Precious Metals Shine as Silver Soars and Earnings Roll In (January 12 – 16, 2026 Recap)

Last week, global financial markets were shaped by a series of major economic releases, market movements, and corporate earnings reports. Key data on inflation, consumer spending, economic growth, and labor markets offered fresh insight into the health of the global economy, while shifts in commodities, equities, and company results influenced investor sentiment throughout the week.

Major Economic Indicators and Events in Review

Tuesday, January 13

15:30 – USA: CPI m/m (USD)

US inflation rose slightly in December. Consumer prices increased 0.3% from the previous month, while inflation over the past year held steady at 2.7%. Higher housing, food, and energy costs were the main drivers of the increase. Core inflation, which excludes food and energy, rose 0.2% for the month and 2.6% over the year, showing that overall price pressures remain moderate.

EUR/USD edged lower by 0.17% on the day.

Wednesday, January 14

15:30 – USA: Retail Sales m/m (USD)

US retail sales rose in November, showing steady consumer spending. Total retail and food service sales increased 0.6% from October and were 3.3% higher than a year earlier, reaching $735.9 billion. Online sales remained strong, up 7.2% from last year, while spending at restaurants and bars rose 4.9%, suggesting consumers continued to spend despite economic pressures. The release of the data was delayed by 28 days due to the US government shutdown.

The euro slipped 0.02% against the dollar.

15:30 – USA: PPI m/m (USD)

US producer prices rose modestly in November. The Producer Price Index increased 0.2% for the month and was up 3.0% from a year earlier, mainly driven by higher goods prices, while service prices were unchanged. Core producer inflation also increased, showing ongoing cost pressures for businesses. The release of the data was delayed by 34 days due to the US government shutdown.

The USDJPY fell by 0.34% on the day.

Thursday, January 15

09:00 am – UK: GDP m/m (GBP)

The UK economy grew slightly in the three months to November 2025, with GDP increasing by 0.1%. Growth was supported by a small rise in the services sector, while construction and manufacturing declined. A sharp drop in car production weighed heavily on overall output, limiting the pace of economic growth.

GBP/USD declined by 0.42% on the day.

15:30 – USA: Unemployment Claims (USD)

US jobless claims fell in the week ending January 10, showing continued strength in the labor market. New unemployment claims dropped to 198,000, the lowest level in nearly a year, while the four-week average also declined. The insured unemployment rate remained steady at 1.2%, and the number of people receiving ongoing benefits decreased slightly.

The EURUSD fell by 0.33% on the day.

Commodities

1. Crude Oil
   Crude oil prices increased by 0.78% over the past week
2. Brent Oil
   Brent was up 1.90% compared to the previous week
3. Gold
   The precious metal Gold (XAUUSD) concluded the week on Friday with a 1.92% weekly increase
4. Silver
   XAGUSD increased by 12.74% from last week

Stock Market

1. S&P 500 decreased by 0.35%
2. DJIA was down 0.31%
3. NASDAQ 100 decreased by 0.91%

Top Gainers

1. Envirotech Vehicles, Inc. (EVTV) 666.57%
2. High Roller Technologies, Inc. (ROLR) 541.83%
3. Venus Concept Inc. (VERO) 412.82%

Top Losers

1. TryHard Holdings Limited (THH) -96.74%
2. Smart Digital Group Limited (SDM) -86.60%
3. Mingteng International Corporation Inc. (MTEN) -76.19%

Company Earnings (January 12 – 16)

Tuesday, January 13: JPM (JPMorgan Chase & Co.)

Tuesday, January 13: DAL (Delta Air Lines, Inc.)

Wednesday, January 14: BAC (Bank of America Corporation)

Wednesday, January 14: WFC (Wells Fargo & Company)

Wednesday, January 14: C (Citigroup Inc.)

Thursday, January 15: MS (Morgan Stanley)

JPMorgan Chase beat fourth-quarter expectations, helped by strong trading performance. The bank reported adjusted earnings of 5.23 dollars per share versus 5.00 expected, with revenue of 46.77 billion dollars compared to 46.2 billion forecast. Equities trading revenue jumped 40% to 2.9 billion dollars, while profit fell 7% due to a 2.2 billion dollar one-time charge linked to the Apple Card portfolio takeover.

JPM shares fell 5.08% from the previous week.

Delta Air Lines reported a strong finish to the year, delivering solid financial results despite a challenging environment. The company generated 5 billion dollars in pre-tax profit, achieved a double-digit operating margin, and produced a record 4.6 billion dollars in free cash flow. Delta also announced 1.3 billion dollars in profit sharing for employees, highlighting strong performance and continued focus on rewarding its workforce.

DAL shares declined by 2.60% compared to the previous week.

Bank of America reported stronger-than-expected fourth-quarter results, helped by higher net interest income and solid equities trading. Earnings came in at 98 cents per share, beating forecasts, while revenue rose to 28.5 billion dollars. Profit increased 12% from a year earlier, although the bank’s shares slipped after the release.

BAC shares posted a weekly loss of 5.16%.

Wells Fargo reported solid fourth-quarter results, with revenue rising 4% to 21.3 billion dollars and net income reaching 5.4 billion dollars. Earnings beat expectations at 1.76 dollars per share, but the stock fell as revenue came in slightly below forecasts. Investors remain cautious as potential Federal Reserve rate cuts in 2026 could pressure bank margins, even as they may support loan growth.

WFC stock ended the week down 7.89%

Citigroup reported fourth-quarter 2025 net income of 2.5 billion dollars, or 1.19 dollars per share, on revenue of 19.9 billion dollars. Revenue rose 2% from a year earlier, but profit declined due mainly to a one-time loss linked to the planned sale of its Russia business. Excluding this item, earnings were stronger, with adjusted profit of 3.6 billion dollars. The bank said business performance improved across its major divisions, and it enters 2026 with solid momentum and a strong capital position.

C shares dropped 2.70% over the past week.

Morgan Stanley reported strong fourth-quarter results, with revenue rising to 17.9 billion dollars from 16.2 billion a year earlier. Net income increased to 4.4 billion dollars, or 2.68 dollars per share, showing improved profitability. For the full year, revenue climbed to 70.6 billion dollars, and profit rose to 16.9 billion dollars, reflecting solid performance across the bank’s businesses.

MS shares increased 1.49% compared to the prior week.

Conclusion

Overall, last week reflected a mixed market environment. Economic data pointed to easing inflation pressures and resilient consumer spending, while growth remained modest in the UK and labor conditions stayed firm in the US. Commodity prices moved higher, particularly precious metals, even as equity markets ended the week lower. Corporate earnings were broadly solid, but cautious guidance and valuation concerns weighed on bank stocks, keeping investor sentiment measured heading into the week ahead.