U.S. natural gas prices surged 60% this week, including a 29% jump on Wednesday, as an Arctic cold wave blankets much of the country, driving demand for heating.

Henry Hub futures posted their largest two-day gain on record, reacting to sub-freezing temperatures forecast through late January. A winter storm is expected to stretch from New Mexico to the East Coast this weekend, with wind chills dropping to -50°F in parts of the North and near zero in Texas. The National Weather Service predicts below-average temperatures across the eastern U.S. for the next 6–10 days.

About half of American households rely on natural gas for heating, though retail price impacts typically lag market moves by several months. Prices have also spiked globally: up over 40% in Europe and the U.K., and rising in China due to cold-driven LNG demand.

Energy stocks reacted sharply: EQT Corp. (EQT) rose 8.5%, Expand Energy (EXE) gained nearly 10%, and the U.S. Natural Gas Fund ETF (UNG) jumped 32% this week, closing Wednesday at a six-week high.

Apple (AAPL) reclaimed the top position in China’s smartphone market in Q4 2025, capturing a 21.8% share as shipments surged 28% year-over-year, according to Counterpoint Research. The iPhone 17 series drove strong sales, though the delayed launch of the iPhone Air limited its impact.

Oppo followed with 15.8% market share, Vivo at 15.7%, and Huawei falling to fourth with 14.6%, down 13.7% annually. For the full year, Huawei edged out Apple with 16.9% versus 16.7%, but Apple’s 7.5% growth far outpaced Huawei’s 1.7%. The resurgence signals momentum ahead of Apple’s Q1 2026 earnings report on January 29, 2026.

Apple’s Services segment remains a key profit driver, posting a 75.4% margin on $109.16 billion in annual revenue. Analysts expect EPS of $2.65, up 10.4%, with a consensus “Moderate Buy” rating and a mean price target of $289—implying 17% upside. Despite tariff risks tied to Chinese assembly, Apple is shifting some production to the U.S., including iPhone cover glass manufacturing in Kentucky starting in 2025.

President Donald Trump announced on January 21, 2026, a "framework" agreement with NATO over Greenland, reversing planned tariffs on eight European countries and sparking a rebound in U.S. Treasuries. The 10-year Treasury yield fell 4 basis points to 4.25%, recovering from its highest level since August 2024.

The move calmed bond markets previously strained by rising trade war fears, which had triggered foreign sell-offs and spillover pressure from plunging Japanese government bonds. Prior to Trump’s statement, robust demand at a 20-year Treasury auction provided early support.

Traders who built futures long positions over the prior two sessions—resisting rising yields—benefited as aggregate risk exposure reached $12.5 million per basis point. JPMorgan data through January 20 showed client bullishness on Treasuries at its highest in over a month.

Due to anonymous trading, specific participating institutions and final beneficiaries remain unconfirmed.

Japan’s exports rose 5.1% year-on-year in December, marking the fourth consecutive monthly gain, supported by a weaker yen and strong demand in non-U.S. markets, government data showed on January 22, 2026.

The increase fell short of the 6.1% median forecast. Shipments to the U.S. dropped 11.1%, while exports to China advanced 5.6%. Imports climbed 5.3%, exceeding the 3.6% expected, resulting in a trade surplus of 105.7 billion yen ($667.13 million), well below the projected 356.6 billion yen surplus.

The weaker yen has boosted export competitiveness, aided by resilient U.S. demand overall and a September trade deal that capped tariffs at 15% on most goods. Despite December’s U.S. decline, tariff impacts have been milder than anticipated, prompting the Japanese government to raise its fiscal year growth forecast to 1.1% from 0.7%.

The Bank of Japan, having raised rates to 0.75% in December—the highest in 30 years—is expected to signal further hikes during its policy meeting ending January 24, as inflation pressures persist amid currency moves and wage growth.

Gold fell as much as 1% on January 21, 2026, after President Donald Trump withdrew threats to impose tariffs on European nations and announced a "framework of a future deal" regarding Greenland, easing geopolitical tensions.

The precious metal declined to $4,793.96 an ounce by 7:36 a.m. in Singapore, retreating from a record high above $4,888 on January 20. Silver dropped 1.3% to $91.86, while platinum and palladium also weakened. The Bloomberg Dollar Spot Index rose 0.1%, supported by increased risk appetite following Trump’s social media announcement after his meeting with NATO Secretary-General Mark Rutte. No further details of the proposed agreement were disclosed.

