Morning wrap (15.01.2026)

U.S. equity index futures are rebounding after two days of selling, supported by the latest results from TSMC, which should serve as a litmus test for AI industry giants such as Nvidia and AMD.

Nasdaq futures lead the gains (US100: +0.3%), followed by the Russell 2000 (US2000: +0.25%), S&P 500 (US500: +0.15%), and the Dow Jones (US30: +0.1%).

U.S. Treasury Secretary Scott Bessent reportedly expressed concerns about volatility in USD/JPY during a meeting with his Japanese counterpart, calling for consistent monetary policy and communication.

Sentiment in the Asia-Pacific region is mixed. Japan’s Nikkei 225 pulled back slightly from yesterday’s all-time high (-0.9%) as hopes for further fiscal support from the government cooled and bond yields rebounded. Anticipation of TSMC’s results is generating caution in technology stocks, weighing most heavily on Chinese markets (CHN.cash: -0.2%). Meanwhile, gains were seen in South Korea (Kospi: +1.3%) and Australia (AU200.cash: +0.3%).

TSMC posted a record fourth-quarter profit, with net income up 35% on strong demand for AI and high-performance computing chips, beating consensus estimates. Revenue exceeded NT$1 trillion for the first time, while advanced chips below 7 nm accounted for 77% of sales. Growth is being driven mainly by customers such as Nvidia and AMD and by the expansion of AI. The company is ramping up 2 nm capacity, supporting its outlook through 2026, although weaker smartphone demand could limit growth.

China is working on rules to cap the number of advanced AI chips that local companies can buy from foreign suppliers such as Nvidia, Reuters reported. The measures are expected to take the form of order limits rather than a full ban, following U.S. approval for exports of H200 chips and rising political tensions.

The U.S. dollar index is rebounding after yesterday’s pullback (USDIDX: +0.1%), mainly due to weakness in the Swiss franc (USDCHF: +0.15%) and the yen (USDJPY: +0.2%). The Australian dollar is the only one resisting the move (AUDUSD flat). EURUSD is down 0.1% to 1.1635.

Precious metals are pulling back sharply after their recent rally driven by persistent political uncertainty and rising risks of U.S. intervention in Iran. Silver is falling the most, dropping back below $90 (-4% to $89.30), followed by platinum (-3.2% to $2,326). Gold is down 0.4% to $4,606.

Brent and WTI crude have snapped a five-day rally, falling about 1.5%.

Cryptocurrencies are also correcting: Bitcoin is down 0.8% to $96,290, while Ethereum is down 1.1% to $3,315.