{"id":3303,"date":"2026-02-01T15:00:00","date_gmt":"2026-02-01T14:00:00","guid":{"rendered":"https:\/\/mueckinvest.de\/?p=3303"},"modified":"2026-03-23T16:17:28","modified_gmt":"2026-03-23T15:17:28","slug":"market-analysis-january-2026","status":"publish","type":"post","link":"https:\/\/mueckinvest.com\/en\/marktanalyse-januar-2026\/","title":{"rendered":"Market analysis: January 2026"},"content":{"rendered":"<h2 class=\"wp-block-heading\">\ud83c\udf0d <strong>1. macro in 5 sentences<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The markets made a surprisingly robust start to 2026, buoyed by expectations of further interest rate cuts over the course of the year.<\/li>\n\n\n\n<li>Inflation remained on a downward trend, but still slightly above target - enough for central banks to act cautiously, but not restrictively.<\/li>\n\n\n\n<li>The US economy continued to show solid growth, while Europe experienced moderate stabilisation.<\/li>\n\n\n\n<li>China remained a factor of uncertainty, but provided slight positive impetus through fiscal measures.<\/li>\n\n\n\n<li>Overall, the market environment was constructive but selective - risk assets benefited, but with an increasing spread between winners and losers.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udcc8 <strong>2. stock markets &amp; ETFs<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Global equities<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Global stock markets rose in January, supported by falling yields and stable corporate profits.<\/li>\n\n\n\n<li>The USA remained the strongest market, driven by tech and AI stocks.<\/li>\n\n\n\n<li>Europe showed moderate gains, while emerging markets were mixed.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Market drivers<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Expected interest rate cuts in spring\/summer.<\/li>\n\n\n\n<li>Strong demand for AI infrastructure and semiconductors.<\/li>\n\n\n\n<li>Calming of the geopolitical situation compared to the previous quarter.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>ETF perspective<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>World ETFs (MSCI World, ACWI) had a positive start to the year.<\/li>\n\n\n\n<li>Growth and tech ETFs led the list of winners.<\/li>\n\n\n\n<li>Value ETFs performed stably, but less dynamically.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83e\uddfe <strong>3rd fund<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Growth-oriented funds benefited from the strong tech performance.<\/li>\n\n\n\n<li>Dividend and quality funds offered solid but less spectacular results.<\/li>\n\n\n\n<li>Mixed funds performed stably, supported by positive equity markets and calm bond markets.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83c\udfe6 <strong>4. bonds<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Yields fell slightly as the markets priced in interest rate cuts.<\/li>\n\n\n\n<li>Government bonds were stable to slightly positive.<\/li>\n\n\n\n<li>Corporate bonds benefited from narrower spreads and improved sentiment.<\/li>\n\n\n\n<li>Long-term bonds once again became more of a focus for institutional investors.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udee2\ufe0f <strong>5. raw materials<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Oil prices moved sideways as supply and demand were largely balanced.<\/li>\n\n\n\n<li>Industrial metals showed slight strength, supported by demand for AI infrastructure.<\/li>\n\n\n\n<li>Agricultural commodities remained volatile, but without a clear trend.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83e\udd47 <strong>6. precious metals<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold rose slightly, driven by falling real interest rates and stable demand.<\/li>\n\n\n\n<li>Silver showed a similar trend, but with higher volatility.<\/li>\n\n\n\n<li>Central bank purchases remained a stabilising factor.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u20bf <strong>7. cryptocurrencies<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bitcoin and Ethereum had a positive start to the year, supported by risk appetite and ETF inflows.<\/li>\n\n\n\n<li>Altcoins performed unevenly, depending on narratives and liquidity.<\/li>\n\n\n\n<li>Analysts expect a more challenging environment in 2026, as the market could tend to revert to the mean after the strong previous year.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83e\udded <strong>8 What does this mean for investors?<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>ETF saver<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Good start to the year, but still a selective environment.<\/li>\n\n\n\n<li>World ETFs remain the solid core.<\/li>\n\n\n\n<li>Growth and tech strategies are benefiting more than average, but remain volatile.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Risk-taking investors<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>AI infrastructure, semiconductors and innovation topics remain strong drivers.<\/li>\n\n\n\n<li>Emerging markets of selective interest (India, Korea, Taiwan).<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Defensive investors<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bonds remain attractive, especially in the medium maturity range.<\/li>\n\n\n\n<li>Gold continues to make sense as a hedging component.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>\ud83c\udf0d 1. Makro in 5 S\u00e4tzen \ud83d\udcc8 2. Aktienm\u00e4rkte &amp; ETFs Globale Aktien Markttreiber ETF\u2011Perspektive \ud83e\uddfe 3. Fonds \ud83c\udfe6 4. Anleihen \ud83d\udee2\ufe0f 5. Rohstoffe \ud83e\udd47 6. Edelmetalle \u20bf 7. Kryptow\u00e4hrungen \ud83e\udded 8. Was bedeutet das f\u00fcr Anleger? ETF\u2011Sparer Risikofreudige Anleger Defensive Anleger<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[117],"tags":[132,158,249],"class_list":["post-3303","post","type-post","status-publish","format-standard","hentry","category-marktanalyse","tag-inflation","tag-usa","tag-zinsen","pmpro-has-access"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts\/3303","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/comments?post=3303"}],"version-history":[{"count":3,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts\/3303\/revisions"}],"predecessor-version":[{"id":4172,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts\/3303\/revisions\/4172"}],"wp:attachment":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/media?parent=3303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/categories?post=3303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/tags?post=3303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}