Asian stocks climbed to a record and the dollar held its losses as global investors sought a rotation out of US assets amid policy unpredictability and geopolitical risks. Precious metals also set new all-time highs. The MSCI Asia Pacific Index rose 0.5% and was poised to close at a record high. The gauge has advanced in eight of the past nine weeks, buoyed by surging demand for artificial intelligence infrastructure that is lifting the region’s companies. Japanese shares rallied and the yen weakened as the Bank of Japan kept its policy rate unchanged at 0.75% as expected. Currencies were in focus as China’s central bank set the yuan’s daily reference rate stronger than the closely watched 7-per-dollar level for the first time since 2023. The dollar held its losses after falling the most in a month during the US session. The weak US currency fueled gains for spot gold, which climbed to a record above $4,965 an ounce, while silver and platinum also rose to all-time highs. The moves pointed to a gradual unwinding of dollar exposure in favor of regional equities, drawn by more attractive valuations and stronger growth prospects. The shift comes against a backdrop of rising policy uncertainty, including challenges to the Federal Reserve’s independence, and renewed tariff concerns tied to tensions between the US and Europe. Signs are growing that investors are pulling back from US assets. Investors are pouring cash into emerging-market funds at a record pace as momentum builds for a rotation out of US assets, weakening the dollar. India’s holdings of US Treasuries have fallen to a five-year low as the nation pushes to support its currency and diversify its reserves, joining a broader shift by some major economies out of the world’s biggest bond market. Emerging-market assets have broadly rallied amid rising risk appetite. Cheaper valuations and strong economic growth are also in Asia’s favor. The MSCI Asia Pacific Index is up 5.6% so far this year, compared with a 1% advance for the S&P 500 Index. Even so, the Asian gauge is trading around a forward price-to-earnings multiple of 15 times, compared with about 22 times for the US benchmark. US Policy Risks Threaten to Undercut Dollar Outlook: Macro View The rebound in global equities from a slump earlier in the week underscored how markets remained highly sensitive to shifts in geopolitical tone. Tensions eased after President Donald Trump abandoned his threats to impose tariffs on European countries opposed to his plans to acquire Greenland. Investors will be keeping tabs on PMI data in the US later on Friday for fresh clues on the health of the world’s largest economy. Traders are also paying attention to leadership changes at the Fed as Trump said he will soon reveal a successor to Chair Jerome Powell. US After Hours INTC -10.6%, ALK -2.3% lower on earnings; LIF +15.9%, SLM +6.7%, ISRG +2.5% higher on earnings/guidance.
Nikkei +0.20% Hang Seng +0.33% CSI -0.35% Shanghai +0.27% Shenzen +0.69%
Eur$ 1.1746 CNH 6.9579 CNY 6.9630 JPY 158.64 GBP 1.3494 CHF 0.7903 RUB 75.6564 TRY 43.3476 WTI$ 59.88 +0.88 Gold 4957.5 +0.43% BTC 89;894.5 +0.83% ETH 2,976.65 +1.12%
S&P +0.18% Nasdaq +0.19% EuroStoxx -0.27% FTSE -0.03% Dax -0.06% SMI -0.30%
Macro :
- EU Plans to Unfreeze Trade Deal With US and Vote on Ratification
- Emerging Markets Rocket With Gold as De-Dollarization Picks Up
- Trump Thanks Xi for Working With the US, Approving TikTok Deal
- Putin Concluded Talks With US Envoys Witkoff, Kushner: Kremlin
- China Will Set Lower Growth Target as Economy Weakens, SCMP Says
- Strategists See Stoxx Europe 600 Rising 3% by End-2026: Survey
Keep an eye on :
Keep an eye on :
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- BMPS IM : Paschi Postpones Approval of Rules on Board Slate to Jan. 28
- PIRC IM : Pirelli Gets New €2.1 Billion Five-Year Bank Financing
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- SFSN SW : SFS FY Sales CHF3.06B Vs. CHF3.04B Y/y
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- Space X : Musk’s SpaceX Lines Up Banks to Lead IPO, Financial Times Says
- Space X : Musk’s SpaceX Lines Up Banks to Lead IPO, Financial Times Says
- TIT IM : Norway Wealth Fund Votes on Activist Target Telecom Italia
- TSLA US : Tesla Shares Jump to Session Highs as Musk Speaks at Davos
- TSLA US : Tesla Rallies as Musk Touts Monitor-Free Robotaxis in Austin
- TSLA US : Tesla Lost the Most Share Last Year in EV-Stronghold California
- TSLA US : Musk Says Tesla’s FSD Price Will Rise as Capabilities Improve
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- WAC GY : Wacker Neuson Ends Takeover Talks With Doosan Bobcat
- WBD US : Netflix says Paramount bid ‘doesn’t pass sniff test’ as Warner battle intensifies
- WBD IM : Webuild-Led Group’s Contract for Riyadh Metro Valued at $2.75B