Core Viewpoint - UK retail sales showed a rebound during the key holiday season, with consumer confidence seemingly boosted by the Labour government's budget announcement in November last year [1] Group 1: Retail Sales Performance - In December, the seasonally adjusted retail sales in the UK recorded a month-on-month increase of 0.4%, ending a two-month decline [1] - This performance exceeded economists' expectations, who had predicted sales would remain flat for the month [1] Group 2: Government Budget Impact - The budget announced by UK Chancellor Reeves on November 26 included tax increases, but most measures were not as severe as anticipated and will take effect later in Parliament [1] Group 3: Online Retail Trends - Online retail, particularly in jewelry, performed strongly in December, indicating higher demand for gold and silver [1]

Core Viewpoint - The Australian dollar (AUD) is experiencing fluctuations against the US dollar (USD), with significant influences from the Reserve Bank of Australia's (RBA) monetary policy and economic indicators, leading to a critical point for directional movement in the currency market [1][2][3] Monetary Policy and Economic Indicators - The RBA has ended its easing cycle after three rate cuts in 2025, with expectations shifting towards potential interest rate hikes due to persistent inflation above the target range of 2%-3% [1] - There is a notable divergence in forecasts regarding future rate adjustments, with some institutions predicting a 25 basis point hike in February, while others suggest maintaining current rates due to concerns over consumer confidence [1][2] - The interest rate swap market indicates a 25% probability of a rate hike in February, increasing to 76% by May, with an overall expectation of a 30 basis point increase throughout 2026 [2] Economic Performance - Australia's economy shows resilience, with household spending increasing by 1.0% month-on-month in November 2025, and an annual growth rate of 6.3%, the highest since September 2023 [2] - The labor market remains robust, with the unemployment rate dropping to 4.3% in October and a significant increase in full-time employment [2] Consumer Confidence and Cost Pressures - Consumer confidence is declining, with the Westpac consumer confidence index falling by 1.7% to 92.9 in January 2026, indicating a pessimistic outlook on future economic conditions [3] - Rising living costs, including a 5.2% increase in housing costs and a 19.7% rise in electricity prices, are contributing to the pressure on consumer sentiment [3] Currency Dynamics and External Influences - The AUD's performance is significantly affected by global risk sentiment and international demand, with a notable recovery in international tourism contributing positively to the economy [3] - Despite the AUD showing resilience against the USD, external factors such as trade tensions and geopolitical issues may exert downward pressure on the currency [3] Technical Analysis - The AUD/USD exchange rate is currently oscillating around the middle band of the Bollinger Bands, indicating low volatility and potential for a directional breakout [4] - Key resistance levels are identified at 0.6760-0.6799, while support is concentrated in the 0.6660-0.6690 range, with a potential downward trend if key support is breached [4]

Core Viewpoint - Australian consumer confidence has significantly declined, reaching its lowest level in 18 months, as consumers weigh the possibility of an interest rate hike next month [1] Group 1: Consumer Confidence - Australian consumer confidence dropped by 5.2 points to 79.3, marking the lowest level in 18 months [1] - The decline in consumer confidence is attributed to concerns over potential interest rate increases by the Reserve Bank of Australia [1] Group 2: Interest Rate Outlook - The probability of an interest rate hike by the Reserve Bank of Australia next month is currently at 30% [1] - If the upcoming fourth-quarter inflation data indicates a worsening inflation outlook, the likelihood of a rate hike may increase [1] - The Reserve Bank of Australia has signaled that it will not further lower interest rates and has noted that recent inflation rates have deviated from the target level of 2.5% and are on an upward trend [1] Group 3: Economic Forecast - ANZ Bank economist Sophia Angala stated that while the expectation is for the Reserve Bank of Australia to maintain interest rates unchanged until 2026, the risk of a rate hike in the first half of this year has increased [1]

Inflation and Economic Indicators - December CPI increased by 2.7% year-on-year and 0.3% month-on-month, both in line with expectations; core CPI at 2.6% year-on-year is the lowest since March 2021, better than the expected 2.7%[6] - Michigan Consumer Sentiment Index for January 2026 is at 54.0, showing a rebound for two consecutive months, indicating improved consumer satisfaction regarding inflation[6] Market Performance - S&P 500 index decreased by 0.4% for the week but is up 1.4% year-to-date; Nasdaq index fell by 0.7% weekly and is up 1.2% year-to-date; Russell 2000 index rose by 2.2% weekly and is up 7.7% year-to-date[20] - The market sentiment has shifted to a "greed" zone, with the VIX closing at 15.86, below the critical value of 20[14] Earnings Reports - In the first week of Q4 earnings, 35 S&P 500 companies reported, with 67% exceeding revenue expectations and 79% surpassing EPS expectations, overall EPS exceeded expectations by 5.8%[22] - Financial and consumer discretionary sectors saw earnings upgrades, while energy and healthcare sectors experienced significant downgrades[22] Future Outlook - Inflation is expected to continue its slow decline, with retail sales showing strength; the probability of a rate cut in January is less than 5%[22] - The market is pricing in the first rate cut of 2026 after the new Federal Reserve chair is appointed, likely in June[22] Sector Performance - Among 36 sectors, 19 showed gains, with the top five performers being Coal II (+9.1%), Defense (+5.7%), Non-ferrous Metals (+5.2%), Electrical Equipment (+4.8%), and Consumer Staples (+4.8%)[22]

