🌎 **Global Market Brief: January 29, 2026** **Equity Markets Navigate Mixed Signals** Global equity performance is showing divergence, reflecting mixed economic and geopolitical sentiment. As of the latest close, **seven of nine** major global indices tracked year-to-date have posted gains. Japan's **Nikkei 225** is a top performer with a year-to-date gain of **5.1%**, closely followed by Hong Kong’s **Hang Seng** at **4.4%**. In contrast, India's **BSE Sensex** stands out with a year-to-date loss of **-4.3%**. In the US, expectations of a continued rally in small-cap stocks are a key trend, driven by hopes for faster earnings growth and continued economic expansion. US equity futures, however, saw a dip amid mixed signals from technology earnings and investor anticipation of the Federal Reserve’s path for interest rates. **Corporate Earnings and Sector Focus** The Q3 earnings season remains a major market driver. Several large-cap companies are reporting, including **Mastercard (MA)**, **Caterpillar (CAT)**, and **Thermo Fisher Scientific (TMO)**, with analysts forecasting a **9.95%** increase in EPS for Mastercard and a **5.41%** rise for Thermo Fisher. In the Indian market, significant corporate news and results are impacting key stocks, with **ITC**, **Vedanta**, and **Tata Motors** in focus due to recent quarterly results. The market also anticipates movements ahead of the upcoming Union Budget session. **Commodity Prices Surge on Geopolitical Risk** Precious metals are experiencing a strong safe-haven rally fueled by heightened geopolitical tensions and a softening US Dollar. **Gold** prices have soared, breaking above **\$5,550** an ounce on the international market and hitting fresh record highs on the Multi-Commodity Exchange (MCX). MCX gold futures for February delivery climbed by **3%**, or **₹4,800**, to touch **₹1,62,429** per 10 grams. **Silver** has been exceptionally volatile, surging nearly **60%** so far this year, with MCX March futures delivery jumping **6%**, or **₹21,400**, to **₹3,77,655** per kg. Energy markets show signs of stabilization, though **oil prices** have advanced on concerns over escalating geopolitical risk involving Iran, with West Texas Intermediate climbing toward **\$64** a barrel. Longer-term trends for commodities are dominated by the accelerating energy transition, which is driving robust demand for industrial metals like **copper** and **aluminum** required for electric vehicles and new grid infrastructure. **Central Banks and Economic Policy** Global credit markets are exhibiting broad stability, but Central Bank policy remains a critical theme. The **International Monetary Fund (IMF)** projects global growth to hold steady at **3.3%** this year, an upward revision attributed largely to resilience in the United States and China, despite significant trade disruptions. The IMF also noted the positive spillovers from a global **AI investment boom**. Central banks in major economies are nearing the end of their rate-cutting cycles. For the US Federal Reserve, consensus expectations suggest the Fed will remain **on hold** at the January meeting, keeping the federal funds rate steady in the **3.5–3.75%** range. The focus remains squarely on maintaining price stability and readiness to adjust policy to address any labor market weakness or a sharp market correction. The Central Bank of Sri Lanka, for instance, chose to maintain its Overnight Policy Rate (OPR) at **7.75%** to steer inflation toward the target of **5%** by the second half of the year.