Weekly Outlook
What Happened This Week?
United States
- President Trump stepped back from threats to impose tariffs on Europe over Greenland, but trade risks between the U.S. and Europe remain elevated.
- Speaking at the World Economic Forum in Davos, Trump defended tariffs and trade policy, saying they boosted factory construction and helped secure trade deals favorable to the U.S.
- Trump highlighted a large tax and spending package passed over the summer, arguing it will push more production back to the U.S.
- He renewed calls for a temporary cap on credit-card interest rates and urged Congress to ban large institutional investors from buying single-family homes.
- Trump said his healthcare policies would cut U.S. drug prices by 90% or more and reiterated plans to restrict stock buybacks by defense companies.
- Treasury Secretary Scott Bessent publicly criticized Fed Chair Jerome Powell, citing governance issues, Fed losses from asset purchases, and staff resignations.
- The criticism comes as Trump prepares to name Powell’s successor, with a decision potentially coming as early as next week.
- U.S. GDP grew at a 4.4% annualized pace in the third quarter, up from 3.8% in the previous quarter and slightly above the initial 4.3% estimate.
- Weekly jobless claims edged up to 200,000 from 199,000, showing no signs of stress in the labor market.
Europe and Eurozone
- Eurozone consumer confidence improved, but the rebound may be short-lived as the data was collected before renewed tensions with the U.S. over Greenland.
- ECB policymakers discussed the case for a further rate cut, citing downside risks that could lead to near-stagnant growth.
- The ECB kept its key rate at 2%, with inflation just below target, and markets still expect rates to remain unchanged this year despite some dovish voices.
United Kingdom
- U.K. inflation rose to 3.4% in December from 3.2% in November, the first increase since July, complicating the Bank of England’s rate outlook.
- Unemployment remained high at 5.1% in the three months through November, close to pandemic-era levels.
- Retail sales rose unexpectedly over the Christmas period, offering some relief for the consumer outlook.
- Consumer confidence ticked higher in January, though sentiment remains weighed down by weak views on the broader economy.
China
- China signaled tolerance for a stronger yuan by setting its strongest daily fixing since May 2023.
- The central parity rate was set at 6.9929 per dollar, the first fixing below 7 since 2023 and the largest one-day strengthening since August.
Japan
- The Bank of Japan kept interest rates at their highest level in 30 years as it assessed the impact of its latest hike.
- The BOJ expects core inflation to reach 2.7% in the year ending March 2026, amid volatile bond markets and a shaky yen.
Turkey
- Turkey’s central bank slowed the pace of rate cuts as food inflation picked up.
- Inflation eased to 30.9% in December, the lowest since November 2021.
- The benchmark rate was cut to 37.0% from 38.0%, the fifth consecutive cut but smaller than the previous 150-basis-point move.
Norway
- Norway’s central bank held its key rate at 4% for a third straight meeting and reiterated a gradual approach to future easing.
Malaysia
- Malaysia’s central bank kept rates unchanged, marking a third consecutive hold after a cut last July, citing geopolitical uncertainty.
Indonesia
- Bank Indonesia held its benchmark seven-day reverse repo rate at 4.75% for a fourth straight meeting.
- Deposit and lending facility rates were also left unchanged as concerns over the rupiah and policy stability persist.
Global
- The IMF raised its global growth forecast to 3.3% from 3.1%, citing stronger momentum.
- The IMF warned that higher tariffs and a potential correction in AI-related investment could pose risks to the outlook.
This Week’s Market Movers
Forex
EUR/USD:
YTD: +0.01%
Weekly: +1.40%
USD/JPY:
YTD: +1.33%
Weekly: +0.54%
GBP/USD:
YTD: +0.27%
Weekly: +1.12%
AUD/USD:
YTD: +2.86%
Weekly: +2.77%
USD/CAD:
YTD: +0.58%
Weekly: -0.86%
EUR/CHF:
YTD: -0.25%
Weekly: +0.13%
- The NZD/USD is up more than 2.85%.
- The NZD/JPY is up more than 2.55%.
- The AUD/USD is up more than 2.15%.
- The USD/RUB is down more than 2.90%.
- The USD/NOK is down more than 2.30%.
- The CAD/NZD is down more than 2%.
- The JPY/AUD is down more than 1.90%.
- The USD/CHF is down more than 1.50%.
Commodities
Gold:
YTD: +14.72%
Weekly: +7.32%
Brent:
YTD: +6.16%
Weekly: +1.36%
WTI:
YTD: +4.30%
Weekly: +1.34%
Copper:
YTD: +2.33%
Weekly: -2.72%
- Gold and Silver prices all reached new highs.
- Natural Gas prices are up more than 25%.
- Orange Juices Futures are up for the 4th week in a row.
- Platinum prices are up more than 13% to a new high.
- Cocoa prices are down more than 12%.
