Weekly Outlook
What Happened This Week?
United States
● On January 3, the U.S. carried out military strikes in Venezuela and captured President Nicolás Maduro and his wife, triggering heavy trading in defense and energy stocks.
● Several U.S. equity benchmarks continued to rally, with the Dow Jones and S&P 500 reaching fresh record highs.
● Job openings fell to 7.1 million in November from nearly 7.5 million in October, according to JOLTS, pointing to a gradual cooling in the labor market.
● Private-sector hiring turned positive in December, with 41,000 jobs added after a loss of 29,000 in November. However, average monthly job creation slowed to about 22,000 in recent months, down sharply from earlier in 2025.
● Weekly initial jobless claims remained low at 208,000 in the week through January 3, suggesting layoffs are still limited.
● Wholesale inventories rose by 0.2% in October, slowing from a 0.5% increase in September, indicating softer momentum in goods demand.
Europe and Eurozone
● Major European indices, including the DAX, IBEX and FTSE MIB, hit new highs, supported by global risk appetite.
● Eurozone business confidence slipped after four months of improvement, reflecting weaker momentum in services and manufacturing.
● The eurozone unemployment rate edged down to 6.3% in November from 6.4%, its first decline since April, showing the labor market remains resilient despite weak growth.
● National inflation eased across key economies, reinforcing the ECB’s view that policy is in a “good place.” German inflation slowed to 2.0% in December from 2.6%, while French inflation eased to 0.7%.
● The ECB kept its deposit rate at 2% in December and expects eurozone inflation to slow to around 1.9% this year.
Germany
● The unemployment rate held steady at 6.3% in December, unchanged since March, even as economic momentum weakens.
● The Bundesbank expects unemployment to gradually decline from 2026 onward, reaching 5.4% by 2028.
● Factory orders jumped 5.6% in November, far above expectations, as easing tariff pressures lifted demand for metal products and transport equipment.
Switzerland
● Inflation ticked up to 0.1% in December from 0.0% in November, the first increase in five months.
● The modest rise in prices eased pressure on the Swiss National Bank to cut rates below zero, after it held its policy rate at 0% in December.
China
● Consumer inflation rose to 0.8% year over year in December, the highest since March 2023, mainly driven by food prices.
● Producer prices fell 1.9% from a year earlier, extending more than three years of deflation at the factory gate.
● Economists warn that without stronger demand-side support, overcapacity and deflationary pressures are likely to persist.
Asia-Pacific
● Several Asian equity benchmarks, including Japan’s Nikkei 225, South Korea’s Kospi and Singapore’s STI, reached new highs.
● In Australia, inflation continued to cool, with CPI rising 3.4% year over year in November, down from 3.8% in October, easing some pressure on policymakers.
This Week’s Market Movers
Forex
● The USD/RUB is up more than 2.45%.
● The USD/CZK is up more than 1.50%.
● The AUD/CAD and the AUD/CHF are up more than 1.30%.
● The USD/CAD is up more than 1.10%.
● The USD/BRL is down more than 1.60%.
● The CHF/NOK is down more than 1.14%.
Commodities
● Orange Juice prices are up more than 10%.
● Silver prices reached new highs above $83.
● Copper prices reached new highs above $6 per pound.
● Platinum prices are up more than 7%.
● Brent prices are up more than 2.5%.
● Natural Gas prices are down more than 10%.
Indices
● The KOSPI index is up more than 8.50%.
● The BIST 100 index is up more than 7.70%.
● The VIX index is up more than 4%.
● The Nikkei 225 index is up more than 3.20%.
● The STOXX 50 index is up more than 2.70%.
● The DAX 40 index is up more than 2.55%.
● The CAC 40 index is up more than 2%.
Shares
Tops
● Sandisk: +38.57%
● Rheinmetall: +20.77%
● BAE Systems: +17.89%
● Badcock International: +16.56%
● Thales: +16.37%
● Valero Energy: +16.05%
● Lam Research: +15.17%
● Microchip Technology: +13.86%
● Cogna Educacao: +12.74%
● Infineon Technologies: +10.92%
● Rolls-Royce: +10.46%
Flops
● Versant Media: -25.42%
● Cyrela Brazil Realty: -15.81%
● Associated British Foods: -13.35%
● Applovin: -11.13%
● NRG Energy: -10.76%
Important Events to Follow
Monday 12 January
● 11:30 PM - Australian Westpac Consumer Confidence Change (January)
○ Previous: -9%
○ Forecast:
Monday 12 January
● 11:30 PM - Australian Westpac Consumer Confidence Change (January)
○ Previous: -9%
○ Forecast: 2.6%
Tuesday 13 January
● 01:30 AM - American Core Inflation Rate YoY (December)
○ Previous: 2.6%
○ Forecast: 2.6%
● 01:30 PM - American Inflation Rate YoY (December)
○ Previous: 2.7%
○ Forecast: 2.6%
Wednesday 14 January
● 03:00 AM - Chinese Balance of Trade (December)
○ Previous: $111.68B
○ Forecast: $ 105B
● 03:00 AM - Chinese Exports YoY (December)
○ Previous: 5.9%
● 03:00 AM - Chinese Imports YoY (December)
○ Previous: 1.9%
● 01:30 PM - American PPI MoM (October)
○ Previous: 0.3%
○ Forecast: 0.3%
● 01:30 PM - American PPI MoM (November)
○ Forecast: 0.2%
● 01:30 PM - American Retail Sales MoM (November)
○ Previous: 0%
○ Forecast: 0.3%
● 03:00 PM - American Existing Home Sales (December)
○ Previous: 4.13M
○ Forecast: 4.06M
Thursday 15 December
● 07:00 AM - UK GDP MoM (November)
○ Previous: -0.1%
○ Forecast: -0.1%
● 09:00 AM - German Full Year GDP Growth (2026)
○ Previous: -0.2%
○ Forecast: 0.2%
Major Earnings Reports to Watch
Tuesday 13 January
● Bank of New York Mellon
● JPMORGAN CHASE
● Delta Air Lines
Wednesday 14 January
● Citigroup
● Wells Fargo
● Bank of America
Thursday 15 December
● Blackrock
● GOLDMAN SACHS
● Morgan Stanley
Source: The Wall Street Journal, Trading Economics, Reuters, TradingView and ActivTrades’ Data as of 9 January 2026
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