Silver Slumps as Markets Digest Inflation, Rates, and Earnings (January 26 – 30, 2026 Recap)

Last week, global markets were driven by a series of important economic data releases, central bank decisions, and corporate earnings reports. This review highlights the key indicators and events that influenced movements across currencies, commodities, and equity markets.

Major Economic Indicators and Events in Review

Wednesday, January 28

02:30 am – Australia: CPI m/m (AUD)

The Consumer Price Index (CPI) increased by 3.8% in the 12 months to December 2025, accelerating from a 3.4% rise in the year to November. The main drivers of annual inflation were Housing, which climbed 5.5%, followed by Recreation and culture at 4.4%, and Food and non-alcoholic beverages at 3.4%. On a monthly basis, CPI rose 1.0% in original terms, while the seasonally adjusted increase was a more modest 0.2%.

The AUDUSD rose 0.31% on the day.

16:45 – Canada: Overnight Rate (CAD)

On January 28,the Bank of Canada kept its policy rate unchanged at 2.25%, citing inflation near the 2% target and a broadly stable outlook, while warning that US trade uncertainty and geopolitical risks could weigh on growth.

USDCAD declined 0.17% from the previous day.

21:00 – USA: Federal Funds Rate (USD)

The Federal Reserve kept US interest rates unchanged on January 28, 2026, maintaining its key policy rate within the 3.5%–3.75% range, as it continues efforts to control inflation while supporting stable economic conditions.

The EURUSD fell by 0.7% on the day.

Thursday, January 29

15:30 – USA: Unemployment Claims (USD)

In the week ending January 24, US jobless claims edged down to 209,000, pointing to a still-strong labor market, while the number of people receiving unemployment benefits fell to its lowest level since September 2024.

The USDJPY fell by 0.17% from the previous day.

Friday, January 30

15:30 – Canada: GDP m/m (CAD)

Real GDP was flat in November after falling 0.3% in October, as weakness in goods-producing sectors was balanced by modest growth in service industries.

The USDCAD increased by 0.94% on the day.

15:30 – USA: PPI m/m (USD)

US producer prices rose 0.5% in December, driven mainly by higher service costs, while core PPI, which excludes food, energy, and trade services, jumped 0.7%, highlighting persistent underlying inflation pressures. Over the full year, producer prices increased 3.0%, slightly slower than in 2024.

The EURUSD fell by 0.94% on the day.

Commodities

1. Crude Oil
   Crude oil prices increased by 7.24% over the past week
2. Brent Oil
   Brent was up 5.37% compared to the previous week
3. Gold
   The precious metal Gold (XAUUSD) concluded the week on Friday with a 1.85% weekly decrease
4. Silver
   XAGUSD decreased by 17.60% from last week

Stock Market

1. S&P 500 increased by 0.47%
2. DJIA was down 0.34%
3. NASDAQ 100 decreased by 0.10%

Top Gainers

1. TechCreate Group Ltd. (TCGL) 1,972.42%
2. Phoenix Asia Holdings Limited (PHOE) 836.15%
3. Adlai Nortye Ltd. (ANL) 304.18%

Top Losers

1. Quince Therapeutics, Inc. (QNCX) -94.48%
2. Dogness (International) Corporation (DOGZ) -90.75%
3. Kaixin Holdings (KXIN) -90.42%

Company Earnings (January 26– 30)

Wednesday, January 28: MSFT(Microsoft Corporation)

Wednesday, January 28: META(Meta Platforms, Inc.)

Wednesday, January 28: TSLA(Tesla, Inc.)

Wednesday, January 28: SBUX(Starbucks Corporation)

Wednesday, January 28: T (AT&T Inc.)

Thursday, January 29: V (Visa Inc.)

Thursday, January 29: MA (Mastercard Incorporated)

Thursday, January 29: CAT (Caterpillar Inc.)

Thursday, January 29: BX (Blackstone Inc.)

Friday, January 30: XOM (Exxon Mobil Corporation)

Friday, January 30: CVX (Chevron Corporation)

Friday, January 30: AXP (American Express Company)

Microsoft reported stronger-than-expected earnings, posting adjusted earnings per share of $4.14 versus $3.97 expected, with revenue of $81.27 billion beating forecasts of $80.27 billion, although cloud growth moderated and margin guidance came in lighter than anticipated.

MSFT shares were down 7.65% compared with the prior week.

Meta reported strong fourth-quarter results, with earnings per share of $8.88 beating forecasts of $8.23 and revenue of $59.89 billion topping expectations of $58.59 billion. The company also issued an upbeat first-quarter revenue forecast of $53.5–$56.5 billion, well above the $51.41 billion analysts had projected.

META shares jumped 8.76% from the previous week.

Tesla reported better-than-expected fourth-quarter results, posting adjusted earnings per share of 50 cents versus forecasts of 45 cents, with revenue of $24.9 billion slightly above expectations of $24.79 billion, despite the company recording its first annual revenue decline on record.

TSLA shares declined by 4.15% from the previous week.

Starbucks reported mixed results, with adjusted earnings of 56 cents per share missing forecasts of 59 cents, while revenue beat expectations at $9.92 billion versus $9.67 billion. The company also issued a fiscal 2026 EPS forecast of $2.15 to $2.40, slightly below Wall Street estimates of about $2.35.

SBUX shares were down 5.81% over the week.

AT&T reported stronger-than-expected Q4 2025 results, posting earnings per share of $0.52 versus forecasts of $0.46, while revenue rose 3.6% year over year to $33.47 billion, beating expectations of $32.91 billion.

T shares jumped 11.11% from the previous week.

Visa Inc. reported better-than-expected earnings, helped by strong holiday spending that lifted payment volumes 8% and pushed quarterly profit to $3.17 per share, beating forecasts.

V shares fell by 1.33% over the week.

Mastercard shares moved higher on January 29, 2026, after the company beat earnings expectations, reporting revenue of $8.81 billion and adjusted EPS of $4.76, supported by strong consumer spending and a 14% increase in cross-border travel volumes.

MA shares rose 2.68% from the previous week.

Caterpillar beat fourth-quarter earnings expectations, posting adjusted EPS of 5.16 versus 4.69 expected, as strong demand from AI data centers lifted its power and energy segment profits by 25%.

CAT shares rose 4.91% over the week.

Blackstone reported strong fourth-quarter and full-year 2025 results, highlighted by a record $71 billion in quarterly inflows, and declared a quarterly dividend of $1.49 per share payable on February 17, 2026.

BX shares fell by 5.36% from the previous week.

Exxon Mobil reported stronger-than-expected fourth-quarter profits on January 30, 2026, with earnings of about $1.71 per share, even though oil prices were low, helped by high production levels and solid refining results.

XOM shares increased 4.76% over the past week.

Chevron reported fourth-quarter 2025 earnings of $2.8 billion, with earnings per share of $1.39, down from $1.84 a year earlier, as higher costs and currency effects weighed on results.

CVX shares gained 6.11% week over week.

American Express reported quarterly earnings of $3.53 per share, slightly below expectations, marking a small earnings miss. The company’s next earnings release is due on April 16, 2026, with profits expected to rise to $3.95 per share, up about 8.5% from a year earlier.

AXP shares declined 2.63% from the previous week.

Conclusion

Overall, markets navigated a busy week shaped by steady central bank policy, mixed economic data, and a heavy flow of corporate earnings. While inflation pressures and uneven growth signals continue to influence sentiment, resilient labor markets and selective earnings strength helped support risk appetite. Looking ahead, investors remain focused on upcoming economic releases and guidance from policymakers for clearer direction on growth and interest rates.