Donald Trump’s unpredictability is pushing investors away from the US dollar - Denis Balibouse/Reuters Gold was on track for its best week since 2008 after Donald Trump’s Greenland tariff tirade triggered a stampede into the precious metal. Bullion is up 8pc over the past five trading sessions to nearly $5,000 (£3,673) an ounce – its strongest performance since the depths of the financial crisis nearly two decades ago. Silver also rose above $100 an ounce for the first time. Global investors have been ...

Core Viewpoint - The Federal Reserve is expected to maintain current interest rates, while mortgage rates are influenced by President Trump's housing affordability initiatives rather than Fed actions [1][2]. Mortgage Rates and Applications - Mortgage rates have recently declined, leading to a significant increase in refinance applications, which reached the highest level since September 2025, with a 14% increase in loan applications and a 20% rise in refinancing from the previous week [3]. - The 30-year fixed-rate loans saw a slight increase of three basis points from a three-year low of 6.06% [4]. Impact of Trump's Initiatives - Since the announcement of housing affordability initiatives on January 7, 30-year mortgage rates dropped from 6.16% to 6.06%, before slightly rebounding to 6.09% [5]. - Some lenders are now offering mortgage rates below 6%, indicating a competitive lending environment [5]. Future Fed Rate Expectations - The Federal Reserve is anticipated to make one or two interest rate cuts in 2026, although there are uncertainties regarding the labor market and inflation trends [6]. - J.P. Morgan predicts a potential rate hike in the third quarter of 2027, influenced by expected inflation declines and a tightening labor market [7]. Presidential Actions on Housing - President Trump has implemented several measures aimed at increasing housing affordability, including a ban on institutional investment in single-family housing and a directive for Fannie Mae and Freddie Mac to purchase $200 billion in mortgage bonds [8]. - An initiative was also proposed to allow 401(k) participants to use retirement savings for home down payments, although details remain vague [8]. Market Reactions and Predictions - With the Fed's current stance, mortgage rates are expected to fluctuate, and there may not be sustainable downward movements in the short term [9]. - Economists are monitoring 10-year Treasury yields, which are settling in the 4.2% to 4.3% range, as these will impact mortgage rates [9][10].

分组1: Intel - Intel shares are declining due to a disappointing outlook and ongoing manufacturing issues, particularly supply constraints affecting their ability to meet demand for traditional CPUs and AI data center chips [1][5][6] - The company reported earnings of 15 cents per share, exceeding expectations of 8 cents, marking an 88% beat, but guidance for the upcoming quarter was disappointing due to supply chain challenges [18][19] - Intel's foundry business is a key focus for investors, with anticipation around potential customer announcements and the need for significant contracts before ramping up capital expenditures [9][14][21] 分组2: Broader Market - The S&P 500 is facing back-to-back weekly losses for the first time since June, indicating a volatile market sentiment [2][4] - Gold prices are rising, surpassing $4,900 per ounce, as investors shift money from stocks to gold, marking its best week since 2020 [5] - The technology sector is experiencing volatility, with concerns about AI investments and the overall market performance affecting investor sentiment [22][25] 分组3: TikTok - TikTok has finalized a deal to continue operating in the US, establishing a US entity led by Oracle to alleviate concerns about data security and potential bans [3][55] - The deal allows TikTok to retain its algorithm while ensuring US data is secured by American companies, addressing previous fears of foreign influence [56][58] - The platform currently has 200 million users and 7.5 million businesses utilizing its services, indicating its significant market presence [59] 分组4: Capital One - Capital One is acquiring Brex for over $5.1 billion, focusing on expanding its corporate credit card business [45][46] - The acquisition is structured as a 50/50 cash and stock deal, which may require issuing more stock and could impact investor sentiment due to recent earnings misses and increased provisions for credit losses [47][49] - The company reported a 64% increase in net interest from credit cards last quarter, highlighting its profitability despite current challenges [49] 分组5: Airlines - Airlines are facing significant disruptions due to a winter storm, with over a thousand flight cancellations expected, which could impact their financial performance [50][51] - The cancellations are likely to lead to increased costs related to travel vouchers and rescheduling, affecting the bottom line of the airlines involved [53][54]

