MPC Markets Morning Call

30th January 2026 – Tech turbulence and gold pause: Microsoft slumps as Apple, Meta shine

In this morning's edition of the MPC Markets Morning Call, Mark discusses the tumultuous events of January 2026, including significant market movements, tech sector performance, and upcoming economic indicators. The conversation highlights the impact of geopolitical tensions on commodities and the tech sector's response to earnings reports, particularly focusing on Microsoft and Meta. Mark also speculates on IPO trends and the overall market outlook as the month concludes.

takeaways

• January 2026 has been a tumultuous month for markets.

• Microsoft's disappointing earnings led to a 10% drop.

• Meta's advertising performance showed a 10% increase.

• Concerns about OpenAI's future are affecting Microsoft.

• IPO valuations are under scrutiny, especially for tech companies.

• Gold and copper prices are reacting to geopolitical tensions.

• Upcoming earnings reports could influence market direction.

• The market is currently flat with mixed performances across sectors.

• Investors are cautious ahead of potential government shutdowns.

• The tech sector remains a focal point for investors.

Morning Call covers a busy overnight session with the Fed holding rates, mega-cap US tech earnings from Meta, Microsoft and Tesla, and another powerful move higher in precious metals and uranium, with implications for ASX miners, Aussie tech, and sector positioning going into key US data and Apple results.

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Fed leaves rates unchanged as Powell emphasises strong 4.4% US GDP and lingering inflation risks, with dissenters pushing for only a 25 bp cut while markets still focus on future easing.

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Meta initially sells off on sharply higher AI/data-centre CapEx guidance before reversing to a strong aftermarket gain as investors warm to its super-intelligence and advertising growth story.

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Microsoft beats on top and bottom line but falls around 4% as sentiment cools on AI and cloud (39% growth) amid intensifying competition from Google, Anthropic and others tied to alternative models.

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Precious metals surge again, led by gold up about 4.5% alongside strong silver, platinum, copper and uranium (up roughly 6%), pointing to a strong day for related ASX miners and uranium names.

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Aussie tech continues to lag US tech by nearly 40% since September despite global operations and FX benefits, while local healthcare remains out of favour and looks like a “falling knife” for now.

In this morning's edition of the MPC Markets Morning Call, Mark discusses the current market landscape as investors await the Federal Reserve's decisions and major earnings reports. The conversation covers the mixed performance of stocks, particularly in the tech and industrial sectors, and highlights significant movements in precious metals. Mark also addresses the implications of the US dollar's decline, the potential for a government shutdown, and strategic investment approaches in light of upcoming market events.

takeaways

• Investors are cautious ahead of Fed announcements.

• UnitedHealth's decline reflects ongoing Medicare changes.

• Precious metals are experiencing high volatility.

• The US dollar is on a downward trend.

• Bitcoin is seeing renewed interest from bulls.

• Political tensions are impacting market stability.

• Cash reserves are crucial for potential market dips.

• Trump's policies are influencing healthcare stocks.

• Market reactions are tied to earnings reports.

• Strategic investments are necessary in uncertain times.

In this morning's edition of the MPC Markets Morning Call, Mark Gardner discusses the current market landscape, focusing on the recent rally in precious metals, particularly silver, and the implications of upcoming earnings reports from major tech companies. He highlights the geopolitical tensions and their impact on market stability, emphasizing the importance of cash positions in uncertain times. The conversation also touches on the upcoming Aussie earnings season and the need for investors to stay informed and prepared for market fluctuations.

Takeaways

• Upcoming Fed meeting and tech earnings are crucial.

• Silver experienced a significant rally but has since declined.

• Precious metals tend to rally during uncertain times.

• Cash positions are valuable in the current market.

• Aussie earnings season starts in February.

• Geopolitical risks are affecting market stability.

• Investors should review their portfolios regularly.

• Platinum may present better opportunities than silver now.

• Major tech companies are reporting earnings this week.

• Stay informed about economic figures and market announcements.

In this morning's market call, Mark Gardner discusses the current state of the markets, focusing on the impact of political decisions, particularly those of Trump, on market stability. He highlights the tech sector's recovery, the significance of upcoming earnings reports, and the ongoing interest in precious metals amidst economic uncertainty. Mark emphasizes the importance of monitoring risks and suggests that cash may be a prudent position in the current climate.

takeaways

• Trump's policies create uncertainty in the markets.

• The tech sector is showing signs of recovery.

• Upcoming earnings reports are crucial for market direction.

• Precious metals are gaining traction due to economic concerns.

• Investors should be cautious and monitor risks closely.

• Aluminium and copper are in high demand despite being overlooked.

• Intel's struggles highlight issues in the tech industry.

• The fully self-driving market presents significant opportunities.

• Cash can be a strategic position in volatile markets.

• Market predictions are influenced by political and economic factors.

