Asia Market Quick Take – January 30, 2026

Key points:

• Macro: US initial jobless claims and factory orders were better than expected
• Equities: US equities fall; Microsoft declines 10% while SAP plunges 16%
• FX: AUD, SEK, NOK weakened on risk reduction, falling against the USD
• Commodities: Copper up most in 16 years; gold whipsawed
• Fixed income: 2-year Treasury yield at lowest since 15 January

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Disclaimer: Past performance does not indicate future performance.

Macro:

• President Donald Trump sued the US Treasury and IRS for at least $10bn over the unauthorised disclosure of his tax returns, and said he will name his Fed chair nominee Friday, with candidates including Kevin Hassett and Christopher Waller.
• US initial jobless claims fell by 1,000 to 209,000, more than expected. Continuing claims dropped by 38,000 to 1,827,000, the lowest since September 2024, showing a stable labor market. Federal employee claims decreased by 212 to 798 during the government shutdown.
• US manufactured goods orders rose 2.7% to $621.6 billion in November 2025, recovering from a 1.2% drop. Durable goods orders jumped 5.3%, driven by transportation equipment, while nondurable goods orders remained stable at $297.9 billion.
• Japan's retail sales fell 0.9% year-on-year in December 2025, contrary to expectations. Sales dropped for clothing, fuel, non-store retailers, department stores, and food, while rising for other categories, autos, machinery, and cosmetics. Monthly sales experienced a 2.0% decrease, marking the first decline in four months.
• Japan's unemployment rate in December 2025 stayed at 2.6%, the highest since July 2024. Unemployment rose by 50,000, while employment and the labor force dropped by 50,000 each. The participation rate was 63.9%, and the jobs-to-applicants ratio increased to 1.19.
• US manufactured goods orders rose 2.7% to $621.6 billion in November 2025, recovering from a 1.2% drop. Durable goods orders jumped 5.3%, driven by transportation equipment, while nondurable goods orders remained stable at $297.9 billion.
• Tokyo's core consumer prices rose 2% year-on-year in January 2026, down from December's 2.3% and below the expected 2.2%, marking the lowest since October 2024. Aligning with the BOJ's 2% target, it suggests caution on rate hikes. The policy rate reached 0.75% in December and remained unchanged in January.

Equities: 

• US - US equities ended mixed on Thursday, with the S&P 500 down 0.1% and the Nasdaq losing 0.5%, while the Dow inched up 0.1%. Tech weakness weighed on markets as investors reassessed AI‑driven valuations amid heavy earnings. Microsoft tumbled 10% after warning of slower cloud growth and higher AI spending, dragging software and broader growth stocks lower. Meta jumped 10.4% on a strong revenue outlook, while IBM (5.1%) and Caterpillar (3.4%) gained on better‑than‑expected results. In after hours, Apple's shares rise 0.6% after Q1 revenue and EPS beat estimates, driven by iPhone growth
• EU - European equities fell Thursday as weak earnings weighed on sentiment. The STOXX 50 dropped 0.7% to 5,892 and the STOXX 600 slipped 0.2% to 607. SAP plunged 16%—its largest decline since 2020—after missing cloud‑revenue estimates and warning of slower backlog growth. Tech weakness extended to Nokia, down over 3% after results, while Infineon slid nearly 4% amid softer AI‑infrastructure demand. In contrast, ABB rallied 8.5% on strong earnings. Outside the Eurozone, Roche gained 2.7% on 5% profit growth despite currency headwinds, while Sanofi was little changed after a revenue miss.
• HK - Hang Seng rose 0.5% to 27,968 on Thursday, reversing early losses to reach a 4½‑year high, driven by strength in property and financial stocks. Property names climbed 1.8% after China scrapped monthly reporting requirements tied to developers’ debt‑ratio caps, boosting Longfor Group, China Overseas Land, and China Resources Land, which gained between 4% and 5%. Financials also advanced after Hong Kong kept its base rate at 4.0%, mirroring the Fed. AIA rose 2.2%, while China Construction Bank and China Taiping added 1.4%. In contrast, Sands China slumped 7.2% on weaker‑than‑expected profitability.