28 January 2026 Daily Market Updates

Markets Daily: Global Risk Tone Mixed as Investors Await Central Bank Signals and Big Tech Earnings

Overview

Global markets are starting the week split between optimism in Asia and caution in Europe, while US equity futures edge higher ahead of a heavy earnings slate and a closely watched central bank decision. The dollar is firmer, gold continues to climb, and bond yields are steady in a tight range. Leadership remains concentrated in technology and AI-linked supply chains, with notable rotation toward semiconductor equipment and memory producers across Asia and Europe.

Market at a glance

US: Equity futures are modestly higher, led by tech and chips, with traders focused on results from mega-cap names and policy guidance from the central bank.
Europe: Benchmarks are softer amid uneven earnings updates; luxury and select consumer shares lag, while semiconductor suppliers outperform.
Asia: Hong Kong and South Korea led gains on strength in hardware, semis, and supply-chain beneficiaries; Japan was mixed, China steady-to-better on policy support signals.
FX: The dollar index is up, reflecting relative growth and rate differentials; the euro and yen are modestly weaker; commodity FX is mixed.
Rates: US Treasury yields are little changed across the curve ahead of today’s decision; volatility is subdued and the curve is broadly stable.
Commodities: Gold extends its advance as investors hedge policy and geopolitical risks; crude trades in a tight band, with OPEC+ dynamics and US supply holding prices range-bound; industrial metals are steady.

Key drivers today

Policy in focus: The Federal Reserve is widely expected to leave interest rates unchanged. Markets will parse the statement and press conference for clues on timing and pace of any eventual easing, balance-sheet runoff, and the assessment of growth and inflation risks. Traders are sensitive to any shift in the reaction function that could influence front-end rates and risk appetite.
Earnings heavyweights: Mega-cap tech and AI bellwethers report today and this week. Beyond the headline prints, investors want clarity on cloud demand, AI infrastructure spending, capital intensity, and monetization timelines. Guidance and capex plans will likely matter more than backward-looking results.
AI supply chain leadership: Robust order books at chip-equipment makers and strength in memory and storage continue to validate the capex cycle around AI infrastructure. This has supported outperformance in select European and Asian technology shares, even as US mega-cap valuations remain elevated.
Cross-asset positioning: With equities near highs and volatility low, positioning feels extended in favored themes. Month-end and central bank communications could catalyze rebalancing across equities, duration, and FX, particularly if guidance diverges from current market pricing.

Equities

United States: Futures point to a firmer open for the S&P 500 and Nasdaq. Pre-market tone is constructive in semiconductors and hardware, while software and communication services are in focus given upcoming reports. Financials and defensives are mixed as yields tread water.
Europe: The region trades lower with dispersion across sectors. Luxury and discretionary names are soft after cautious holiday updates, while semiconductor equipment and select industrial technology outperform on improving demand signals. Banks are broadly steady.
Asia-Pacific: Hong Kong and South Korea outperformed on technology leadership and continued interest in AI-linked exporters. Taiwan supply-chain names were bid, while Japan saw a more balanced session with gains in chips offset by consolidation in cyclicals.

Fixed income

US Treasuries are flat-to-slightly softer, with the front end anchored into the policy decision and the long end holding recent ranges. Any hawkish inflection in guidance could nudge terminal-rate expectations higher and weigh on risk assets; dovish-leaning language would likely support duration and higher-beta credit.
European sovereigns are mixed, with core yields marginally higher and peripherals stable. Supply dynamics and upcoming inflation prints remain key near-term catalysts.

Currencies

The dollar is modestly stronger versus G10 peers. The euro is softer on mixed data and cautious risk tone, while the yen remains sensitive to yield differentials and policy expectations. Emerging-market FX is mixed, with higher-beta currencies tracking equities and commodities.

Commodities

Gold advances as investors seek portfolio ballast amid policy uncertainty and geopolitical risks. Real yields and the dollar will remain the key near-term drivers.
Oil is range-bound, balancing steady demand expectations against ample non-OPEC supply and OPEC+ discipline. Time spreads and inventory trends suggest a well-supplied but not oversupplied market.
Industrial metals are steady, supported by infrastructure demand and policy support signals, offset by inventory normalization.

The day ahead

Policy: Federal Reserve rate decision and press conference. Markets will watch for commentary on inflation progress, labor-market cooling, and the threshold for considering rate cuts or balance-sheet adjustments.
Earnings: A busy slate featuring mega-cap technology, alongside major industrials, telecom, and consumer names. Watch guidance on AI-related capex, margins, and cost discipline.
Data: A light-to-moderate macro calendar in the US and Europe, with attention on growth, confidence, and labor indicators that can shape near-term rate expectations.

Themes to monitor

Guidance over beats: With valuations full in leadership groups, forward guidance on capex, AI monetization, and margins will likely drive stock reactions more than headline beats.
Broadening leadership: Continued outperformance in global semiconductor equipment, memory, and storage suggests AI’s benefits are spreading across regions and sub-industries.
Policy path and liquidity: The balance between disinflation progress and growth resilience will influence the timing and pace of any easing cycle, shaping cross-asset correlations and liquidity conditions.
Earnings dispersion: Expect wider single-stock moves as results and guidance diverge, particularly in sectors tied to AI spend, consumer demand, and China exposure.

Risk radar

Policy miscommunication or a shift in reaction function that reprices the rate path
Earnings or guidance disappointments from AI and cloud bellwethers
Geopolitical flare-ups affecting energy and supply chains
Liquidity pockets into month-end and during blackout periods

This publication is for information purposes only and is not investment advice or a solicitation to buy or sell any financial instrument. Market conditions can change quickly; consider confirming levels with live data before making decisions. If you have questions or wish to discuss positioning and risk management, please contact your account representative.

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