Global Markets Weekly Report: The Dawn of the “Donroe Doctrine” and the Nuclear Renaissance

A World Remade in Five Trading Days

The first full trading week of 2026 will likely be recorded in financial history not merely for the closing prices on the ticker tape, but for the profound, tectonic shifts in the geopolitical and macroeconomic landscape that underpinned them. It was a week where the theoretical boundaries between military intervention, industrial policy, and corporate strategy did not just blur—they evaporated entirely. Global markets, accustomed to navigating the nuanced language of central bankers, were instead forced to price in the stark realities of “hard power” projection, ranging from the physical extraction of a foreign head of state by U.S. forces to the re-emergence of mega-scale consolidation in the global resources sector.

Despite a cacophony of geopolitical noise that would typically trigger a “risk-off” flight to safety, major equity indices in the United States and Europe defied gravity to surge to record highs. The narrative driving this resilience is complex. The “Trump Trade” 2.0 is evolving from a simple deregulation thesis into a more sophisticated pricing of aggressive American hegemony—both military and economic. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all shook off early-week trepidation to post significant gains, propelled by a “Goldilocks” jobs report that kept the dream of a soft economic landing firmly within reach.¹

However, this euphoria was far from universal. The global market map displayed a stark and violent divergence. While Wall Street toasted new records, Dalal Street in Mumbai faced its darkest week in months, battered by the looming existential threat of punitive U.S. legislation targeting consumers of Russian oil.² Similarly, the Australian market found itself paralysed by the gravitational pull of a potential $300 billion merger between Rio Tinto and Glencore—a deal that promises to reshape the global commodities supply chain but exerted immediate, crushing downward pressure on local mining heavyweights.⁴

This report provides an exhaustive, granular analysis of the events that defined the week ending January 9, 2026. We will dissect the macroeconomic data that fueled the U.S. rally, explore the corporate maneuvers transforming the energy and mining sectors into proxies for artificial intelligence growth, and unpack the severe geopolitical risks—from Venezuela to Greenland—that are currently being priced, or perhaps dangerously mispriced, by global capital markets.

Key Themes of the Week

1. The “Donroe Doctrine”: The U.S. military operation in Venezuela and the renewed push to acquire Greenland signal a hyper-aggressive interpretation of the Monroe Doctrine, repricing sovereign risk across the Western Hemisphere and the Arctic.⁵
2. The AI-Energy Nexus: The surge in nuclear utility stocks, driven by power purchase agreements with Big Tech, confirms that the next phase of the AI trade is infrastructural. Electrons are becoming as valuable as silicon.⁷
3. The Return of the Mega-Merger: Rio Tinto’s talks with Glencore signal that the mining industry is abandoning cautious capital discipline in a race to secure copper assets vital for the green transition, potentially triggering a supercycle of consolidation.⁸
4. The Fracture of Non-Alignment: The proposed “Sanctioning Russia Act of 2025,” threatening 500% tariffs on nations trading in Russian oil, forces neutral powers like India into a binary diplomatic and economic choice, creating massive volatility in emerging market assets.³

United States: The Global Centre of Gravity

The resilience of the U.S. equity market continues to confound sceptics and bears alike. After a tentative start to the year during the truncated holiday week, bullish sentiment returned with a vengeance. The week ending January 9 saw the major indices not only recover lost ground but establish new benchmarks of valuation, driven by a convergence of favourable labour data and aggressive executive policy interventions.

Wall Street Performance Analysis

The price action this week was characterised by a distinct “buy the dip” mentality, supported by a rotation into cyclical and defensive sectors that benefit from a stabilising economy.

Table 1: U.S. Market Performance (Week Ending Jan 9, 2026)

Friday’s session served as the crescendo, with the S&P 500 and Dow setting closing records. The catalyst was a jobs report that, on the surface, appeared weak, but under the hood, provided exactly the kind of “low-hire, low-fire” stability investors crave in a falling rate environment.⁷

The Jobs Report: Decoding the “Soft Landing”

The Bureau of Labour Statistics (BLS) released its December jobs report on Friday, January 9, and it served as the primary engine for the end-of-week rally. The data presented a paradox that required careful interpretation by market participants.

