Wolf Money(world market review 5-11 Jan 2026)

 

Market Summary 5-11 Jan 2026

*USA*

± US nonfarm payrolls added 50k MoM payrolls in Dec, lower than downwardly revised 56k in Nov, vs forecast of 60k 

+ US jobless rate fell slightly to 4.4% in Dec from 4.5% in Nov

-US manufacturing sector lost 8000 jobs in Dec n total 75,000 in 2025 on 8-mth decline 

+ US trade deficit at US$29.4bn in Oct, down 39% MoM; imports down 3.2% to US$331.4bn, exports rose 2.6% to US$302bn 

+ US private payrolls rose 41,000 in Dec, vs loss of 29,000 in Nov

+ US average hourly earnings for all employees on private nonfarm payrolls rose by 0.3% or 12 cents to US$37.02 in Dec 

+ US consumer sentiment index inched up 2nd consecutive mth to 54 in Jan, highest since Sept 2025

+ US 10-year Treasury note rose to 4.2% at near 5-mth high 

+ S&P 500 rallied to record high, lifted by Broadcom n other chipmakers 

± Trump proposed a record US$1.5 trillion defense budget, an annual increase of US$500bn 

+ Trump meets with oil and gas executives about plans to overhaul Venezuela oil industry

-US big oil executives tell Trump they are noncommittal on Venezuela

+ Trump calling for a 10% cap on credit card interest rates for one year 

± US interest rates are still substantially above the neutral level: Bassent 

-US housing starts fell by 4.6% MoM in Oct to annualised rate of 1.246m units, lowest level since May 2020

-US building permits down by 0.2% to annualised rate of 1.412m in Oct 2025

-US >1000 companies reportedly suing Trump administration over tariffs, asking for refunds

+ Trump tells Fannie, Freddie to buy US$200bn of mortgage debt; latest effort to bring down housing costs 

+ US mortgage rates hit lowest level in almost 3 yrs   

+ US drops plan to restrict Chinese-made drones 

+ US Senate advances motion to limit Trump’s war powers 

-Trump’s administration has discussed paying Greenlanders up to US$100k to join US

± White House is reviewing protocols regarding economic data releases 

+ Tesla’s Shanghai Gigafactory produces its 5m electric drive system  

*SOUTH AMERICA*

+ Venezuela govt began an exploratory diplomatic process with US to resume bilateral relations

*CHINA*

+ China’s CPI rose 0.8% YoY, hitting highest rate in almost 3 yrs, driven by higher food prices; CPI at 0% for 2025 

+ China’s Economists Confidence Index came in at 50.3 for Jan vs 50 in Dec  

+ China to implement a package of fiscal n financial policies to boost domestic demand, to spur household consumption 

+ China’s investment in construction of water conservancy projects exceeded ¥1 trillion (US$143.1bn) for 4th straight year 

+ China’s foreign reserves rose by US$11.5bn to US$3.357 trillion as of Dec, Gold reserves rose by 30,000 ounces to 74.15m ounces 

+ China on track to outpace every other country in computing power needed to run AI: Musk 

-China bans exports of dual-use items to Japan that can be used for military purposes, launching investigation into imported dichlorosilane, a chemical gas used in making semiconductors  

+ China’s NEV retail sales rose 17.6% in 2025, Chinese brand NEV exports up 139%

+ China will investigate cutthroat competition among food delivery platforms operated by tech firms to curb price war 

± China to look into Meta’s purchase of Manus complies with Chinese laws and regulations on export controls, technology trade and foreign investment: Ministry 

-China to adjust or cancel export tax rebated for photovoltaic and battery products 

+ China’s private aerospace company SEPOCH began construction country’s first offshore reusable rocket recovery base 

+ China to expand opening-up of its services sector in 9 additional pilot cities 

+ China’s express deliveries top 200bn parcels in 2025: official data 

+ Chinese Airlines post profit for 2nd straight year: CAAC

+ Chinese AI startup MiniMax’s stock doubles in value on first HKEX trading day 

+ Shanghai’s stock market hits 10-year high 

+ China to expedite approvals of urgently needed foreign drugs for chronic, age-related illnesses 

-China planning to slow expansion of large hospitals 

+ China to grow HSR network to 60,000km by 2030 

+ CK Hutchison planning dual HK, London listing for AS Watson, looking to raise up to SU$2bn 

*EUROPE*

-Eurozone Manufacturing PMI fell to 48.8 in Dec from 49.6 in Nov, slowest reading in 9 mths 

+ Eurozone inflation hits 2% in Dec, in line with ECB’s target 

+ EU majority countries have given green light for signing of Mercosur free trade deal 

-EU should take Trump seriously on Greenland: Vance 

± Germany’s trade surplus fell to €13.1bn in Nov due to weak exports, lowest level in nearly 3 yrs   

-German exports fell by 2.5% MoM in Nov as shipments to EU countries and US dropped, imports up 0.8%  

-Germany’s HCOB Manufacturing PMI fell to 47.0 in Dec from 48.2 in Nov 

-France will vote against EU-Mercosur deal: Marcon 

*ASIA*

± Japan PM considering dissolving Lower House for snap election nearly next mth: media report 

+ India has surpassed Japan to become world’s 4th largest economy; according to India govt’s end-of-year economic review  

+ India reportedly plans to scrap 5-year-old restrictions on Chinese firms bidding for govt contracts

+ South Korea brought a huge delegation of about 200 business leaders on his ongoing state visit to China, including heads of 4 most prominent conglomerates  

+ South Korea to extend FX trading to 24 hrs a day in Jul

+ Thai central bank to expand authority to scrutinise online gold trading: governor 

± Malaysia is reassessing its FTA as global trade shifts towards protectionism

+ Malaysia’s wholesale, retail trade sales up 6.4% YoY to RM159.9bn in Nov 

+ Malaysia’s unemployment hits 11-year low at 2.9% 

+ Penang projected to maintain strong growth with >8m tourists expected to arrive via Penang Int’l airport 

+ Sg retail sales up 6.3% in Nov 

+ Sg real estate investment sales rose 23.9% QoQ to S$13.5bn in Q4, full-year volume reached S$40bn, up 36.8% YoY, above S$35.5bn peak recorded in 2017

+ MAS seeks feedback on legal changes to facilitate dual listings on SGX, Nasdaq 

*"Will be away next 1 wk+, no summary report for that period"*

Contribution by Derek@valueinvestments chat group. Thank you.

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