Mid Penn Bancorp Inc. (MPB) reports higher net income for the fourth quarter ended December 31, 2025, citing improved net interest margin and lower provision expenses.

Net income reached $12.3 million, or $0.68 per diluted share, up from $9.7 million, or $0.54 per share, in the prior-year quarter. The increase was driven by a 14% year-over-year growth in net interest income, which rose to $38.1 million, supported by rising loan balances and cost-efficient deposit funding. Non-interest income totaled $10.2 million, flat compared to Q4 2024. The company maintained a strong capital position, with a CET1 ratio of 9.8%, and recorded a $1.1 million provision benefit versus a $2.4 million provision expense a year earlier. Total loans increased to $3.2 billion, up 6% annually, while deposits remained stable at $4.1 billion.

CEO Matthew Paterra attributed the results to disciplined balance sheet management and operational efficiency gains.

Apple (AAPL-US) is developing a new AI-powered wearable resembling a pin, roughly the size of an AirTag, according to The Information. The device could launch as early as 2027, though it remains in early development and may be canceled.

The so-called "AI Pin" would include multiple cameras, a speaker, microphones, and support wireless charging, signaling a new direction for Apple’s wearables beyond the Apple Watch and AirPods.

If released, the product would position Apple for direct competition with other tech giants in the emerging AI hardware market. OpenAI is planning its own AI device, while Meta Platforms (META-US) already sells smart glasses linked to its AI assistant. Google (GOOGL-US) is also collaborating with South Korea’s Samsung on AI-enabled smart glasses.

A major US cryptocurrency market bill is likely delayed until late February or March as the Senate Banking Committee pivots to housing legislation aligned with former President Donald Trump’s affordability agenda, according to sources familiar with the matter.

The shift follows Trump’s Tuesday executive order directing federal agencies to limit large institutional investors from buying single-family homes—a move aimed at curbing housing costs, a top voter concern. The Treasury Department will define which entities qualify as large investors under the new guidance. Despite crypto being a priority for Trump, housing consumes a larger share of household budgets and has greater political urgency ahead of the 2026 elections.

The crypto bill, which seeks to clarify regulatory authority between the SEC and CFTC over digital assets, was previously postponed after Coinbase withdrew support. Lawmakers now face added pressure to reconcile competing drafts, including one expected from the Agriculture Committee, which may vote on its version January 27.

U.S. markets stabilized Wednesday (January 21, 2026) after President Trump announced a framework agreement on Greenland with NATO, retracting planned tariffs on eight European countries effective February 1. The shift in tone, coupled with Nvidia (NVDA-US) CEO Jensen Huang's bullish AI remarks at the World Economic Forum in Davos, spurred relief buying.

AMD (AMD-US) surged 7.7%, marking its seventh consecutive gain—the longest streak since February 19, 2025—on optimism over its AI server CPU business. Analysts expect strong Q4 results and raised guidance when reported next month. Apple shares also rose on reports that Siri may be upgraded to an AI-powered chatbot, potentially unveiled at WWDC 2026.

Trump, in a CNBC interview, said his search for a Fed chair to succeed Jerome Powell has narrowed to one final candidate. Meanwhile, the House Foreign Affairs Committee is set to vote on legislation granting Congress authority to block advanced AI chip exports, including potential sales of Nvidia’s H200 to China.

Japan's benchmark equity index rises Wednesday, recovering from a two-day decline amid improved investor sentiment and stronger corporate earnings reports.

The Nikkei 225 gained 1.3% to close at 38,473.15, reversing losses from Monday and Tuesday. The broader Topix Index also climbed 1.1%, supported by gains in technology and export-oriented sectors. Trading volume remained above average, indicating renewed market participation. Several major Japanese firms, including Sony Group (SNE) and Toyota Motor (TM), reported quarterly results that beat analyst expectations, bolstering confidence. The yen weakened slightly against the dollar, trading at 149.80 JPY/USD, potentially boosting multinational revenues. U.S. Federal Reserve commentary on global monetary policy also contributed to calmer risk appetite in Asian markets.

