26 January 2026 - Daily Market Updates

Markets Daily – Broad Market Update

Overview

Risk appetite softened to start the week as investors balanced haven demand with a busy slate of central bank meetings and corporate earnings. Precious metals rallied, natural gas spiked on extreme weather, the dollar eased, and Japanese equities underperformed following recent volatility in local rates.

Market snapshot (as of 05:11 am ET; levels subject to change)

Spot gold: 5084.96 (+1.95%)
NYMEX natural gas: 6.21 (+17.74%)
S&P 500 futures: 6928.5 (-0.25%)
Nikkei 225: 52885.25 (-1.79%)

What’s driving markets

Haven bid lifts gold: Bullion’s latest surge reflects a mix of softer dollar, ongoing geopolitical unease, and demand for portfolio hedges amid uncertain policy paths. Lower real yields and continued diversification flows from global reserve managers have also supported prices.
Energy price spike: US natural gas jumped on widespread cold weather, stronger heating demand, and pockets of supply disruption. The move puts utilities, independent gas producers, and weather‑sensitive industries in focus, while airlines monitor operational impacts.
Dollar retreats, yen firms: The greenback slipped for a third session as traders assessed interest‑rate differentials and potential policy signaling. The yen’s rebound keeps markets attentive to possible official measures to curb excessive FX volatility.
Equities tread carefully: US equity futures are slightly lower as investors await mega‑cap tech results and key policy decisions. In Asia, Japan lagged amid rate‑market swings; broader regional performance was mixed. European trade opened cautiously with defensive tilts evident.
Policy and politics: A US government funding deadline looms, adding another layer of near‑term uncertainty to the macro backdrop.

This week’s key events

Central banks: The Federal Reserve is widely expected to leave rates unchanged, with guidance on balance‑sheet policy and the path of cuts in focus. Other decisions and updates are due across Canada, Brazil, and parts of Asia and Europe.
Data watch: Global releases include measures of consumer confidence, manufacturing activity, inflation, labor conditions, trade, and orders. In the US, durable goods, jobless claims, producer prices, and regional manufacturing surveys will help refine growth and inflation narratives.
Earnings: A heavy reporting calendar spans technology, financials, industrials, and consumer sectors. Results and guidance from large‑cap platforms and payments networks will help set the tone for profit growth, capex, and AI‑related demand through mid‑year.

Asset class highlights

Commodities: Gold’s momentum underscores ongoing demand for hedges. The natural gas rally tightens winter margins and could add short‑term volatility to power markets. Industrial metals remain sensitive to AI‑driven demand expectations and China growth signals.
Currencies: A softer dollar aided commodities and select EM FX, while the yen’s strength and intervention watch dominated G10 headlines. FX volatility remains elevated into central bank meetings.
Rates: Sovereign curves are choppy as investors weigh policy paths against growth risks. Moves in Japanese government bonds continue to ripple across global duration, reinforcing the need to monitor cross‑market correlations.
Credit: Primary issuance remains active, with spreads broadly stable. Any sustained uptick in rates volatility or shutdown headlines could test risk appetite near‑term.

Sectors to watch

Precious metals miners on bullion strength.
Energy: natural gas‑levered producers and utilities; weather risk for airlines and logistics.
Technology and semiconductors ahead of major earnings.
Defense, aerospace, and industrials tied to order backlogs and supply‑chain normalization.
Consumer discretionary for signs of demand resilience into spring.

Risk considerations

Policy uncertainty around US funding and fiscal negotiations.
Rate‑sensitive volatility tied to central bank decisions and guidance.
Weather‑related disruptions affecting energy and transportation.
Geopolitical developments and FX intervention risk.

House view

With policy, earnings, and macro data colliding in a single week, expect higher‑than‑usual headline sensitivity. Many investors are emphasizing liquidity buffers, diversified hedges, and disciplined rebalancing while awaiting clearer signals on growth, inflation, and the timing of rate cuts.

Important information

This material is for informational purposes only and is not investment advice or a recommendation to buy or sell any security or strategy. Market prices and data are subject to change. Consider your financial circumstances and objectives before making investment decisions.

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