Early Morning with Dave

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Nice Rallies in Asian/EM Equities, Global Bonds, and Both the Yen and Aussie Dollar
Despite the consensus narrative of booming U.S. growth, the Atlanta Fed has taken a knife to its estimate for real final sales. Today's payroll data…
 • David Rosenberg
Nikkei and Yen Extend Their Impressive Post-Election Gains
The book of AI moves to a new chapter: a debt boom
 • David Rosenberg
Takaichi Rolls the Dice, Wins Big, and the Nikkei, JGBs, and the Yen Respond in Kind
Global bond markets feel the heat from the Takaichi victory, chatter of more Chinese selling of Treasuries, and loss of confidence in Starmer.
 • David Rosenberg
A Lesson in Market Gravity
Stepped-up AI capex boom has investors revising their ROI estimates.
 • David Rosenberg
Big Problems Emerge in the Market for Silver and Software
Cracks are surfacing in the Tech trade across stocks, bonds, and loans. But investors are rotating to value in a major way rather than building cash.
 • David Rosenberg
Clouds Swirl Over the AI Trade; WMT Joins the $1 Trillion Club; Gold Stages a Big Revival
After all that, gold is still up an impressive +16% for the year!
 • David Rosenberg
Tech Stocks (Especially Chips) Regain Momentum and Precious Metals Post Big Rebound
Indian equities and the rupee are in play after the tariff-slashing trade agreement with the United States
 • David Rosenberg
Warsh Appointment Kyboshes the "Debasement" Trade
Markets correct, speculation retreats, and key reports await.
 • David Rosenberg

January 2026

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