In this morning's edition of the MPC Markets Morning Call, Mark discusses the recent recovery in stocks influenced by Trump's presence at the Davos conference. He analyzes the shifting dynamics in various sectors, particularly the tech and precious metals sectors, and provides insights into the healthcare market's current state. Mark also shares investment strategies and recommendations for navigating the market's fluctuations, emphasizing the importance of timely decision-making and professional advice.

takeaways

• Stocks showed a recovery influenced by Trump's actions.

• Market sentiment is cautious regarding Trump's credibility.

• The tech sector presents potential buying opportunities after recent declines.

• Precious metals, particularly silver, have shown significant growth.

• Healthcare sector is currently undervalued but facing challenges.

• Investors should be prepared for market volatility and rapid changes.

• Timely profit-taking is essential in the current market environment.

• Dollar-cost averaging could be beneficial for long-term investments.

• Consulting a professional is advised before making investment decisions.

• Overall market dynamics are influenced by geopolitical events and economic indicators.

In this episode of the MPC Markets Morning Call, Mark Gardner discusses the current state of the stock market, highlighting the significant risks that have emerged due to geopolitical tensions and economic policies. He emphasizes the impact of Japanese bond yields on global markets, particularly how the shift in these yields could lead to a repatriation of Japanese investments from U.S. equities back to Japan. Mark also critiques the tactics of former President Trump, suggesting that his distractions are compounding market instability. The conversation delves into the implications of these factors on investor behavior and market dynamics, particularly in light of upcoming economic reports and corporate earnings announcements.

• Mark outlines the various risks facing the market, including potential Supreme Court decisions regarding tariffs and ongoing investigations into the Federal Reserve. He notes the volatility in precious metals and the broader implications for investors as they navigate a landscape filled with uncertainty. The episode wraps up with a brief overview of upcoming earnings reports and economic indicators that could further influence market trends, encouraging listeners to stay informed and consider their investment strategies carefully.

Today’s MPC Markets Morning Call with Mark Gardner breaks down a volatile macro backdrop driven by Trump’s new tariff threats on Europe over Greenland, rising geopolitical risk, and what it all means for equities, commodities, currencies, and defence names heading into a pivotal 2026 earnings season and data week.

• US index futures were weaker with the Dow, S&P 500, Nasdaq and Russell all down as US cash markets were closed for Martin Luther King Day while futures traded risk-off.

• Chinese GDP hit the 5% growth target, pressuring China A50 and Hang Seng, while ASX held up relatively well, closing only about 0.3% lower.

• Trump’s threat of 10–25% tariffs on multiple European nations over Greenland has triggered an EU emergency summit, retaliation talk, and questions over legality in US courts.

• Safe-haven and real-asset flows saw gold and silver hit new records, platinum and palladium rally, and the US dollar weaken as the Aussie dollar and euro caught bids.

• Mark highlights investable angles in European defence stocks and selective Australian defence names, plus ongoing themes in gold, silver, platinum and critical minerals against a noisy geopolitical backdrop.

In this morning's edition of the MPC Markets Morning Call, Mark Gardner discusses the recent market trends, focusing on the significant surge in silver prices, the performance of the tech sector, and the latest banking earnings. He also provides insights into commodity performance, particularly in the energy sector, and highlights upcoming earnings reports that could impact market dynamics. The conversation emphasizes the importance of strategic investment planning in a volatile market environment.

takeaways

• Silver prices surged to $93, marking a significant increase.

• The tech sector is experiencing a cooling off period.

• Banking stocks showed mixed earnings results, with some underperforming despite beating expectations.

• Concerns over credit card rate regulations are affecting bank stock prices.

• The energy sector has been disappointing, but there may be opportunities for investors.

• Commodity prices are generally performing well, with coal and lithium seeing increases.

• Silver's rally is unprecedented, with historical patterns being disrupted.

• Investors should consider trimming positions in silver for risk management.

• Upcoming earnings reports from major companies could influence market trends.

In this morning's edition of the MPC Markets Morning Call, Mark Gardner discusses the recent downturn in stocks, particularly influenced by JP Morgan's earnings report. The conversation highlights the impact of political factors, especially Trump's policies, on the financial sector and market sentiment. Additionally, there is a focus on upcoming earnings announcements and the potential implications for investors. The session concludes with an invitation to a webinar aimed at providing actionable investment strategies for the year ahead.

takeaways

• Stocks were negatively impacted by JP Morgan's earnings report.

• The financial sector is facing challenges due to political pressures.

• Central banks play a crucial role in economic stability.

• Commodity prices have seen significant fluctuations recently.

• Upcoming earnings reports will be critical for market direction.

• Investors should prepare for potential volatility due to political announcements.

• The ASX showed strong performance led by the materials sector.

• Market sentiment may shift as more earnings are reported.

• The webinar will cover actionable investment strategies.

• Registration for the webinar includes access to valuable resources.