Happy New Year, and welcome back to the Global X ETF Express. Equity markets were largely unchanged over the New Year week, with Australian shares edging modestly higher while US equities slipped by less than one percent.1 Market conviction remained low as participation thinned across the shortened holiday trading sessions.
In the US, equities ground lower as markets contended with a lack of fresh information over the holiday period. Reports over the weekend of the US strike on Venezuela and the detention of President Maduro failed to lift broader market volatility, with investors largely viewing the development as a non-event for broader markets.2The notable exception was the Energy sector, which rallied on both near term supply disruption risks and longer-term implications for global energy balances.
Australian investors also faced a lack of clear direction, though the market found support from a strong performance in Materials, as both precious and base metals pushed to all-time highs in the final month of 2025.
Asia Tech (ASIA, IAA, IKO) was the top performing theme for the first trading sessions of the year. Korean shares, in particular, surged as Korea President Lee travelled with a group of top Korean company executives to China and met with President Xi in a show of willingness to restore Korea-China relations.3 It is the first time a Korean President has visited the country since 2019.
In the world of commodities:
- Gold (GOLD) surged above US$4500 for the first time in the last two weeks of December and has continued to rise with US’s incursion on Venezuela introducing new geopolitical volatility and safe haven demand.4
- Copper (WIRE) futures rose to an all-time high of US$13,000 as traders continue to import to the US as COMEX contracts remain at a premium to London prices.5
- Crude oil (BCOM) jumped after Venezuelan oil supply, roughly 1% of the world, was disrupted during the US raid and arrest of Maduro.6
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