Market Overview - U.S. stocks experienced mixed trading, with the Dow Jones index falling by 0.46% to 49,158.56, while the NASDAQ rose by 0.19% to 23,481.32 and the S&P 500 increased by 0.03% to 6,915.27 [1] - Energy shares saw a gain of 1.3%, while financial stocks dipped by 0.8% on the same day [1] Company Earnings - SLB Limited reported fourth-quarter revenue of $9.745 billion, a 5% increase from the previous year, surpassing analyst estimates of $9.547 billion [2] - Diluted GAAP earnings per share for SLB were 55 cents, down from 77 cents a year earlier, while diluted EPS excluding charges and credits was 78 cents, down from 92 cents a year earlier but above the 74-cent estimate [2] Stock Movements - Movano Inc. shares surged by 150% to $17.43 following the announcement of a long-term NVIDIA H200 GPU deployment [8] - Direct Digital Holdings, Inc. saw its shares increase by 103% to $4.6999 [8] - TryHard Holdings Limited shares rose by 92% to $1.3501 [8] - Aptera Motors Corp. shares dropped by 45% to $1.3350 after announcing a $9 million public offering [8] - Erayak Power Solution Group Inc. shares fell by 40% to $1.6309 due to a business update on market demand trends [8] - The OLB Group, Inc. shares decreased by 30% to $0.6050 after announcing a $1.3 million registered direct offering [8] Economic Indicators - The University of Michigan's consumer sentiment index increased to 56.4 in January from a preliminary reading of 54.0 and December's 52.9 [9] - The S&P Global services PMI remained unchanged at 52.5 in January [9] - The S&P Global composite PMI rose to 52.8 in January from 52.7 in the previous month [9] - The S&P Global manufacturing PMI increased to 51.9 in January from December's 51.8 [9]

Group 1 - Dongxin Co. expects a net loss of 174 million to 214 million yuan for 2025, while revenue is projected to grow by approximately 43.75% year-on-year, with a significant increase in gross margin and profitability in the storage segment [1] - Dongxin Co. plans to invest an additional 211 million yuan in the high-performance GPU sector, following a successful first tape-out of its self-developed GPU chip "7G100" [1] Group 2 - Baiyin Nonferrous Metals anticipates a net loss of 450 million to 675 million yuan for 2025, primarily due to a provision for expected liabilities of approximately 314 million yuan related to a warehouse contract dispute [2] - Despite an increase in market prices and production output, the company faces challenges from market price fluctuations affecting embedded derivative financial instruments [2] Group 3 - Zijin Mining's second phase of the Giant Dragon Copper Mine has commenced production, increasing its total production capacity to 350,000 tons per day, making it the largest copper mine globally [3] - The company is planning a third phase that could further enhance its copper reserves and production capabilities [3] Group 4 - Zhongwei Company expects a net profit of 2.08 billion to 2.18 billion yuan for 2025, representing a year-on-year increase of approximately 28.74% to 34.93%, driven by the demand for plasma etching equipment in semiconductor manufacturing [3] - The company has seen a significant increase in the shipment volume of its high-end products for critical etching processes [3] Group 5 - Shannon Chip expects a net profit of 480 million to 620 million yuan for 2025, reflecting a growth of 81.77% to 134.78% year-on-year, driven by increased sales of enterprise storage products [4] - The company anticipates a revenue growth of over 40% for the year, with its brand "Haipu Storage" entering mass production [4] Group 6 - Shuai Feng Electric anticipates a net loss of 43 million to 62 million yuan for 2025, with potential delisting risk due to projected revenues falling below 300 million yuan [5][6] Group 7 - Chip Yuan Co. expects a net loss of 449 million yuan for 2025, indicating a narrowing of losses compared to previous periods [7] Group 8 - Hangzhou Bank projects a net profit growth of 12.05% for 2025 [8] - Yongchuan Intelligent anticipates a staggering net profit increase of 721.57% to 894.86% for 2025 [8] - Xiling Power expects a net profit increase of 77.82% to 117.33% for 2025 [8] - Other companies like YK International and New Qiang Lian are also forecasting significant profit increases for 2025 [8]