Group 1 - The latest data from the U.S. Department of Labor indicates that initial jobless claims unexpectedly dropped to the lowest level since November of the previous year, with a decrease of 9,000 claims to 198,000, surpassing economists' expectations [1] - The four-week moving average of new jobless claims fell to 205,000, marking a two-year low, suggesting a stable labor market without the typical surge in layoffs at the beginning of the year [1] - Despite recent layoffs announced by major employers like Pepsi and Meta Platforms Inc., the hard data shows that these actions have not yet led to a large-scale wave of layoffs, indicating resilience in the U.S. labor market [3] Group 2 - The number of individuals continuing to claim unemployment benefits decreased to 1.88 million, suggesting that more unemployed individuals are finding new jobs or exiting the claims process, further supporting the stability of the U.S. job market [6] - Consumer confidence surveys, such as those from the University of Michigan, reveal a pessimistic outlook among consumers regarding the labor market, with nearly two-thirds of respondents expecting an increase in the unemployment rate over the next year [3] - Analysts believe that while hard indicators show a healthy labor market, consumer confidence appears to lag, and future data will provide clearer trend judgments as the holiday season effects diminish [6]

Economic Overview - The US economy shows resilience with a slight recovery in consumer confidence, as indicated by the Michigan Consumer Sentiment Index rising to 54.0 from 52.9[8] - The unemployment rate in the US decreased to 4.4% in December 2025, down from 4.5% in November 2025[8] - The manufacturing PMI in the US fell to 47.9, while the services PMI increased to 54.4, indicating mixed economic signals[8] Market Performance - Global risk assets mostly rose during the week of January 2-9, 2026, with commodities like London gold increasing by 4.1% and Brent crude oil by 3.7%[7] - The S&P 500 index rose by 1.6%, while the Shanghai Composite Index increased by 3.8%[7] - The 10-year US Treasury yield rose by 5.7%, indicating a shift in bond market dynamics[7] Inflation and Policy Outlook - Inflation expectations in the US slightly increased, with the one-year inflation expectation at 4.2% remaining stable[8] - The Federal Reserve is expected to pause interest rate cuts in January 2026, supported by positive employment data[13] - The European Central Bank is likely to maintain current interest rates amid mixed economic indicators[15] Risks and Geopolitical Factors - Geopolitical uncertainties, particularly related to Trump's administration and its foreign policy, continue to pose risks to market stability[15] - Commodity prices are sensitive to fluctuations caused by geopolitical tensions, which could impact overall market performance[16]

Group 1 - The core viewpoint is that despite strong performance in asset markets like the S&P 500 ETF (SPY), the divide between asset holders and wage earners is widening, which is affecting consumer confidence and spending patterns [1][2]

商 品 研 究 2026 年 1 月 12 日 黄金：避险情绪回升 白银：再探新高 期货研究 产 业 服 务 研 究 所 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪金2602 | 1,006.48 | 0.86% | 1008.54 | 0.80% | | | 黄金T+D | 1,002.92 | 0.71% | 1005.52 | 0.55% | | | Comex黄金2602 | 4518.40 | 0.68% | - | | | | 伦敦金现货 | 4507.74 | 0.72% | - | - | | | 沪银2602 | 18757 | 1.55% | 19438.00 | 6.19% | | | 白银T+D | 18759 | 2.17% | 19400 | 4.53% | | 价 格 | Comex白银2602 | 79.790 | 4.04% | ...

Group 1 - The latest data indicates that the U.S. job market momentum is declining, but the drop in the unemployment rate suggests that labor participation and job matching conditions remain healthy, indicating no systemic unemployment risk in the U.S. [1][6] - The non-manufacturing data reflects that the service sector, which constitutes the largest share of the U.S. economy, remains prosperous, and the recent peak in consumer confidence is a crucial underlying logic supporting the fundamentals of the U.S. stock market [1][6] - In December 2025, the U.S. non-farm employment increased by 50,000, which was below the previous value of 64,000, while the unemployment rate fell by 0.2 percentage points to 4.4%, better than market expectations [3][4] Group 2 - The private sector added 37,000 jobs in December 2025, which was below the market expectation of 68,000, with notable declines in construction and manufacturing jobs, while private service sector employment increased by 58,000 [4] - The ISM non-manufacturing index rose to 54.4, an increase of 1.8 percentage points from the previous value, indicating strong economic demand [4] - Major banks predict that the Federal Reserve may implement at least two rate cuts this year, with expectations shifting towards cuts in June and September rather than earlier in the year [7]

Group 1 - The New York stock market indices opened higher on January 9, 2025, with the Dow Jones Industrial Average rising by 237.96 points to close at 49,504.07, a gain of 0.48% [1] - The S&P 500 index increased by 44.82 points to close at 6,966.28, reflecting a rise of 0.65%, while the Nasdaq Composite Index rose by 191.331 points to close at 23,671.346, marking an increase of 0.82% [1] - Among the S&P 500 sectors, nine out of eleven sectors saw gains, with the materials and utilities sectors leading with increases of 1.80% and 1.24%, respectively [1] Group 2 - The U.S. Labor Department reported that 50,000 non-farm jobs were added in December 2025, below the market consensus of 55,000, with previous months' job additions revised downwards [1] - The unemployment rate for December 2025 was reported at 4.4%, a slight decrease from the revised rate of 4.5% in the previous month [1] Group 3 - The preliminary consumer confidence index for January 2025 was reported at 54, surpassing the previous month's 52.9 and the market consensus of 53.5, marking the highest level since September 2025 [2] - Consumer inflation expectations for one year remained stable at 4.2%, the lowest since January 2025, while the five-year inflation expectation rose from 3.2% to 3.4% [2] Group 4 - D.R. Horton, a major U.S. homebuilder, saw its stock price increase by 7.8% following President Trump's announcement to request Fannie Mae and Freddie Mac to purchase mortgage bonds to lower interest rates [3]