals growing investor confidence in a dovish Federal Reserve transition and AI innovation. Businesses and investors should monitor Q4 earnings carefully as 2026 becomes a critical test for AI-related productivity and margin improvements.

The Economic Times

Coforge announced it will acquire AI-driven digital engineering firm Encora for $2.35 billion, significantly bolstering its AI-led services and North American presence by 50%. The deal values Encora’s equity at $1.89 billion, funded through preference shares granting Encora’s shareholders 20% ownership in Coforge, with remaining payments via bridge loan or qualified institutional placement. Post-acquisition, combined revenue is expected to reach $2 billion by FY27 with a 14% EBIT margin.

This acquisition positions Coforge as a $2.5 billion technology services leader with expanded capabilities in AI, Cloud, and Data engineering, enhancing its footprint in key sectors like healthcare and high-tech. Investors and clients can anticipate accelerated growth in North America and improved nearshore delivery via added talent in Latin America. The completion depends on regulatory and shareholder approvals over the next four to six months.

Business News India

Bitcoin trades at $87,279.53, down 1.1%, as a massive $23 billion Bitcoin options expiry today threatens heightened volatility amid thin holiday trading. JPMorgan's consideration of institutional crypto trading marks a notable shift toward digital asset acceptance, providing underlying bullish sentiment despite short-term pressures.

Traders should anticipate increased price swings due to the options expiry and adjust risk management accordingly, especially with reduced liquidity over the holidays. JPMorgan's potential market entry signals growing institutional demand, which could support Bitcoin's longer-term price recovery and wider adoption.

Blockchain News

The Generation Essentials Group (TGE), a subsidiary of AMTD Digital Inc., has executed the sale and purchase agreement to acquire the Hilton Garden Inn New York City Tribeca. The property, featuring 151 rooms, a fitness center, and 5,000 square feet of retail space, is located at 39 6th Ave, New York, NY. TGE has made an irrevocable deposit and plans to close the acquisition within two months.

This acquisition expands TGE's hospitality portfolio, enhancing its footprint in the New York City market. It reflects AMTD Group's strategic diversification into premium assets and hospitality sectors, potentially increasing shareholder value and operational scale.

Benzinga

VCI Global Limited announced plans to launch a proprietary Real-World Asset (RWA) Exchange in 2026, designed to institutionalize tokenization and secondary trading of assets across precious metals, ESG projects, real estate, infrastructure, and digital tokens. The regulated, blockchain-verified marketplace will leverage partnerships including a US$200 million gold-backed stablecoin initiative and integrate with the Oobit-Tether payment infrastructure to ensure liquidity and instant settlement.

This initiative positions VCI Global at the forefront of digital asset digitization, addressing investor demand for transparency and liquidity in traditionally illiquid markets. By combining tokenization with established digital payment rails, the platform could accelerate institutional adoption of multi-sector tokenized assets, enhancing governance and scalability in global capital markets.

Benzinga

Security researchers from Cyble Research and Intelligence Labs have uncovered a large-scale phishing campaign impersonating official Indian Regional Transport Office e-Challan services. The scam uses over 36 fake domains and browser-based deception to steal banking and card details, leveraging SMS messages that falsely warn of unpaid traffic fines to lure victims.

This evolving threat underscores the shift from malware to browser-based fraud, lowering barriers for attackers and increasing victim vulnerability. Vehicle owners should verify fines only on official portals and avoid clicking unsolicited links to prevent financial loss. Organizations must enhance detection and user education as the phishing network targets multiple sectors with sophisticated tactics.

ABP News

YY Group Holding Limited reported a 33.7% increase in revenue to US$25.8 million for the first half of 2025, driven by expansion in manpower and integrated facilities management (IFM) services. Gross profit surged 79.5% to US$4.3 million, improving margins to 16.6%, while total assets nearly tripled to US$44 million, reflecting enhanced financial flexibility. Despite an operating loss of US$7.7 million due to share-based compensation and asset impairments, underlying operations remained stable.

YY Group's global expansion and acquisition strategy positions it for accelerated growth in workforce and facilities management sectors. Improved margins and increased scale signal potential for future profitability as operational efficiencies and market presence strengthen. Investors should monitor the company’s ability to leverage technology and new markets to sustain momentum.

Benzinga

Former Malaysian Prime Minister Najib Razak, 72, was sentenced to 15 years in prison and fined $3.3 billion after being convicted on multiple counts of abuse of power and money laundering linked to the 1MDB scandal. The High Court found Najib guilty of diverting over $700 million from the state fund into his personal accounts. The sentence will begin after Najib completes a prior term related to a separate 1MDB case.

The ruling marks a decisive stance against corruption in Malaysia’s political elite and underscores ongoing international scrutiny of the 1MDB scandal. Investors and policymakers should monitor potential ripple effects on Malaysia’s governance reforms and efforts to attract foreign investment. Najib’s extended incarceration also signals tougher penalties for political corruption in the region.

Los Angeles Times

Punjab National Bank has notified the Reserve Bank of India of a Rs 2,434 crore loan fraud involving former promoters of SREI Equipment Finance and SREI Infrastructure Finance. The two companies, with combined financial debt of Rs 32,700 crore, underwent resolution under the Insolvency and Bankruptcy Code and were acquired by National Asset Reconstruction Company Ltd in December 2023. PNB has fully provisioned for the entire outstanding amount.

The reported fraud underscores the risks in financing legacy NBFCs under distress and highlights stringent regulatory oversight following RBI's supersession of SREI's boards in 2021. Full provisioning by PNB mitigates immediate credit losses but signals ongoing challenges in recovering assets tied to legacy promoters.

The Economic Times

The Trump administration is pressuring European countries, including the EU and UK, to desist from regulating big tech firms by threatening trade investigations and possible tariff adjustments. This follows the EU fining Elon Musk's X platform $140 million for Digital Services Act violations, highlighting tension over digital trade rules and free speech approaches.

Dailykos

Keir Starmer is predicted to leave Downing Street by 2026 amid plummeting support and internal Labour party dissent. His government faces criticism for unpopular policies and economic struggles under Chancellor Rachel Reeves, risking damage to the UK before his tenure ends. Starmer’s shift away from Brexit support may further erode voter confidence.

Express

In Guinea's December 28 election, military leader General Mamady Doumbouya is poised to legitimize his rule after the 2021 coup, with key opposition figures barred from running. The election, involving about 6.7 million voters and backed by ECOWAS observers, comes amid hopes tied to mining projects like Simandou and ongoing controversies over justice and democratic progress.

Al Jazeera

Former Malaysian Prime Minister Najib Razak was sentenced to 15 years in prison and fined 13.5 million ringgit ($2.8 billion) for corruption linked to the 1MDB scandal. The High Court rejected his claims of innocence, confirming the funds originated from 1MDB, and the sentence will start after his current term ends. The case marks a major milestone in one of the world's largest financial scandals.

The Star

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— The Integrity Ledger Team