Market analysis: January 2026

🌍 1. macro in 5 sentences

• The markets made a surprisingly robust start to 2026, buoyed by expectations of further interest rate cuts over the course of the year.
• Inflation remained on a downward trend, but still slightly above target - enough for central banks to act cautiously, but not restrictively.
• The US economy continued to show solid growth, while Europe experienced moderate stabilisation.
• China remained a factor of uncertainty, but provided slight positive impetus through fiscal measures.
• Overall, the market environment was constructive but selective - risk assets benefited, but with an increasing spread between winners and losers.

📈 2. stock markets & ETFs

Global equities

• Global stock markets rose in January, supported by falling yields and stable corporate profits.
• The USA remained the strongest market, driven by tech and AI stocks.
• Europe showed moderate gains, while emerging markets were mixed.

Market drivers

• Expected interest rate cuts in spring/summer.
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