Kenya has launched its largest-ever initial public offering, listing 65% of state-owned Kenya Pipeline Company (KPC) on the Nairobi Securities Exchange. The IPO, open from January 19 to February 19, 2026, aims to raise 106.3 billion Kenyan shillings ($824 million) from domestic and international investors.

Proceeds will fund national energy infrastructure projects, with no funds retained by KPC. Once listed, KPC is expected to rank as the fifth-largest firm on the exchange by market cap. The company operates 1,342 kilometers of pipelines linking Mombasa to inland regions and runs refineries, labs, and fiber optic networks.

KPC plans $852 million in capital expenditures by 2030 to expand pipelines and build crude and LPG storage facilities, including a new Mombasa-Nairobi line. It forecasts gross profit margins averaging 61% through 2030, up from 57% over the past five years.

Major risks include Uganda’s $5-billion East African Crude Oil Pipeline (EACOP), nearing completion, and plans for a Ugandan refinery by 2029/30, which could challenge KPC’s regional dominance. KPC maintains imported refined oil will remain more cost-competitive long-term.

Great Southern Bancorp Inc. (GSBC) reported fourth-quarter profit of $16.3 million on January 21, 2026, or $1.45 per share.

The Springfield, Missouri-based bank holding company posted quarterly revenue of $80.6 million, with adjusted revenue at $56.4 million.

For the full year, GSBC reported net income of $71 million, or $6.19 per share, on total revenue of $229.3 million.

Nikkei 225 Yen futures on the CME saw a significant decline in open interest, falling by 51,850 contracts to 85,003 as of January 21, 2026, at 23:30 UTC. Estimated trading volume stood at just 63 contracts, a sharp drop from Tuesday’s 30,537.

The contract, valued at 500 yen times the Nikkei 225 index, reflects investor positioning ahead of key market openings in Asia. The sharp reduction in open interest suggests widespread position unwinding or expiry-related adjustments overnight.

Low activity during the U.S. session may indicate limited immediate directional bets on Japanese equity exposure. Market participants will monitor Thursday’s cash market reaction in Tokyo for signs of follow-through sentiment.

Former President Donald Trump warned Federal Reserve Chair Jerome Powell on January 21, 2026, that his remaining term as a Fed governor would be unpleasant if he stays beyond his chairmanship ends in May.

Speaking at the World Economic Forum in Davos, Trump told CNBC: “If that happens, I don’t think his life will be very, very happy.” The White House has escalated pressure on Powell, issuing subpoenas over the Fed’s headquarters renovation, potentially paving the way for criminal probes. Powell has called the move political intimidation, fueling speculation he may stay on the Board through 2028, retaining influence over U.S. monetary policy.

Powell’s continued presence would block Trump from appointing a new governor. The president also narrowed the successor search, saying: “In my mind, there’s really only one left.” Finalists reportedly include BlackRock’s Rick Rieder, Christopher Waller, and Kevin Warsh. Kevin Hassett appears sidelined after Trump said he prefers him in his current role.

Subpoenas have complicated nominations; Senator Thom Tillis opposes any vote until investigations conclude. Trump dismissed concerns, noting Tillis won’t seek re-election in 2026.

South Korea's KOSPI may gain further support on Thursday (January 22, 2026), as investors assess global tech sector trends and domestic institutional flows. Persistent foreign selling has pressured the index in early January, but signs of stabilizing semiconductor demand and renewed local investor participation could bolster sentiment.

The index closed at 2,584.31 on January 21, down 0.4% from the prior session, with tech-heavy weights like Samsung Electronics (005930.KS) and SK Hynix (000660.KS) posting mixed performance. Foreign investors sold a net 183 billion won ($137 million) in equities this week, extending a five-day streak of outflows. However, retail and institutional buyers have stepped in, purchasing 104 billion won and 72 billion won respectively.

Analysts cite potential technical rebound opportunities near the 2,550 support level, with options expiry and U.S. Federal Reserve commentary expected to influence Thursday’s trading range. Market makers suggest any sustained recovery will depend on stronger foreign buying momentum and improved export-related earnings visibility.

President Donald Trump indicated Wednesday (January 21, 2026) that his selection process for a new Federal Reserve chair is nearing completion, with only one candidate remaining in contention "in my mind," despite not disclosing the individual's name.

