30 January 2026
US stocks mostly fell on Thursday, led by losses in tech shares amid renewed investor concerns over hefty AI capex. The S&P 500 ended a volatile session 0.1% lower, while the tech-heavy Nasdaq dropped 0.7%.
US Treasuries edged marginally higher amid stock market weakness. 10-year yields ended 1bp lower at 4.23%.
European stocks traded mixed but mostly lower on Thursday. The Euro Stoxx 50 lost 0.7%. The German DAX dropped 2.1% on tech stock weakness, while the French CAC closed almost flat (+0.1%). In the UK, the FTSE 100 ended 0.2% higher.
European government bonds were mostly higher. 10-year German bund yields fell 2bp to 2.84% while 10-year French bond yields edged down 1bp to 3.42%. In the UK, 10-year gilt yields fell 3bp to 4.51%.
Asian stock markets traded mixed on Thursday. Japan’s Nikkei 225 ended flat, and Korea’s Kospi rallied 1.0%. Hong Kong’s Hang Seng and China’s Shanghai Composite advanced 0.5% and 0.2%, respectively, as media reports of easing of property sector regulations lifted developer shares. Elsewhere, India’s Sensex was up 0.3%.
Crude oil prices extended recent gains on Thursday. WTI for March surged 3.5% to settle at USD65.4 a barrel.
No major releases.
US core PPI inflation has been higher than expected recently, with a lot of the tariff impact likely has already worked its way through the economy.
Another modest rise in Eurozone GDP was likely in Q4 2025, with Spain potentially maintaining its recent outperformance.
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