Morning wrap (27.01.2026)

US index futures are extending gains despite pressure from today’s Fed meeting and upcoming Wednesday earnings from the Magnificent 7 (US100 +0.6%, US2000 and US500 +0.4%, US30 +0.3%).

US Treasury Secretary Scott Bessent said Donald Trump held a phone call with Canadian Prime Minister Mark Carney following yesterday’s wave of trade threats aimed at Canada. Carney later commented that Trump’s rhetoric is largely part of a negotiating strategy.

Donald Trump announced plans to raise tariffs on South Korean goods from 15% to 25% (autos, lumber, pharmaceuticals) in response to the continued failure of parliament to ratify the negotiated trade agreement.

Asian markets followed yesterday’s strong rally on Wall Street, driven by solid US corporate earnings. Japan’s JP225 is up 1.45%, South Korea’s Kospi jumps as much as 2.6% despite Trump’s tariff threats, and HK.cash gains 1%, while sentiment in mainland China was mixed. Strength in the tech sector offset weakness in autos.

On FX: USDJPY is halting its decline after three days of a sharp selloff driven by concerns about potential currency intervention in Japan (-2.7% from Friday to yesterday; +0.3% today). The dollar index is flat, while AUD is again the strongest G10 currency at the start of the session (AUDJPY +0.4%, AUDCAD +0.3%). EURUSD is steady around 1.187.

Precious metals show no signs of pausing, supported by renewed trade tensions: gold gains 1.5% to $5,087, while silver surges 5.8% to $110. Platinum rebounds 4.6% after yesterday’s correction.

Energy commodities are slightly lower: Brent and WTI crude fall around 0.7–0.8%, while NATGAS drops for a second straight day, down another 2.7%.

Crypto volatility is muted: Bitcoin rises 0.2% to $88,300, while Ethereum trades flat near $2,925.