Core Viewpoint - BlackRock CEO Larry Fink and Reliance Industries Chairman Mukesh Ambani are encouraging Indian investors to shift their focus from gold to equity markets, highlighting the volatility of gold and the underperformance of Indian stocks [1][2]. Group 1: Investment Advice - Ambani emphasized that a significant portion of domestic savings in gold and silver is "unproductive," advocating for investment in the stock market where money can compound [2]. - The partnership between Reliance Industries and BlackRock aims to promote mutual funds in India, reflecting a strategic shift towards financialization of savings [2]. Group 2: Market Performance - The Nifty 50 index has seen a decline of nearly 2% so far this year, indicating underperformance in the Indian stock market [1]. - As of December, Jio BlackRock Asset Management reported assets under management of 31.98 billion rupees (approximately $353 million) across its equity funds, marking a growing interest in mutual funds [3]. Group 3: Consumer Behavior - Indians are among the top global buyers of gold, but there is a noticeable trend towards increasing financialization of savings, with mutual funds gaining popularity [3].

Group 1 - European stocks are expected to open flat to lower, with the U.K.'s FTSE and Germany's DAX projected to decline by 0.25% [1] - A busy day of earnings reports in Europe includes major companies such as Shell, BBVA, BNP Paribas, and BMW among others [2] - The European Central Bank and Bank of England are set to publish their monetary policy decisions, with no changes expected to current interest rates [2] Group 2 - Global markets have faced turbulence, with Wall Street experiencing a second consecutive day of losses, particularly in software stocks [3] - S&P 500 futures rose following corporate earnings reports, including results from Alphabet, with Amazon's quarterly results expected soon [3] - In Asia-Pacific markets, South Korean stocks led declines, reflecting the tech sell-off trends from Wall Street [3] Group 3 - Data releases in Europe include German factory orders, French industrial production, and EU retail sales [4]

Core Insights - BYD reported a significant decline in local sales in January, marking the lowest level in nearly two years, indicating challenges in the Chinese auto market [1] - Major electric car brands, including Xiaomi and Xpeng, experienced sharp sales drops in January compared to December [2] - The Chinese auto market is under increasing pressure due to policy changes and competitive factors, leading to potential delays in consumer purchases and cautious automaker strategies [3] Industry Overview - The reinstatement of a 5% purchase tax on electric vehicles as of January 1 has contributed to the slowdown in sales, after a long period of tax exemption [4] - BYD is expected to maintain its market dominance despite challenges, with planned upgrades in charging, energy storage, and intelligent driving infrastructure [7] - The new energy vehicle sector saw only a 2.6% year-on-year increase in sales in December, indicating a trend of slowing growth [8] Economic Impact - The automotive sector is crucial for employment in China, contributing to approximately 30 million jobs, which is over 10% of urban employment [9] - The economic significance of the automotive sector is relatively small compared to real estate, accounting for only 3.7% of fixed asset investment last year [10] - There are expectations that the Chinese government may reinstate subsidies for the automotive sector if the situation worsens, particularly in light of the ongoing property slump [9]

Core Viewpoint - Silver prices have experienced significant volatility, with a recent drop of up to 16%, following a record-breaking increase earlier in the year, indicating a shift in market dynamics driven by speculative trading rather than physical demand [1][2]. Price Movement - Spot silver prices decreased by 13% to $76.97 per ounce, while New York futures fell over 8% to $77.28 per ounce [1]. - Silver had previously surged by approximately 146% in 2025 before a sharp decline of nearly 30% last Friday [2]. Market Dynamics - Analysts attribute the recent price fluctuations to speculative flows, leveraged positioning, and options-driven trading, rather than an increase in physical demand [2]. - Goldman Sachs noted that as prices fell, dealer hedging shifted from buying into strength to selling into weakness, triggering investor stop-outs and resulting in cascading losses throughout the market [2].

Core Viewpoint - Hong Kong-listed technology stocks have entered bear market territory due to tax concerns and global risk aversion, marking a significant reversal from last year's rally [1][2]. Group 1: Market Performance - The Hang Seng Tech Index, primarily composed of mainland Chinese tech firms, has declined over 20% from its peak in October, falling more than 1% recently [2]. - The index has experienced a continuous decline for six consecutive sessions [2]. Group 2: Tax Concerns - Fears regarding a potential increase in value-added tax (VAT) on internet services have been identified as a major factor contributing to the recent downturn [2][4]. - A recent VAT increase on certain telecom services has heightened concerns that internet platforms may face similar tax hikes [2][4]. Group 3: Sector Speculation - Speculation has arisen regarding the impact of potential VAT increases on online gaming and other digital transactions, exacerbating fears of further regulatory challenges for the tech sector [3]. - Officials have dismissed concerns about a levy on the gaming industry, indicating that the sector may not face immediate tax increases [3].

