NAB Morning Call Uneasy Feeling
Jan 14, 2026
Ken Compton, a NAB markets commentator known for his sharp insights into global financial dynamics, joins the discussion to unravel the current market unease. The conversation dives into the significant retreat from big tech stocks towards small caps and precious metals, highlighting record highs in gold and silver. Compton also analyzes the implications of a striking US$1.2 trillion trade surplus for China and the impact of mixed US bank earnings. Additionally, tensions in the Middle East and their economic repercussions are explored, adding a geopolitical layer to market movements.
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Rotation From Big Tech To Small Caps
- U.S. equities show rotation away from big tech toward smaller caps and cyclicals.
- The Russell 2000 has outperformed multiple times this year, signalling a broadening market.
Record Highs In Metals
- Precious and industrial metals are hitting fresh record highs amid risk‑off flows.
- Gold, silver, copper and tin strength reflects a strong bid into metals rather than just bonds.
Uneasy, Risk‑Off Market Tone
- Markets show classic risk‑off breadth: equities down, bond yields lower and the dollar softer.
- Commodities firm while investors rotate out of high‑valuation names into safer or cyclical assets.