**Global Markets Brief: Thursday, January 29, 2026** **Market Pulse** Global equities are navigating a volatile mix of geopolitical tension and shifting monetary policy. US markets remain cautious following the Federal Reserve’s decision to hold interest rates steady at **3.50%–3.75%**, while Indian indices rallied on the back of a landmark trade agreement. **US & Global Indices** * **US Markets:** Sentiment is mixed as the Dollar Index (DXY) slumped to a four-year low of **96.1**, driven by President Trump’s criticism of Fed independence and rising fiscal concerns. * **India:** The Sensex gained **0.28%** to trade near **82,574**, while the Nifty 50 held above **25,417**. Optimism is fueled by the new **India-EU Free Trade Agreement** and the release of the Economic Survey 2025-26, despite cautiousness ahead of the Union Budget. * **Europe:** Markets are digesting the India-EU pact, with sectors like textiles and marine products expected to benefit from zero-duty access. **Commodities Surge** * **Gold:** Prices have shattered records, trading around **$5,565** per ounce. The rally is driven by a weaker dollar, central bank buying, and safe-haven demand amidst US-Iran tensions. * **Silver:** The metal continues its massive run, trading near **$118**, significantly outperforming gold in percentage gains this month. * **Crude Oil:** WTI crude climbed above **$64** per barrel. Prices are reacting to US warnings of potential military action involving Iran, raising fears of supply disruptions in the Strait of Hormuz. * **Copper:** Supply constraints are in focus after the Economic Survey warned that rising AI data center demand could trigger a severe global shortage. **Crypto Update** * **Bitcoin:** Consolidating around **$88,000**, struggling to break the **$90k** resistance level as investors await clearer cues from the Fed. * **Ethereum:** Trading lower at approximately **$2,950**, mirroring the broader consolidation in digital assets. **Key Economic Events** * **Fed Decision:** The US Federal Reserve maintained rates, citing resilient economic activity but persistent inflation risks. Two officials dissented, favoring an immediate cut. * **Economic Survey 2025-26 (India):** Highlights include a warning on "financialization" risks, the impact of AI on energy/metal demand, and a forecast of **6.5–7%** GDP growth. The survey notes the Rupee’s fall to a lifetime low of **92.00** against the dollar is largely due to global headwinds. **Corporate Highlights** * **Adani Power:** Reported a **19%** drop in Q3 profit to **₹2,480 crore**. * **Canara Bank:** Q3 net profit rose **26%** YoY to **₹5,155 crore**. * **ABB India:** Stock surged over **8%** after announcing a **$2 billion** buyback and strong 2026 outlook.