Market Commentary: Wednesday 14th January

Global equities pushed toward fresh record highs as softer US inflation data eased near-term price pressure concerns and reinforced confidence in the AI-driven rally. Asian markets led the move, with the MSCI Asia Pacific Index up 0.7%, helping lift the MSCI All Country World Index toward another record close. Japanese equities outperformed again amid reports of a possible snap election, while South Korea extended its strong run linked to AI exposure. US and European equity futures were slightly weaker, suggesting some consolidation after recent gains.

Markets are now looking ahead to a potential US Supreme Court ruling on President Trump’s global tariffs, a key event after April’s announcement rattled risk assets. While political pressure on the Federal Reserve remains in focus, investors continue to lean into the view that sustained AI investment will support earnings growth. In Japan, speculation around domestic politics pushed bond yields higher and kept USD/JPY near multi-year lows, reinforcing the theme of global diversification away from US assets.

Commodities were a standout. Precious metals surged, with gold and silver hitting fresh records as haven demand was supported by geopolitical tensions and renewed focus on the threat of a criminal indictment against Fed Chair Jerome Powell as a consequence of interest-rate policy decisions. Bitcoin climbed to a two-month high on improved risk sentiment, while oil steadied after a strong multi-day rally.

• S&P 500 futures -0.2%
• Nasdaq 100 futures -0.2%
• Bitcoin +0.9% to ~94,900
• Gold +1.0% to ~4,633/oz
• WTI crude -0.6% to ~60.80/bbl

**For professional investors only** Any opinions, news, research, analyses, prices, or other information contained in this blog is provided as general market commentary and does not constitute (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Some of this information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is made or given by or on behalf of iSAM Securities or its directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this blog, and no responsibility or liability is accepted for any such information. As a result, any person acting on any information does so entirely at their own risk. iSAM Securities will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.