Bloomberg Daybreak: Asia Edition Daybreak Weekend: Housing Outlook, Europe Culinary Trends, Australian Eco
7 snips
Jan 2, 2026 
Mike McGlone, Senior Commodities Strategist, shares insights on gold's potential rally in 2026 and the pressures pushing crude oil lower, hinting at a deflationary trend. Kate Crader, Food Editor, discusses the evolving culinary landscape in Europe, highlighting the contrasting fortunes of London's restaurant scene. James McIntyre, an economist in Sydney, analyzes Australia's economic outlook, discussing the impacts of migration and AI on labor, while suggesting a cautious approach to interest rate hikes amid inflation surprises.
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Gold's Rally Signals Macro Risk
- Gold's rapid 2025 rally signals divergence in commodity performance and macro risk.
- Mike McGlone warns this extreme move increases the chance of volatility and a deflationary trajectory.
Oil And Elastic Commodities Head Lower
- McGlone expects crude oil and elastic commodities to decline as supply and technology reduce demand.
- He sees potential sharp rallies but overall a downward trend that feeds deflationary pressure.
AI Boosts Metals, Copper Is The Wildcard
- Energy for AI favors electricity-linked metals like silver and copper, which outperformed in 2025.
- Copper is the wildcard: its decline would amplify deflation risks tied to China and commodities.