On the first trading day, markets turned risk averse amid uncertainty surrounding United States trade policy. US equity futures such as the S and P 500 and Nasdaq declined, and the dollar weakened against major currencies such as the yen and the euro. In contrast, gold and silver rose as safe haven assets, and Bitcoin fell by nearly 5 percent to below 65000 dollars. Asian markets, especially Hong Kong technology shares, performed positively on hopes of reduced tariff pressure on the region.

Donald Trump, the President of the United States, increased the tariff rate to 15 percent only one day after announcing a 10 percent tariff on imported goods. In a message posted on social media, he described the decision as a response to a recent Supreme Court ruling that found his administration’s use of emergency powers to impose tariffs unlawful. The move has created new trade tensions and raised uncertainty about the timing of implementation. Given the cancellation of the government’s special authorities, experts see the legal path for these tariffs as challenging, and the issue is expected to become a central topic in the upcoming State of the Union address in Congress.

Goldman Sachs, in an apparently contradictory move, raised its oil price forecast for the end of 2026 by 6 dollars to 60 dollars for Brent and 56 dollars for WTI. The bank cited an unexpected decline in OECD inventories as the reason for the upgrade, but emphasized that the outlook for excess supply next year remains intact. However, Goldman warned about downside risks from the potential removal of sanctions on Iran and Russia, which could reduce prices by 5 to 8 dollars. In its 2027 outlook, the bank projected an average Brent price of 65 dollars.

Retail spending in New Zealand grew beyond forecasts, signaling continued economic recovery at the end of 2025. According to Statistics New Zealand data, real sales increased by 0.9 percent in the fourth quarter, above economists’ estimate of 0.6 percent. The Reserve Bank of New Zealand has stated that the interest rate cutting cycle has ended and that it currently has no plans to raise rates, a factor that could support consumption. Westpac economists say spending growth has been concentrated in discretionary goods and tourism, while labor market weakness remains a risk to the continuation of this trend.