Core Insights - Sony reported a 22% increase in operating profit year-on-year, surpassing expectations, despite challenges from foreign exchange volatility and rising memory costs [1] - The company raised its full-year operating profit forecast to 1.54 trillion yen, an increase of 110 billion yen or 8% from the previous estimate [2] - Annual revenue projection was also increased by 300 billion yen to 12.3 trillion yen, reflecting a 3% rise [2] Financial Performance - Revenue for the December quarter was reported at 3.71 trillion yen ($23.68 billion), slightly above the previous estimate of 3.69 trillion yen [4] - Operating profit for the same quarter reached 515 billion yen, compared to 468.9 billion yen in the prior year [4] Segment Performance - Sales in the game and network services division totaled 1.613 trillion yen, a decrease of 68.7 billion yen from the previous year [3] - Despite a decline in hardware shipments, the division has seen growth in digital game purchases and the PlayStation Plus subscription service [3]

Core Insights - ARM's fiscal third-quarter licensing revenue increased by 25% year-over-year to $505 million, but fell short of analyst expectations by 2.9% [2] - The company reported record quarterly revenue of $1.242 billion for the last three months of 2025, driven by demand for artificial intelligence, surpassing LSEG SmartEstimates by 1.54% [3] - ARM's stock experienced a decline of 8% in late trading, influenced by Qualcomm's disappointing forecast and the overall tech market pressures [2][5] Financial Performance - ARM's licensing revenue for the third quarter was $505 million, which was below the expected $519.9 million [2] - The total revenue for ARM reached $1.242 billion, marking a significant increase attributed to AI demand [3] Market Context - Qualcomm's fiscal first-quarter results exceeded expectations, but its forecast was negatively impacted by a global memory shortage, leading to a 9.68% drop in its shares [1] - ARM's reliance on royalties from consumer products, particularly smartphones, poses a risk if production declines due to memory shortages [4] - ARM's shares have decreased by 4% year-to-date amid broader tech market pressures [5] Strategic Direction - ARM is attempting to diversify into AI chips for data centers and servers, although the success of this strategy remains uncertain [4]

Core Viewpoint - Oil prices are experiencing volatility due to geopolitical tensions and ongoing negotiations between the U.S. and Iran regarding nuclear and military issues, with market reactions reflecting deep distrust between the two nations [1][3][6]. Group 1: Oil Price Movements - Oil prices fell on Tuesday despite a winter storm impacting crude production and refineries on the U.S. Gulf Coast [1] - U.S. crude oil decreased by 1.4% to $64.26 per barrel, while global benchmark Brent also fell by 1.4% to $68.49 per barrel [2] - Prices dropped again on Thursday following the announcement of talks between Washington and Tehran, although analysts warn that markets may be over-interpreting diplomatic signals [3] Group 2: Geopolitical Tensions - U.S. President Trump has indicated potential military action against Iran if negotiations fail, contributing to market uncertainty [3] - Analysts suggest that the buildup of U.S. military assets in the region indicates a higher likelihood of conflict, which is reflected in the oil price premium [5] - The potential for Iran to threaten oil tankers in the Strait of Hormuz poses a significant risk to oil supply and could lead to price spikes [7] Group 3: Market Sentiment and Risks - The oil market is reacting to the fluctuating nature of U.S.-Iran talks, with analysts noting the fragile state of diplomatic relations [6] - Citi analysts highlight that while immediate risk premiums have eased, concerns about upside risks remain due to U.S. actions and uncertainties regarding Indian purchases of Russian oil [8] - Market positioning indicates ongoing supply concerns, with near-term oil trading at a premium and traders paying for protection against higher prices [9]

Group 1: Alphabet's Financial Performance - Alphabet's fourth-quarter earnings and revenue exceeded Wall Street expectations, with its cloud unit achieving a nearly 48% increase in revenue year-over-year [1] - The company anticipates capital expenditure for 2026 to be between $175 billion and $185 billion, which would more than double from the previous year at the higher end [2] Group 2: Market Sentiment and Related Stocks - The sentiment around AI stocks has been negatively impacted, with Advanced Micro Devices shares dropping 17.3% due to a disappointing first-quarter forecast, affecting other AI-related companies like Broadcom and Oracle [3] - The tech-heavy Nasdaq Composite index fell by 1.51%, while the S&P 500 retreated by 0.51%, marking its fifth negative session in six [3] Group 3: Oil Market Developments - Oil prices decreased by approximately 1% following reports of upcoming talks between the U.S. and Iran in Oman [4] - Venezuela reassured China that its oil pricing will not be influenced by the U.S., while Russia stated that India has not indicated a halt in oil purchases from Moscow [5]

Alphabet reported fantastic fourth-quarter results on Wednesday, proof that its eye-popping spending on artificial intelligence is accelerating growth across all its businesses. Revenue in the fourth quarter ended Dec. 31 increased 18% to $113.83 billion, well ahead of the $111.43 billion expected, according to LSEG. Earnings per share (EPS) increased 31% year over year to $2.82, also breezing past estimates of $2.63, according to LSEG. GOOGL 1Y mountain Alphabet 1-year return Bottom line Alphabet posted be ...