January opened 2026 with markets balancing stabilization and renewed geopolitical sensitivity.

In Canada, inflation edged back up in December, while the Bank of Canada maintained a cautious hold as growth signals remained mixed.

In the United States, the Federal Reserve remains reluctant to promise rapid easing, keeping policy uncertainty in focus.

Europe saw inflation moving closer to target, yet growth remains uneven amid trade tensions and tighter fiscal constraints.

The United Kingdom continued along a gradual disinflation path, but structural headwinds still limit momentum.

In China, subdued demand and a prolonged housing correction continue to weigh on confidence, even as exports stay resilient.

Meanwhile, natural gas prices surged on winter tightness.