The global financial market has ushered in multiple variables recently. The intensification of geoeconomic confrontation is intertwined with policy adjustments of major economies, leading to obvious market volatility. The World Economic Forum’s “2026 Global Risks Report” lists geoeconomic confrontation as the top risk, and economic risks are generally on the rise.

U.S. policy trends have attracted widespread attention. The White House announced that it will impose a 25% tariff on some semiconductors and manufacturing equipment starting from January 15th to strengthen the security of the domestic industrial chain. The Federal Reserve’s Beige Book shows that 8 out of 12 districts experienced slight to moderate economic growth, and consumer spending rose moderately. However, the PPI in November rose by 3% year-on-year, exceeding expectations, with energy prices being the main driver. The precious metals market performed strongly, with spot silver breaking through 93 US dollars per ounce for the first time and gold hitting a new all-time high.

In the Asian market, the yen fell to an 18-month low against the US dollar, and Japan’s finance minister warned that intervention may not be ruled out. The Bank of Korea plans to guide banks to repatriate foreign exchange reserves to stabilize the exchange rate. During the day, it is necessary to focus on GDP, inflation and other data from the UK, US and Europe, as well as speeches by Federal Reserve officials. The global market will continue to digest policy and geopolitical risk factors.