US tariffs, jobs in focus

Global markets are losing momentum as the first full trading week of the year comes to an end. Big Tech is wobbling, with Nvidia slipping below its 50-day moving average and the Magnificent Seven struggling to find their footing. At the same time, defence stocks are back in favour after Donald Trump revived calls for a massive increase in US military spending, while energy names brush off weak oil prices. In Asia, tech optimism resurfaces. Samsung flags a sharp jump in profits on booming AI-driven memory demand, while Chinese AI firm MiniMax steals the spotlight with a spectacular first day of trading. Investors still want tech exposure — just not necessarily the same old names. All eyes now turn to US jobs data. Could it revive rate-cut hopes, pull yields lower and reignite risk appetite? Or will stronger numbers keep pressure on bonds, valuations and sentiment? This data point may decide whether markets find their next spark — or stay stuck in wait-and-see mode. Listen to find out more! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.