Latest Business News
Gold Plunges 17% from Record Highs as Tightening Fears Grip Markets
Gold futures dropped over 11% in the biggest one-day fall in 40 years, with silver down 30% and Bitcoin collapsing below $80,000, triggered by Kevin Wash's Fed chair appointment and quantitative tightening revival fears. The dollar index surged 0.74%, while US Treasury yields showed mixed signals amid liquidity concerns
. Global markets entered 'tightening fears' despite prior rate cut expectations
.
RBA Poised for Rate Hike to 3.85% on Strong Jobs Data
Markets price over 70% chance of Reserve Bank of Australia raising rates following November's 65,200 jobs added and falling unemployment. Persistent inflation challenges support the move, though festive season noise risks consumer spending and 1.9% 2026 growth outlook
. ECB and BoE expected to hold rates steady this week
.
US Jobs Report and ISM PMIs in Focus Amid Soft December Data
Friday's non-farm payrolls follow December's weak 50,000 additions, with unemployment at 4.4% complicating trends. ISM manufacturing PMI remains in contraction since March 2025, services data also key
. Report pivotal for Fed policy assessment
.
Alphabet and Amazon Earnings Under Scrutiny with AI Focus
Magnificent 7 duo reports amid ongoing earnings season, cloud growth and AI infrastructure key metrics. SanDisk soared 21.6% on 61% YoY Q4 revenue from AI NAND demand; Microsoft fell 7.7% on Azure disappointment; Meta up 8.8% on raised 2026 sales outlook
. Pharma giants Eli Lilly, AbbVie, Novartis, Novo Nordisk also report on obesity drugs
.
FedEx CEO Navigates Tariffs with Re-Globalization Strategy
New CEO Raj Subramaniam leads without founder Fred Smith, forecasting $1B tariff hit to profits but adapting via new Asia-Latin America routes. Revenue up 3.3% to $67.9B, profits rose 14% to $3.4B through cost cuts
. Launched Guangzhou-Penang flights and new facilities in Malaysia, Thailand, Indonesia
.
China's Export-Led Growth Model Deemed Unsustainable Amid Deflation
China's economy faces deflation and unsustainable export reliance, complicating growth prospects. Model increasingly difficult to sustain per analysts
. Ties into broader trade shifts seen in FedEx adaptations
.
Japan's Snap Election Risks Political Instability for Assets
Sunday's general election may see LDP-Ishin coalition fall short of majority, pressuring Japanese assets if opposition gains. JGB's unique features prevent immediate debt crisis despite threats
. Markets pricing coalition gains but instability looms
.
Chan Zuckerberg Initiative Cuts 70 Jobs to Focus on AI Biomed Research
Cuts aim to double down on AI-powered efforts to cure or prevent all diseases, per Mark Zuckerberg. Shifts resources to core biomedical mission
. Reflects broader AI job disruption concerns
.
UK Minister Floats Universal Basic Income Amid AI Job Loss Warnings
Proposal responds to Anthropic CEO's alert on 'unusually painful' AI labor disruptions. Echoes Elon Musk's vision for work options in AI era
. Ties to global employment data focus
.
Pharma Earnings Highlight Obesity Drug Demand Dynamics
Eli Lilly, AbbVie, Novartis, Novo Nordisk report this week on healthcare performance. Sector insights amid AI and economic shifts
. Builds on tech earnings divergence
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AUD/USD Breaks Above 0.70 on RBA Hike Expectations
Australian dollar strengthens ahead of policy decision. Ties to robust employment and inflation data
. Impacts broader commodity and forex markets
.