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Market Minutes
Read snapshots of the latest market news
Gold prices climb on US tariff uncertainty as Wall Street indices slip
Gold prices rose significantly on Monday, driven primarily by escalating uncertainty regarding US trade policy. Additionally, investors sought refuge in the precious metal as a safe-haven asset amidst heightened tensions between the US and Iran, alongside mounting concerns over the Federal Reserve’s future monetary policy in a high-inflation environment.
US stock market rises as Supreme Court overturns Trump tariffs
Major US indices advanced in tandem following a landmark ruling by the US Supreme Court, which declared President Donald Trump’s unilaterally imposed tariffs illegal. In a swift rebuttal, the President announced his intention to implement a new 10% global tariff via executive order, a move that has intensified political uncertainty within the United States.
Oil gains amid US–Iran tensions and significant US inventory draw
Oil benchmarks Brent and WTI advanced in tandem as geopolitical friction between the United States and Iran intensified. Simultaneously, the Energy Information Administration (EIA) reported a sharp contraction in crude oil and gasoline inventories, providing further upward momentum to prices on expectations of tighter supply and robust demand. Concurrently, the US trade balance decreased as imports outpaced exports.
Dollar index climbs on strong economic data; Fed minutes show split
The US dollar index appreciated significantly, bolstered by robust economic data across the production, consumption, and real estate sectors, suggesting a more resilient long-term economic outlook. Simultaneously, the recently released Federal Reserve minutes revealed a notable divergence within the Federal Open Market Committee (FOMC).
Pound sterling slips amid growing unemployment concerns
The British pound has depreciated following the release of weak labour market data, characterised by a rising unemployment rate and a deceleration in employment growth. Market participants are increasingly weighing the possibility of interest rate cuts by the Bank of England (BoE) to support the UK economy in the coming months. Simultaneously, Canadian inflation slowed more than anticipated, coming in below analysts' expectations.
Japanese yen slides after softer-than-expected GDP
Japan’s fourth-quarter (Q4) 2025 GDP data revealed that the economy narrowly avoided a technical recession, though the expansion fell short of market forecasts. Despite expectations for a robust recovery driven by new government initiatives, both the Japanese yen and the Nikkei 225 index retreated following the release of the subdued growth figures. Simultaneously, global oil prices advanced as geopolitical uncertainty intensified ahead of critical diplomatic talks between the US and Iran.
US inflation slows markedly, lifting stocks and gold
Gold prices and US equity indices advanced following a lower-than-expected US inflation report. The Consumer Price Index (CPI) decelerated from 2.7% to 2.4%, easing pressure on the Federal Reserve and bolstering market expectations for interest rate cuts in the latter half of 2026. Concurrently, oil prices settled slightly higher during a volatile session, as investors weighed the prospect of increased production against persistent geopolitical risks.
US stocks fall on weak home sales and AI return concerns
US equity markets declined in unison following the release of weak existing home sales data and a sharp sell-off in software and technology shares. The downturn in the tech sector was driven by intensifying investor scepticism regarding the return on investment (ROI) for artificial intelligence (AI). Furthermore, certain industries are facing increased volatility as AI tools emerge as potential direct competitors to traditional service models.
Gold and US Treasury yields rise following robust employment data
Gold and US 10-year yields rose as markets continued to price in two 25bp rate cuts this year, despite resilient labor data. Oil climbed on unresolved US–Iran tensions, outweighing a sharp build in US crude inventories. Meanwhile, softer inflation in China renewed concerns about weak domestic demand.
US stocks mixed after retail sales miss expectations
US stock indices closed with mixed results following the release of lower-than-expected retail sales data. According to the US Census Bureau, several retail segments experienced contractions in December, a month typically characterised by robust seasonal consumption.