• Nonfarm Payrolls: The U.S. economy added a mere 50,000 nonfarm jobs in December. This figure was significantly below the consensus expectation of 73,000 and the revised November figure of 56,000.¹
• Unemployment Rate: Despite the anemic hiring velocity, the unemployment rate improved, ticking down to 4.4% from 4.6% in the previous month. This was notably better than the expected 4.5% rate.¹

Second-Order Insight: The “Labour Hoarding” Phenomenon

Why did the market rally on a miss in job creation? The answer lies in the nuance of the labour market’s cooling process. A figure of 50,000 jobs suggests that businesses are cautious about expanding their headcount, likely due to uncertainty regarding trade policy and interest rates. However, the drop in the unemployment rate to 4.4% indicates that these same businesses are not shedding existing workers. This “labour hoarding” dynamic suggests corporate America is anticipating a slowdown but not a collapse. They are retaining talent, fearing the high transaction costs of re-hiring in a demographic environment where skilled labour remains scarce. This stability keeps consumer spending power relatively intact, preventing the feedback loop that leads to recession.

For the Federal Reserve, this data is a double-edged sword. It confirms the economy is cooling, which is a necessary precondition to keep inflation permanently in check. However, the dip in the unemployment rate complicates the case for immediate, aggressive monetary easing. By Friday afternoon, the CME Group’s FedWatch tool showed the probability of a rate cut at the January meeting had plummeted to just 5%.⁹ The market has effectively priced out a January cut, realising that a 4.4% unemployment rate does not scream “emergency.” Yet, equities rallied because the fear of a recession receded. The economy is slowing to a sustainable pace, rather than stalling out.

Sector Spotlight: The Nuclear Renaissance and the Electrification of AI

One of the most profound thematic shifts observed this week—and one likely to dominate 2026—was the explosion of interest in the utilities and energy sectors, specifically linked to nuclear power. The narrative is simple but structurally transformative: Artificial Intelligence (AI) requires massive amounts of electricity, and Big Tech is realising the current grid cannot support it without reliable, baseload power—nuclear.

• Vistra (VST): Shares of this power generation company soared over 10% on Friday alone, making it one of the top S&P 500 gainers. The catalyst was the announcement of a 20-year deal to provide electricity from three of its nuclear plants to Meta Platforms (parent of Facebook and Instagram).¹
• Oklo (OKLO): The advanced nuclear fission company jumped nearly 8% after announcing a similar deal with Meta to secure nuclear fuel and advance a project to build a facility in Pike County, Ohio.¹
• Intel (INTC): The chipmaker rallied over 10% after President Trump posted on social media about a “great meeting” with the CEO regarding the semiconductor cycle and AI, further fueling the hardware-energy feedback loop.⁹

Third-Order Insight: The Re-Rating of Utilities

This marks a pivotal moment for the “AI Trade.” For the past two years, the trade was purely about chips (Nvidia) and software (Microsoft, Palantir). Now, the trade is moving upstream to the physical infrastructure required to run those chips. Data centres are power-hungry beasts; a single AI query uses significantly more energy than a traditional search query. With renewable energy (wind/solar) suffering from intermittency issues, Big Tech is effectively bankrolling a nuclear renaissance to ensure their server farms never go dark. This has begun to turn “boring” utility stocks into high-growth AI proxies. Investors should expect this theme—the electrification of the AI cloud—to drive a fundamental re-rating of the utilities sector multiple.

Housing and the “Trump Mortgage Plan”

Late Thursday, President Donald Trump announced a directive that sent shockwaves through the housing sector and bond markets. He called for the purchase of $200 billion in mortgage bonds, explicitly aiming to lower mortgage rates.⁷ This policy appears to be a page borrowed directly from the Federal Reserve’s Quantitative Easing (QE) playbook, but deployed via executive influence or Treasury directive rather than independent central bank policy.

