Morning wrap (22.01.2026)

U.S. index futures continue trading in the green after Donald Trump said on social media that a framework had been reached on Greenland and, more broadly, Arctic issues within NATO. The U.S. president also scrapped planned tariffs on selected European countries (US100, US500: about +0.05%).

The U.S. Supreme Court is likely to reject Trump’s request for the immediate removal of Lisa Cook from the Federal Reserve Board of Governors, according to comments from several justices citing central bank independence and potentially negative economic consequences.

Asian markets are mostly higher, following the rebound in Wall Street futures and improved sentiment after easing tensions between the U.S. and Greenland. South Korea was the strongest performer – the KOSPI (+0.6%) hit a record, driven by AI-related stocks (Samsung and SK Hynix: about +2%). Japan’s SoftBank is also gaining on AI optimism (around +11%). The JP225 adds another 0.8% ahead of tomorrow’s BOJ decision.

Australian labour data came in above expectations, likely due to seasonal effects such as stronger holiday-related labor demand. In December, employment rose by 65.2k jobs (forecast: 28.3k), while November’s figure was revised down from -21.3k to -28.7k. The unemployment rate fell from 4.3% to 4.1%, pointing to a tightening labor market.

Japan’s trade deficit narrowed by about 52% in 2025 to ¥2.65 trillion, mainly thanks to record export growth driven by shipments of semiconductors and broader electronics to other Asian countries. Deficits with Europe and China widened.

In FX markets, Antipodean currencies are leading, supported by improved risk appetite and labor market data from Australia that reinforce a hawkish monetary policy outlook. AUDUSD gains 0.65%, breaking above the psychological 0.68 level. NZDUSD adds a more modest 0.25%. The yen is once again the weakest G10 currency, losing about 0.3% against both the dollar and the euro. EURUSD is flat near 1.169.

Gold is correcting slightly, down just 0.1% to around USD 4,830 after easing U.S.–Europe tensions, while silver recovers yesterday’s losses, rising 1% to USD 94.

Natural gas gains 5%, extending its rally for a fourth consecutive session. Brent and WTI crude fall about 0.2%, signaling lower volatility after recent gains.

Cryptocurrency sentiment is mixed. Major tokens are higher (Bitcoin: +0.4% to USD 90,180; Ethereum: +0.2% to USD 3,018), while smaller tokens are often in the red (TRUMP: -1%, Ripple: -0.5%).