【Financial Breakfast | January 20, 2026】

1. U.S. stock markets closed on Monday, with Eurozone indexes falling over 1%, marking the largest drop in two months; ASML down 4%, LVMH down over 4%; offshore RMB against the dollar broke 6.96 for the first time in 20 months during trading; gold and silver both reached new highs.

2. China's economic report card for 2025 is out, with a GDP growth target of 5% achieved as scheduled; December's retail sales year-on-year growth rate slowed to 0.9%, and industrial output value increased by 5.2% year-on-year; fixed asset investment decreased by 3.8% year-on-year, and real estate development investment fell by 17.2%.

3. China's December housing prices in 70 cities: overall decrease in first, second, and third-tier cities month-on-month, with year-on-year decline expanding.

4. Reports say Trump “privately” warned the EU that he would no longer only consider “peace”; the U.S. must control Greenland, and when speaking publicly, he refused to clarify whether he would seize it by force, stating that if an agreement on the island issue is not reached, tariffs on the EU will be implemented “100%.”

5. The EU will hold an emergency summit on Thursday to respond to Trump's “island seizure” tariffs. French President Macron seeks to use the EU's anti-coercion tools to address U.S. tariff threats, while German Chancellor has a more cautious stance on this.

6. Goldman Sachs warns that Trump's destructive policies are frequent and are expected to trigger a new wave of capital fleeing from U.S. assets.

7. Tokyo Governor Koike announced that the Japanese House of Representatives election will be held on February 8: it will end overly tight fiscal policies.

8. Trump's new target? Following military and real estate industries, Wall Street giants may face buyback bans.

9. Powell makes a rare appearance at a U.S. Supreme Court hearing, standing up for Fed Governor Cook on Wednesday.

10. OpenAI CFO disclosed that in 2025, computing power will reach 1.9GW, with annual revenue first breaking $20 billion, achieving a tenfold increase in revenue and a 9.5-fold increase in computing power within three years. Reports: OpenAI plans to release its first device in 2026.

11. Apple disrupts the communication landscape? Reports: iPhone 18 Pro may debut 5G satellite communication.

12. Micron warns: AI-induced semiconductor shortages are “unprecedented” and will persist beyond 2026.

13. Reminder: On Tuesday, China's loan market quoted interest rate (LPR) for January will be announced.