🗓️ **Global Market Brief: January 29, 2026** **Central Bank Stance and Inflation** The **US Federal Reserve** held its key federal funds rate steady in the range of **3.5% to 3.75%** yesterday, marking a pause after three consecutive rate cuts in 2025. The decision was not unanimous, with two officials favoring an immediate cut. The Fed acknowledged that inflation remains "somewhat elevated," with the latest Consumer Price Index (CPI) showing a **2.7%** annual increase in December, still above its **2%** target. Economic activity in the US is described as expanding at a "solid pace." In India, the focus today is on the tabling of the **Economic Survey 2026** in Parliament, a crucial precursor to the Union Budget. The Reserve Bank of India (RBI) previously revised its GDP growth forecast for FY2025-26 upwards to **6.8%** and lowered its CPI inflation forecast to **2.6%**, citing strong domestic demand and favorable food prices. **Commodities Soar on Geopolitical Risk** Precious metals and copper are registering sharp gains, driven by persistent US dollar weakness and escalating geopolitical uncertainty, particularly concerning tensions in the Middle East. **Gold** has extended its record-breaking rally, trading above **$5,500** per ounce internationally, supported by robust central-bank buying and sustained Exchange Traded Fund (ETF) inflows. In India, **24-carat gold** is firmly elevated, priced around **₹1,67,080** per 10 grams in major cities. **Copper** has surged to an all-time high, trading above **$6.2** per pound. This rally is fueled by safe-haven demand, recurring supply tightness, and robust industrial needs, especially from the energy transition and AI sectors. **Crude Oil** prices are maintaining a bullish trend. US Crude Oil is currently trading around **$67.75** per barrel, reflecting a rise of over **11%** in January alone, supported by escalating regional risks. **Equity Markets: Mixed Global Signals** Asian markets are showing mixed to flat movements today. Overnight, Wall Street saw a mixed session, with the Nasdaq posting a modest gain due to chip stocks, while the S&P 500 closed nearly unchanged. Indian equity benchmarks are trading with a muted opening. The **BSE Sensex** is marginally up by about **0.03%** at **82,369** points, while the **Nifty 50** is close to flat at **25,345**. Investor focus is squarely on the upcoming Union Budget. A key positive for domestic markets is the reversal of Foreign Institutional Investors (FIIs), who turned net buyers to the tune of **₹480 crore** yesterday, ending a fifteen-session selling streak. Domestic Institutional Investors (DIIs) provided strong support, adding over **₹3,360 crore**. In stark contrast, the **Indonesia IDX Composite** slumped by **8%** in morning trade, triggering a trading halt. This heavy selling followed a downgrade by a major investment bank and concerns over ownership transparency and potential relegation to frontier market status. **Global Economic Backdrop and Key Events** Global economic growth is projected to remain steady but uneven. The latest projections place global growth at around **3.3%** for 2026. Advanced economies have shown robust recovery post-pandemic, while over a quarter of emerging market and developing economies (EMDEs) still have per capita incomes below 2019 levels. Downside risks include persistent geopolitical tensions, rising protectionism, and the need for structural reforms to boost long-term growth. In corporate news, technology and logistics sectors are adjusting to the evolving economic landscape. Dutch tech giant **ASML** reported record orders, boosting optimism for the **AI boom**, while shipping giant **UPS** announced plans to shed **30,000** jobs in a cost-cutting drive to save **$3 billion** in 2026.