Morning Brew January 6 2026

Good morning,

Equities remain in Goldilocks territory, even as geopolitical uncertainty rises. U.S. equities gained, with energy stocks performing strongly as expectations mount that the strike in Venezuela will result in U.S. oil companies gaining access to the largest oil reserves. The S&P 500 increased by 0.64%, the Nasdaq by 0.69%, and the Dow by 1.23%. The S&P 500 Energy Index rose by 2.7%. Banks also saw gains due to a positive outlook, with Goldman Sachs up 3.7%, Citi increasing by 3.9%, and BNY Mellon rising 3.4%. Volumes were strong.

The U.S. administration is planning to meet with executives from U.S. oil companies later this week to discuss boosting Venezuelan oil production.

Der Spiegel highlighted risks to equities yesterday, indicating increased interest in equity markets among the general population in Germany.

Samsung Electronics is expected to announce a 160% jump in its fourth-quarter operating profit, driven by a chip shortage that has sharply increased memory prices.

Tesla ended a seven-day losing streak, gaining 3%, despite being overtaken by BYD.

The CES is starting in Las Vegas with a focus on AI; Nvidia has announced that its next-generation AI chips are now in production.

Politically, Stephen Miller reiterated the U.S. claim to Greenland; Denmark sees the potential end of NATO if tensions escalate.

The USD is losing ground due to weak PMI data, testing support at 98.20, with EUR/USD at 1.1740, GBP/USD at 1.3550, and USD/JPY at 156.30.

In a bold step towards fulfilling an outrageous prediction, Novo is launching weight loss pills, with expansion into the pet market still to come.

Gold and silver continue their rise, with silver at 78.80, gold at 4470, platinum at 2315, and Bitcoin at 93k.

PMI data will be key today, alongside any political developments and news from CES.

Churu looked ath the CES: Sharing a short investor note from CES (the Consumer Electronics Show in Las Vegas), where Nvidia’s CEO Jensen Huang laid out the company’s roadmap for the next phase of AI. CES 2026: Nvidia’s playbook for the next phase of AI

• Rubin timeline: Nvidia said its next data-centre platform, Vera Rubin, is “in full production,” with partner systems expected to roll out in 2H 2026.
• The shift investors should watch: AI is moving from building models to running AI for real users at scale, which can broaden beneficiaries beyond GPUs into networking/connectivity, memory and storage, and data-centre infrastructure.
• Physical AI: Nvidia also highlighted robotics and autonomous systems as a longer-duration opportunity, but timelines and adoption uncertainty remain high.
• Risks to keep in frame: performance claims are company-stated until independently validated; the inference phase can bring more competition and margin pressure; and AI capex can be lumpy even in a structural trend.

Key Dates in January:

Date      Country               Event

6-Jan     Global PMI

6-Jan     DE          CPI

7-Jan     DE          Unemployment

7-Jan     EU          Inflation

8-Jan     DE          Industrial Orders

8-Jan     EU          Unemployment Rate

8-Jan     US          Initial Jobless claims, International Trade

9-Jan     China   PPI, CPI

9-Jan     US          Nonfarm Payrolls, University of Michigan

13-Jan  US          CPI

14-Jan  US          PPI, Existing Home Sales

14-Jan  China   Trade Data

15-Jan  UK          GDP

15-Jan  US          Initial Jobless Claims, Initial Jobless Claims

16-Jan  DE          Inflation

19-Jan  China Retail Sales, GDP, Urban Investment

19-Jan  CA          PMI

19-Jan  US          Market Holiday

20-Jan  China   Rate Decision

20-Jan  UK          Employment

20-Jan  DE          ZEW

21-Jan  UK          CPI

22-Jan  US          GDP

22-Jan  AU          CPI

23-Jan  Japan    Rate Deecision, CPI

23-Jan  UK          Retail Sales

23-Jan  US          PMI&University of Michigan

26-Jan  US          Durable Goods

27-Jan  US          Consumer Confidence

28-Jan  AU          CPI

28-Jan  Canada               Rate Decision

28-Jan  US          Rate Decision

29-Jan  US          PCE

30-Jan  Japan    CPI

30-Jan  Switzerland       KOF

30-Jan  EU          GDP, Consumer Confidence.