Waiting for the tariff decision, U.S. stock index futures all fell, Japanese stocks continued to hit new highs, bonds and currencies came under pressure, metals soared, spot silver broke through $90 for the first time, tin and copper hit new highs.

Waiting for the tariff decision, U.S. stock index futures all fell, Japanese stocks continued to hit new highs, bonds and currencies came under pressure, metals soared, spot silver broke through $90 for the first time, tin and copper hit new highs.

U.S. inflation data did not further boost market expectations for rate cuts. The market is now awaiting corporate earnings reports, with the Japanese market remaining a focus and metals leading gains among commodities.

On January 14, U.S. stock index futures fell collectively, most European stock indexes rose at the open, Asian stock indexes gained, and the Nikkei 225 hit a record high for a second consecutive day. U.S. Treasuries rose while Japanese bonds were under pressure. The dollar was flat, and the yen was approaching the 160 level against the dollar. Commodity markets were mixed: metals such as gold, silver, tin, and copper rallied, while crude oil declined. Cryptocurrencies rose, with Bitcoin climbing to a two-month high.

The market is closely watching a possible U.S. Supreme Court ruling on Trump's global tariff policy, as well as the wave of upcoming Q4 earnings reports from U.S. companies. Hironori Akizawa, fund manager at Tokio Marine Asset Management, said:

If the ruling finds the tariffs illegal, they may not be revoked immediately, and other measures could be taken. Even if tariffs are revoked, the world won’t return to the way it was.

The main market moves are as follows:

Dow Jones futures fell 0.23%, S&P 500 futures dropped 0.2%, Nasdaq 100 futures slipped 0.18%

Euro Stoxx 50 rose 0.16%, FTSE 100 fell 0.03%, CAC 40 gained 0.31%, DAX 30 rose 0.13%.

Nikkei 225 closed up 1.5% at 54,341.23, setting a record high for the second straight day; Topix index closed up 1.3% at 3,644.16; Korea's KOSPI rose 0.6% to 4,723.10.

U.S. 10-year Treasury yield fell 2 basis points to 4.16%; Japanese 30-year government bond yield rose 3.5 basis points to 3.515%.

The dollar was basically flat; the yen hovered around 159 against the dollar.

Spot gold rose 1% to $4,632.93 per ounce; spot silver broke above $91 per ounce, up 4.7% on the day; LME copper hit an all-time high.

Bitcoin rose 0.9% to $94,898.64;Ethereum rose 3.8% to $3,331.21

U.S. stock index futures fell collectively. Overnight, the three major U.S. indexes closed lower. Despite a cooling in core inflation, it did not change the Fed’s key pricing, with rate markets still betting the next rate cut will come in June this year.

Sanae Takaichi’splanned early electionhas boosted the Japanese stock market and hit Japanese bonds and the yen. The market speculates that an early election may help Sanae Takaichi, whose approval ratings are high, win more seats in parliament, thereby enabling her government to introduce larger-scale fiscal stimulus policies.

The Nikkei 225 continued its strong gains from the previous session to another record high; demand for Japan’s 5-year government bond auction was weaker than the 12-month average, with yields for that tenor climbing to the highest level since the bond’s first issue in 2000; the yen remains near its lowest level since July 2024, and persistent weakness may force the Bank of Japan to act quicker on rate hikes.

The head of the MLIV Asia team believes:

USD/JPY is likely to break through 160 and continue upwards. Reports of Prime Minister Takaichi planning an early election were the initial driver. Now, the Fed’s more hawkish stance on U.S. interest rates, as well as oil price hikes triggered by Iran, all deliver a triple blow to the Japanese currency.

U.S. core inflation coming in below expectations briefly boosted market hopes for an earlier Fed rate cut. Geopolitical factors in Venezuela, Greenland, and Iran also pushed up safe-haven demand, driving precious metals higher.

Spot silver broke above $90 per ounce for the first time ever, up nearly 4% on the day, with persistent physical supply shortages also among the drivers of the price surge. Spot gold also rose over 1%, quoted at $4,637 per ounce.

Citi analysts this week raised their three-month price forecasts for gold and silver to $5,000 and $100 per ounce, respectively.

Fed rate cut expectations have supported industrial metal prices by boosting outlooks for the U.S. economy and manufacturing demand. Tin led the base metals rally, with LME tin jumping 5% to $52,015 per ton, a new all-time high. Copper, aluminum, and zinc also rose.

Risk Warning and DisclaimerThe market has risks—invest cautiously. This article does not constitute personal investment advice and does not take into account the unique investment targets, financial standing, or needs of any individual user. Users should determine if any opinions, views, or conclusions herein are suitable for their situation. All investment is at your own risk.