The week of 23-30 January 2026 was marked by sharp moves in Big Tech, ongoing outperformance of non-US equities and record high prices of gold and silver

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.

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.

Flash note

Global equity markets were dominated by year-end positioning, amid lower holiday liquidity and mounting geopolitical tensions.

The interest rate cut by the Fed is highly anticipated but the narrative will be important for sentiment and the remaining days of trading this year.

AI-driven market nervousness is palpable, with recent news flow providing ample fodder for bears.

AI-driven market nervousness is palpable, with recent news flow providing ample fodder for bears.

AI-driven market nervousness is palpable, with recent news flow providing ample fodder for bears.

Global equity markets turned lower as investors shifted to a risk-off stance, ending a recent winning streak.