Market Overview - Major U.S. index futures indicate a modestly lower open on Friday, following a sharp rise in the previous two sessions, as traders may look to cash in on gains [1] - The Dow Jones Industrial Average rose by 306.78 points (0.6%) to 49,384.01, the Nasdaq increased by 211.20 points (0.9%) to 23,436.02, and the S&P 500 climbed by 37.73 points (0.6%) to 6,913.35 [5] Company-Specific News - Intel (INTC) shares are under pressure, plunging nearly 13% in pre-market trading after reporting better-than-expected fourth-quarter earnings but providing disappointing guidance for the current quarter [3][4] - The semiconductor giant's stock decline is expected to weigh on Wall Street [3] Economic Indicators - Initial jobless claims in the U.S. rose to 200,000, an increase of 1,000 from the previous week's revised level of 199,000, which was below economists' expectations of 205,000 [8] - Consumer prices in the U.S. increased in line with economist estimates for November [9] Commodity and Currency Markets - Crude oil futures surged by $1.17 to $60.53 per barrel after a previous drop [11] - Gold futures climbed by $19.50 to $4,932.90 per ounce, following a significant increase in the previous session [11] Asian Market Performance - Asian stocks ended mostly higher, with China's Shanghai Composite Index rising by 0.3% to 4,136.16, supported by Xiaomi's stock buyback announcement [12][13] - Japan's Nikkei 225 Index edged up by 0.3% to 53,846.87, while the broader Topix Index settled 0.4% higher at 3,629.70 [15] European Market Performance - European stocks traded slightly lower, with the pan-European Stoxx 600 Index down by 0.2% after a 1% surge on Thursday [19] - French lender BNP Paribas plans to eliminate about 1,200 jobs by the end of 2027, contributing to its stock decline [20]

同期，12月份天津市金融机构本外币各项存款增加343.51亿元。其中，住户存款增加461.06亿元，非金 融企业存款减少76.83亿元，机关团体存款增加26.23亿元，财政性存款减少1.45亿元，非银行业金融机 构存款减少66.47亿元。(完) 存款方面，2025年天津市金融机构本外币各项存款增加3279.58亿元。其中，住户存款增加1790.68亿 元，非金融企业存款增加885.92亿元，机关团体存款增加184.38亿元，财政性存款增加89.60亿元，非银 行业金融机构存款增加372.76亿元。 从全年增量看，2025年天津市金融机构本外币各项贷款增加2187.27亿元。其中，住户贷款减少382.82亿 元，企事业单位贷款增加2411.52亿元，非银行业金融机构贷款减少115.10亿元。 仅就2025年12月份单月观察，天津市金融机构本外币各项贷款增加100.64亿元。其中，住户贷款减少 37.77亿元，企事业单位贷款增加236.85亿元，非银行业金融机构贷款减少145.56亿元。 中新网天津1月23日电 (记者 周亚强)中国人民银行天津市分行23日发布2025年天津市金融运行数据。统 计显示，2025年， ...

