Weekly Markets Monitor: Leaving the leaders
19 January, 2026
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Highlights
- Last week, global markets were shaped by steady US inflation, resilient consumer demand, and fresh tariff threats. Europe saw economic recovery; China’s GDP grew at 5% in 2025, matching its pre-set target; Japan called a snap election, and India saw inflation tick up and trade deficit widen.
- Global equity markets ended the week mixed, while US Treasuries, the dollar, and crude oil all advanced.
- Safe-haven assets including gold and the yen jumped in the Monday morning trading session as President Trump threatened tariffs on EU countries for complicating his Greenland ‘plans’. Sector and index performance – noisy and lagging flow data has yet to confirm this - suggests geopolitics as a key driving force for investor activity with a rotation out of US equities to the rest of the world and out of the market leading tech sector to materials (C.O.T.W).
- Gold has posted a new record high again with its “triangle resistance” seen at US$4,770/oz but the rising dollar and US yields may become near-term headwinds (appendix).
Chart of the Week: Leaving the leaders
Note: data to 16 January 2026.
Source: Bloomberg, World Gold Council
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