GOAL KICKSTART Back to Bullish – Risk Appetite Indicator at highest levels since 2021 Our Risk Appetite Indicator (RAI) remained elevated despite more policy and geopolitical uncertainty last week and reached new highs of 1.09 on Thursday (Exhibit 1). This is the highest level since 2021, the 98th percentile since 1991. The risk-on repricing YTD has been broad, with 17 out of the 27 inputs of the RAI above 0.8 in z-score terms (Exhibit 2). The most bullish components have been the Small vs. Large cap, EM vs ...

GOAL POSITIONING Resilient bullish positioning despite geopolitics Alessandro Giglio +44(20)7051-6240 | alessandro.giglio@gs.com Goldman Sachs International Andrea Ferrario +44(20)7552-4353 | andrea.ferrario@gs.com Goldman Sachs International Peter Oppenheimer +44(20)7552-5782 | peter.oppenheimer@gs.com Goldman Sachs International Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure App ...

Market Analysis by covering: US Dollar Japanese Yen, Gold Spot US Dollar, US Dollar Index Futures, Bitcoin US Dollar. Read 's Market Analysis on Investing.com ...

Market Analysis by covering: Euro US Dollar, US Dollar Japanese Yen, Gold Spot US Dollar, Silver Spot US Dollar. Read 's Market Analysis on Investing.com ...

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Investment Rating - The report maintains a modestly pro-risk stance for 2026, recommending an overweight (OW) position in equities and underweight (UW) in credit [6]. Core Insights - The macroeconomic environment has shown positive surprises, with growth being the primary driver of risk appetite in 2026 [4]. - The Risk Appetite Indicator (RAI) has reached its highest level since early 2025, indicating strong market sentiment [2]. - Growth repricing has been broad across regions and asset classes, with equities outperforming bonds and cyclicals outperforming defensives [3]. Summary by Sections Economic Outlook - Since the beginning of 2026, macroeconomic indicators have generally exceeded expectations, with the US unemployment rate dropping to 4.4% and positive manufacturing data from Germany [1]. Market Sentiment - The RAI has accelerated above 0.9, marking the 96th percentile since 1991, suggesting that while small corrections may occur, strong equity returns can persist in a supportive macro backdrop [2]. Asset Performance - Certain assets, such as silver, have experienced their best start-of-year performance in decades, with the Russell 2000 showing the largest historical outperformance against the Nasdaq composite [5]. Asset Allocation Recommendations - The report suggests an overweight position in equities, particularly in APAC ex-Japan and emerging markets, while recommending underweight positions in credit and commodities like copper [6][23].

U.S. spot Bitcoin exchange-traded funds clocked a three-day streak in outflows on Thursday, as new year optimism fades and traders reprice risk. Bitcoin ETFs recorded $205.5 million in outflows for the day, bringing the three-day cumulative netflow to $934.8 million, according to Farside data.  Inflows have outpaced outflows on just two days since the year began. Still, the 7-day net flow—calculated as the sum of all flows over a given period—remains positive at $240.7 million. Although a lagging indicator ...

There's been a fairly positive start to the New Year as far as equities are concerned. The first week of January saw the Dow Jones Industrial Average and the S&P 500 trade at fresh all-time highs. ...

Crypto markets broke decisively higher in early Asian trading after a range-bound December, with Bitcoin climbing above $92,000 and Ether pushing past $3,100. Key Takeaways: Bitcoin and Ether broke out of their December ranges as risk-on sentiment returned across global markets. QCP sees the move as a potential regime shift, aided by fading tax-loss selling and renewed policy optionality. Options markets turned more constructive, though positioning remains cautious despite rising upside demand. T ...

Bitcoin Outlook - Strategy CEO Phong Le views Bitcoin as a unique asset class combining technological innovation, macroeconomic attributes, and capital market breakthroughs [1] - Short-term Bitcoin price performance is influenced by liquidity and risk appetite, exhibiting volatility similar to other risk assets [1] - The long-term value of Bitcoin requires time for market understanding [1] Potential Macroeconomic Factors for Bitcoin in 2026 - A more dovish Federal Reserve could create a more favorable macro environment for Bitcoin [1] - A rebound in risk appetite associated with the midterm election cycle could positively impact Bitcoin [1] - Continued adoption of Bitcoin by banks and nation-states could contribute to a more favorable environment [1]