Breakfast | January 20, 2026

U.S. stock markets are closed on Monday, while the pan-European stock index fell over 1%, marking the largest decline in two months. ASML dropped 4%, and LVMH fell over 4%; the offshore RMB against the USD broke 6.96 during intraday trading for the first time in 20 months; gold and silver both hit new highs.

China's economic report card for 2025 has been released, with a GDP growth target of 5% achieved as scheduled; in December, the year-on-year growth rate of retail sales slowed to 0.9%, and the year-on-year increase in industrial added value for large-scale enterprises was 5.2%; fixed asset investment for the year decreased by 3.8%, and real estate development investment fell by 17.2%.

In December, housing prices in 70 cities in China: overall month-on-month decline in first, second, and third-tier cities, with an expanded year-on-year decline.

Reports indicate that Trump "privately messaged" European officials threatening to no longer consider "peace" only, stating that the U.S. must control Greenland, and refused to clarify whether he would use force to seize it during public remarks, claiming that if no agreement is reached on the island issue, tariffs on Europe will be "100%" implemented.

The European Union will hold an emergency summit on Thursday to respond to Trump's "island seizure" tariffs.

Sanae Takaichi announced that the Japanese House of Representatives election will be held on February 8: it will end the excessively tight fiscal policy.

Trump's new target? Following military and real estate companies, Wall Street giants may face a buyback ban.

Powell made a rare appearance at a U.S. Supreme Court hearing, standing in support of Fed Governor Cook on Wednesday.

OpenAI's CFO disclosed that in 2025, computing power will reach 1.9GW, with annual revenue exceeding $20 billion for the first time, aiming for a tenfold increase in revenue and a 9.5-fold increase in computing power within three years. Reports indicate that OpenAI plans to release its first device in 2026.

Is Apple disrupting the communication landscape? Reports suggest that the iPhone 18 Pro may debut 5G satellite communication.

Micron warns: The storage chip shortage triggered by AI is "unprecedented" and will continue until after 2026.

Reminder: The loan market quotation rate (LPR) for January in China will be announced on Tuesday