Flash note

Credit markets hold firm while sovereign bonds digest the adjustment in Japanese yields

The trading week spanning 16-23 January 2026 was defined by extraordinary volatility as global markets grappled with a high-stakes diplomatic standoff over Greenland.

Gold soars amid monetary shift and silver remains a steal. Each week, the Syz investment team takes you through the last seven days in seven charts.

US stocks traded sharply lower to start the week on Tuesday, with the S&P 500 Index posting its largest daily decline since October amid renewed fears of a global trade war after President Trump announced that he would impose new tariffs on European nations that opposed the U.S. purchasing or otherwise taking control of Greenland. Stocks reversed course on Wednesday after Trump said that he and NATO Secretary General Rutte had “formed the framework of a future deal with respect to Greenland” and that he would no longer “be imposing the Tariffs that were scheduled to go into effect on February 1st.”

Upward pressures on long-term rates

International stock market indices outperformed the US market during the week of 9-16 January. Geopolitical tensions continued to impact the sentiment, as the earnings season began with key banks reporting in the US and TSMC in Asia.

Markets, money, and machines: silver, the Fed, and AI chips. Each week, the Syz investment team takes you through the last seven days in seven charts.

US equity indexes were mixed for the week, with small-cap and value stocks adding to their YTD leads over large-cap and growth-oriented shares. The Russell 2000 index advanced, reaching all-time high during the week, while large-cap indexes pulled back from the prior week’s record levels. Value stocks outpaced their growth counterparts for the third straight week. Q4 earnings season kicked off during the week with several big banks reporting Q4 results.

Flash note