As of January 9, 2026, global markets are navigating a complex landscape shaped by geopolitical developments, trade tensions, and mixed economic data. Equity indices show a mixed performance with bullish mid-term trends, while commodities and fixed income instruments reflect varied investor sentiment.
Equity futures are showing a sideways drift with no clear direction. European markets, particularly the DAX, posted notable gains recently, while U.S. indices have been more sluggish. The overall mid-term trend for global equities remains bullish, supported by seasonal factors such as the "Santa Rally" period extending into early January.
Asian markets reacted mixed to U.S. trade policy changes: Chinese index futures are mostly higher, with the Hang Seng up 1.7%, while Japan's Nikkei 225 declined slightly by 0.15%. Australian and Indian markets also showed minor declines.
U.S. Treasury bonds show bearish short-term signals for the 5-year and 10-year maturities, with mixed technical indicators. The 5-year bond exhibits bearish smart money and harmonic patterns, while the 10-year bond is in a short trading zone with a bearish daily bias but bullish trader sentiment. The 30-year bond also shows a short-term bearish bias but bullish order book sentiment.
Key technical levels for bonds include:
Oil prices have come under pressure following geopolitical developments in Venezuela, including the capture of Nicolás Maduro, which raises expectations of increased Venezuelan oil supply. WTI oil trades near $57.50, with potential support between $55.50 and $56.00. Brent oil is near $60.50, with downside risk to $59.00.
Natural gas prices are bearish, having pulled back below $3.40, with support levels at $3.25 and $3.05-$3.10 under watch.
Precious metals are experiencing strong bullish momentum amid geopolitical tensions and trade uncertainties:
Copper has been a standout commodity, surging approximately 10% over the past two days, reflecting strong industrial demand and trade-related optimism.
The U.S. dollar is showing strength, gaining against most major currencies, acting as a preferred anchor amid geopolitical and trade uncertainties. The Japanese yen is the weakest currency currently.
Bitcoin has experienced a recent rally but faces resistance near $94,000. After a pullback to around $89,200, a break above $94,000 is needed to resume bullish momentum. Cryptocurrency markets overall are optimistic, with Ethereum, Solana, and Ripple also showing gains.
Trade tensions remain a key market driver. Recent U.S. tariff announcements, including a 50% tariff on Brazilian goods and copper imports, have escalated concerns about inflation and supply chain costs. These tariffs have led to market volatility, with copper prices surging and Brazilian markets tumbling.
In response, China is considering a stimulus package of up to 1.5 trillion yuan to counteract tariff impacts and support SMEs. Electric truck sales in China have surged, reducing diesel and crude oil demand.
Global markets are balancing between bullish seasonal trends and caution due to trade tensions and geopolitical risks. Investors should monitor key technical levels in bonds, commodities, and currencies, as well as upcoming economic data and trade negotiations, which could drive significant market movements in the near term.