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Daily Market Update — Tuesday, January 6, 2026
Global risk appetite remained firm as equities continued pushing to fresh highs across Asia, extending Wall Street’s momentum after the Dow notched another record. Japan’s TOPIX jumped to a new peak, with chip and technology names leading gains, while Hong Kong and mainland China also advanced. Europe looked set to extend its own record run, with the FTSE, DAX, and STOXX 600 poised for another positive open.
Geopolitics did little to disturb sentiment. Despite the political shock in Venezuela, investors rotated into energy and defense exposure, and broader risk positioning remained resilient. Oil’s initial spike faded, reflecting a market still uncertain about the net supply impact: the U.S. embargo remains in place, Venezuela is reportedly constrained by storage limitations, and any meaningful capacity uplift would take time even if policy conditions evolve. ANZ’s view reinforces this: Venezuela’s production recovery would likely require substantial capital and long timelines, implying near-term supply effects should be modest, with the main risk being short-term disruption and a risk premium.
In FX, the U.S. dollar softened as geopolitical jitters eased and attention returned to U.S. macro fundamentals. The dollar index slipped to around 97.95; USD/JPY hovered near 156.26; EUR/USD traded near 1.1737; GBP/USD around 1.3562. Commodity-linked FX remained supported alongside record copper pricing, with AUD near 0.6724 and NZD near 0.5798. Crypto consolidated, with Bitcoin near $93,772 and Ether near $3,226.
Macro focus now shifts to a heavy data slate: European December CPI prints (Germany/France) and a broad set of December PMIs (Germany/France/Italy/UK/US). Markets are increasingly sensitive to U.S. policy repricing after softer manufacturing data and Fed commentary highlighting upside risk to unemployment. The week’s core catalyst is the U.S. labor-data run-up into Friday’s nonfarm payrolls.
In Asia, the Philippines drew attention after inflation accelerated to 1.8% in December (fastest in nine months) and the central bank signaled a preference to hold rates for now. The BSP policy rate stands at 4.5% after five straight cuts, with officials framing further easing as limited and data-dependent, especially around growth risks.
In corporate headlines, Tesla offered zero- and ultra-low-interest financing in China through end-January to support demand after data showed a 2025 decline in China shipments, underscoring the intensity of competition and pricing pressure in the EV market. Separately, French biotech TheraVectys was reported to be considering a Hong Kong IPO, highlighting renewed investor appetite in the biotech complex amid improved sector sentiment.
Market Summary —At the 5 January 2026 Close
- Venezuela: The U.S. captured Nicolás Maduro in a weekend military operation. President Trump said the U.S. will “administer” Venezuela until a transition is in place. Markets are assessing the implications for crude oil.
- U.S. equities: A strong rally. Dow Jones +1.23% to 48,977 (new all-time high), S&P 500 +0.64% to 6,902, Nasdaq +0.69%.
- Energy leads: Chevron +5.1%, Exxon +2.2%, Halliburton +7.8%, SLB +9%. The sector may benefit from potential reconstruction activity tied to Venezuelan oil infrastructure.
- ISM Manufacturing: 47.9 in December (vs 48.4 expected), marking the 10th consecutive month of manufacturing contraction.
- CES 2026: Kicks off in Las Vegas. Jensen Huang (Nvidia) is set to deliver the keynote tomorrow, with markets watching for AI-related announcements.
- Gold (XAU): +1.5% to ~$4,406/oz, supported by safe-haven demand amid geopolitical tension.
- Silver (XAG): +3% to ~$77/oz, extending the precious-metals rally.
- Bitcoin: +1.25% to ~$88,200; moved above the 50-day EMA, with ETF flows supportive.
- DXY: -0.4% to ~98.0, weakening after the softer-than-expected ISM print.
Market impact: Risk sentiment stayed constructive, but macro sensitivity rose after the ISM miss. Energy and precious metals benefited from geopolitics, while a softer dollar supported broader risk positioning.
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