Indices
Dax40:
YTD: +1.46%
Weekly: -1.89%
S&P 500:
YTD: +0.51%
Weekly: +0.68%
NASDAQ:
YTD: -0.19%
Weekly: -0.86%
DOW JONES:
YTD: +2.66%
Weekly: -0.17%
FTSE 100:
YTD: +2.20%
Weekly: -0.87%
BOVESPA:
YTD: +9.98%
Weekly: +6.06%
- The Bovespa index is up more than 6%.
- The BIST 100 is up more than 4%.
- The KOSPI index is up more than 3.50%.
- The VIX index is down more than 5%
- The CAC 40 index is down more than 2.6%
- The Nifty index is up more than 2.45%.
Shares
Tops
- Beazley: +36.10%
- Moderna: +27.82%
- Scandisk: +26.23%
- Cogna Educacao: +18.21%
- Micron Technology: +15.13%
- QIAGEN: +13.40%
- Super Micron Computer: +13.03%
- Advanced Micro Devices: +11.33%
- Fresnillo: +10.38%
- Banco Bradesco: +10.35%
- ARM Holding: +10.24%
Flops
- Applovin: -16.68%
- Constellation Energy: -14.47%
- Shopify: -13.79%
- Abbott Laboratories: -12.69%
- Kering: -11.25%
- Robinhood Markets: -11.17%
- Coinbase Global: -10.95%
- McCormick & Company: -10.94%
- Trimble: -10.84%
- Danone: -10.21%
- Strategy: -10.13%
Important Events to Follow
Monday 26 January
- 09:00 AM - German Ifo Business Climate (January)
- Previous: 87.6
- Forecast: 88.4
- 01:30 PM - American Durable Goods Orders MoM (November)
- Previous: -2.2%
- Forecast: 1.1%
Tuesday 27 January
- 12:30 AM - Australian NAB Business Confidence (December)
- Previous: 1
- Forecast: 2
Wednesday 28 January
- 07:00 AM - German GfK Consumer Confidence (Ferbruary)
- Previous: -26.9
- Forecast: -26
- 02:45 PM - Canadian BoC Interest Rate Decision
- Previous: 2.25%
- Forecast: 2.25%
- 02:45 PM - Canadian BoC Monetary Policy Report
- 07:00 PM - American Fed Interest Rate Decision
- Previous: 3.75%
- Forecast: 3.75%
- 07:30 PM - American Fed Press Conference
Thursday 29 January
- 05:00 PM - Japanese Consumer Confidence (January)
- Previous: 37.2
- Forecast: 37.6
Friday 30 January
- 06:30 AM - French GDP Growth Rate YoY Prel (Q4)
- Previous: 0.9%
- Forecast: 1.1%
- 08:00 AM - Spanish GDP Growth Rate YoY Flash (Q4)
- Previous: 2.8%
- Forecast: 2.9%
- 09:00 AM - German GDP Growth Rate YoY Flash (Q4)
- Previous: 0.3%
- Forecast: 0.5%
- 10:00 AM - European GDP Growth Rate YoY Flash (Q4)
- Previous: 1.4%
- Forecast: 1.5%
- 01:00 PM - German Inflation Rate YoY Prel (January)
- Previous: 1.8%
- Forecast: 1.9%
- 01:30 PM - American PPI MoM (December)
- Previous: 0.2%
- Forecast: 0.2%
- 02:45 PM - American Chicago PMI (January)
- Previous: 43.5
- Forecast: 45
Major Earnings Reports to Watch
Monday 26 January
- Ryanair
Tuesday 27 January
- UNITEDHEALTH
- Union Pacific
- BOEING
- Raytheon Technology
- Seagate Technology
- LVMH
- General Motors
- United Parcel Service
Wednesday 28 January
- Starbucks
- AT&T
- ASML HOLD
- IBM
- MICROSOFT
- META
- TESLA MOTORS
- KONINKLIJKE
Thursday 29 January
- VISA
- Lockheed Martin
- Sanofi
- Sanofi ADR
- STMicro
- CATERPILLAR
- Altria
- APPLE
- Mastercard
- ING GROEP
- SAP
- Nokia Corp
- Deutsche Bank
- Roche
- Eurofins Scientific
Friday 30 January
- AMERICAN EXPRESS
- VERIZON
- Sumitomo Mitsui Financial ADR
- EXXON MOBIL
- CHEVRON
- Colgate-Palmolive
- Regeneron Pharmaceuticals
- Nomura
Source: The Wall Street Journal, Trading Economics, Reuters, TradingView and ActivTrades’ Data as of January 23 2026
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and as such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades (“AT”). The information does not contain a record of AT’s prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not a reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acting on the information provided does so at their own risk. Forecasts are not guarantees. Rates may change. Political risk is unpredictable. Central bank actions may vary. Platforms’ tools do not guarantee success.