Speaking at the World Economic Forum in Davos, Switzerland, Trump said the list of potential successors to Jerome Powell—initially 11 names—has been reduced to two finalists. He praised Rick Rieder, BlackRock’s fixed-income chief and the last interviewee, as “impressive,” while noting Kevin Warsh, Christopher Waller, and Kevin Hassett were among the leading contenders. Trump confirmed Hassett will remain as head of the National Economic Council, effectively removing him from consideration.

Treasury Secretary Scott Bessent, who led the interview process, has expressed no interest in replacing Powell, Trump said. The current Fed chair’s removal appears likely, though it remains unclear whether Powell will stay on the Board of Governors through his term ending in 2028.

Trump reiterated criticism of Powell’s performance, saying, “I don’t think he’d be happy staying,” and dismissed the Fed’s $2.5 billion headquarters renovation as wasteful, claiming he could complete it for $25 million.

Live Oak Bancshares Inc. (LOB) reported fourth-quarter net income of $46.2 million, or 95 cents per share, on revenue of $289.4 million, surpassing analyst expectations.

Revenue net of interest expense reached $172.9 million, exceeding Wall Street forecasts. Analysts polled by Zacks Investment Research had projected earnings of 56 cents per share.

For the full year, the Wilmington, North Carolina-based bank holding company recorded profit of $105.9 million, or $2.23 per share, on annual revenue of $577.8 million. Results reflect stronger-than-expected performance in the final quarter of 2025.

Live Oak Bancshares (NYSE: LOB) reported strong fourth-quarter 2025 results, posting $172.9 million in revenue, a 29.9% year-over-year increase and 14.9% above Wall Street expectations. GAAP earnings of $0.95 per share exceeded consensus by 18.3%.

The Wilmington, North Carolina-based digital small business lender attributed the performance to resilient demand for its SBA-guaranteed loans and disciplined execution. Net interest income accounted for 75.2% of total revenue over the past five years, underscoring its core lending focus. Tangible book value per share rose to $24.97, up 11.1% annually over the last two years, though below its five-year average growth of 13.3%. Analysts project TBVPS to reach $28.31 in the next 12 months.

Despite the beat on revenue and EPS, shares held flat at $39 post-announcement. The company has delivered a 15.6% annualized revenue growth over the past two years, slightly below its five-year trend but still outpacing sector averages.

Nvidia CEO Jensen Huang said at the World Economic Forum in Davos on January 21, 2026, that artificial intelligence requires "trillions of dollars" more in infrastructure investment, rejecting claims of a market bubble. He described AI as a "five-layer cake" requiring foundational buildout in energy, chips, cloud, models, and applications.

Huang noted current investments are only "a few hundred billion" into what will ultimately demand trillions. Gartner estimates $1.5 trillion was spent globally on AI in 2025. Despite Nvidia’s market value nearing that of all mined silver, Huang insists the spending is justified by the scale of technological transformation.

Critics remain skeptical. A MIT study shows 95% of enterprises see no return on generative AI despite $30–40 billion in investment. Concerns also surround circular financing—such as Nvidia funding OpenAI, which buys Nvidia chips. Meanwhile, rivals like Cerebras, AMD, Google (TPUs), and Amazon Web Services are gaining traction as companies diversify beyond Nvidia.

BlackRock highlights Ethereum's central role in the tokenization of real-world assets, with 65% of such assets built on the network, according to its 2026 thematic outlook published January 21, 2026. The firm suggests Ethereum could become the "toll road" for blockchain-based financial markets.

Jay Jacobs, BlackRock’s U.S. Head of Equity ETFs, said Ethereum benefits from rising institutional adoption, including stablecoin issuance and tokenized asset trading. BlackRock’s $1.6 billion tokenized fund BUIDL holds nearly $500 million on Ethereum. The firm’s Bitcoin and Ethereum ETFs manage $70.6 billion and $10.7 billion, respectively.

While 10 blockchains support tokenized assets, only Bitcoin and Ethereum are emphasized in the report. Despite DTCC’s use of the Canton Network for a $362 billion pilot, Ethereum leads in wallet-managed real-world assets at $13.2 billion. Jacobs noted that regulatory clarity and market infrastructure remain key hurdles, calling the trend “early” but accelerating.