Core Viewpoint - The cryptocurrency industry is expected to compromise on the stablecoin rewards clause in the market structure bill, as it faces a strong banking lobby [2][3]. Group 1: Industry Dynamics - Galaxy Digital Inc. CEO Mike Novogratz believes the cryptocurrency industry will ultimately lose the battle against the banking lobby, leading to a compromise where stablecoin companies can offer rewards for usage but not on idle balances [2]. - Novogratz expressed that the overall bill is beneficial for the industry, indicating a strong commitment from Democrats to pass the legislation [3]. Group 2: Legislative Context - The urgency for the legislation stems from two main reasons: the desire for America to lead in digital assets and the political implications of being anti-crypto [4]. - Coinbase has withdrawn its support for the cryptocurrency market structure bill due to objections regarding a rule that would prevent cryptocurrency platforms from paying rewards on idle stablecoin balances, which is not applicable to traditional banks [5]. Group 3: Market Reactions - Coinbase CEO Brian Armstrong has called for a "level playing field" for cryptocurrency companies, advocating for users' rights to earn a 3.8% yield on their stablecoins [5].

Core Viewpoint - The price of gold is approaching $5,000 per troy ounce, driven by geopolitical tensions and increased demand from retail investors and central banks [2][3]. Group 1: Price Trends - As of recent trading, COMEX gold futures for February delivery were priced at $4,930.70 per ounce, reflecting a 0.35% increase [2]. - Gold prices have seen significant appreciation, ending 2024 at 26% higher and rising another 65% in 2025, marking the highest annual price rise in over 45 years [5]. Group 2: Investor Behavior - Retail investors are increasingly turning to gold and gold exchange-traded funds as a safe haven amid global uncertainties, including trade wars and conflicts like the Russia-Ukraine war [4][5]. - Central banks are also major players in the gold market, with Poland being the largest official sector buyer in the previous year [6]. Group 3: Central Bank Dynamics - Other notable central bank buyers include Brazil, China, Kazakhstan, Turkey, and Russia, contributing to the upward pressure on gold prices [7]. - The European Central Bank acknowledged that gold has surpassed the euro as the second-largest reserve asset for central banks, only behind the dollar [7]. Group 4: Future Forecasts - Many forecasters predict that the gold rally will continue, with Goldman Sachs raising its end-2026 price forecast to $5,400 per ounce [9]. - J.P. Morgan Global Research suggests that $6,000 per ounce is a long-term possibility, influenced by ongoing geopolitical risks and expanding ETF holdings [10]. - Despite potential price corrections due to easing geopolitical tensions, the near-term outlook for gold remains bullish, as any price dips may attract more buyers [11].

Core Insights - The collapse of several American companies backed by private credit has highlighted the risks associated with this rapidly growing sector of Wall Street lending [2][3][4] Growth of Private Credit - Private credit is projected to grow from $3.4 trillion in 2025 to an estimated $4.9 trillion by 2029, indicating significant expansion in this lending sector [3] - The rise of private credit has been attributed to post-2008 financial crisis regulations that have made banks less willing to serve riskier borrowers [2][6] Concerns and Warnings - Prominent figures like JPMorgan Chase CEO Jamie Dimon and bond investor Jeffrey Gundlach have raised alarms about the potential risks in private credit, suggesting that issues in this sector could lead to broader financial crises [4][6] - Concerns have been voiced regarding the transparency and regulatory oversight of private credit, with experts noting that the asset managers who make these loans also value them, creating potential conflicts of interest [9][10] Market Dynamics - Companies heavily involved in private credit, such as Blue Owl Capital, Blackstone, and KKR, are currently trading below their recent highs, reflecting market apprehension [5] - The competition for lending in the private credit space has intensified, with banks re-entering the market due to deregulation, which may lead to lower underwriting standards [14][15] Default Risks - Defaults among private loans are anticipated to rise, particularly as signs of stress among less creditworthy borrowers become evident [12] - Borrowers in the private credit market are increasingly utilizing payment-in-kind options to delay defaults, indicating potential underlying financial strain [12] Regulatory Implications - The lack of established regulatory frameworks for private credit raises concerns about the overall safety and soundness of the financial system, especially in times of distress [16]