Market Reaction:

• Builders FirstSource: Jumped 12% on the news.⁷
• Homebuilders: Rallied broadly on the expectation that lower rates will unlock frozen demand in the housing market, where affordability has been a critical constraint.
• Mortgage-Backed Securities (MBS): These instruments rallied relative to Treasuries as the market priced in the arrival of a massive, price-insensitive buyer (the government).¹⁰

Implication:

This move signals a highly interventionist economic policy from the White House, unafraid to blur the lines between fiscal and monetary policy. By directly targeting mortgage spreads, the administration is attempting to bypass the Fed’s transmission mechanism to stimulate the housing economy directly. While equity markets cheered the stimulus, bond markets may eventually fret over the inflationary implications of such direct liquidity injections and the potential erosion of central bank independence.

Policy and Politics: The Supreme Court and Tariffs

A major overhang for the market—the legality of President Trump’s “Liberation Day” tariffs imposed in April—remains unresolved. The Supreme Court was widely expected to issue a ruling on Friday, but delayed the decision until at least January 14.¹

Context:

These tariffs, announced nearly a year ago using emergency powers, shocked markets when first introduced but have since been digested by asset prices. A Supreme Court ruling declaring them illegal would be a deflationary shock (lowering import prices but potentially hurting protected domestic industries), while upholding them cements the President’s authority to use trade as a weapon without Congressional approval. The delay adds a layer of uncertainty to the coming week, but the market’s ability to ignore this Friday suggests investors are confident the status quo will hold for now.

Geopolitical Shockwaves: The “Donroe Doctrine” and The Venezuela Operation

If Wall Street provided the financial fireworks, Washington provided the geopolitical dynamite. The week was dominated by the fallout from “Operation Absolute Resolve”—the U.S. military operation executed on January 3, 2026, which resulted in the capture of Venezuelan President Nicolás Maduro.¹¹

Operation Absolute Resolve

Details emerged throughout the week of the sheer scale and audacity of the operation. Over 150 aircraft, warships, and elite special operations forces (SOF) executed a surgical strike in Caracas. The objective was not regime change via traditional invasion and occupation, but “decapitation” via law enforcement extraction. President Maduro and his wife, Cilia Flores, were flown to New York to face narcoterrorism charges.¹²

The “Donroe Doctrine”:

Market analysts and political scientists have quickly dubbed this aggressive foreign policy stance the “Donroe Doctrine”—a hyper-active, militarised revival of the Monroe Doctrine. It posits that the Western Hemisphere is under the exclusive purview of U.S. security interests, and the U.S. will unilaterally intervene to remove perceived threats or “bad actors” regardless of international norms regarding sovereignty.5 This has fundamentally repriced sovereign risk in Latin America. If the U.S. is willing to physically extract a sitting head of state, no regime in the region is insulated from American pressure.

The Market Reaction: Why Oil Didn’t Panic

Conventionally, a U.S. military strike on an OPEC member nation with the world’s largest proven oil reserves would send crude prices skyrocketing to $100 or more per barrel. Yet, West Texas Intermediate (WTI) crude rose only modestly to around $58.80, and Brent hovered near $62.¹

Why the muted reaction?

1. Surgical Nature: The operation was highly specific. It targeted leadership figures, not energy infrastructure. There was no “Shock and Awe” bombing campaign against oil fields, pipelines, or refineries, preserving the physical capacity to export.¹⁴
2. The “American Viceroy” Effect: President Trump’s statement that the U.S. would “run the country” during the transition implies that Venezuelan oil might soon be under effective U.S. administration.¹² The market is effectively pricing in more supply in the medium term as U.S. oil majors (whose executives met with Trump on Friday ¹) potentially return to rehabilitate Venezuela’s crumbling energy sector with the backing of the U.S. military.
3. Strategic Reserves: The existence of massive U.S. domestic production and strategic reserves creates a buffer that didn’t exist during previous Gulf conflicts, dampening the fear premium.

The Greenland Gambit: Real Estate or Arctic Strategy?

In a move that bewildered European allies and added another layer of unpredictability to global affairs, the White House doubled down on its intention to acquire Greenland. What was dismissed in 2019 as a quirky real estate ambition has morphed into a declared “national security priority” in 2026. Reports indicate the White House is actively drafting plans for acquisition, citing threats from Russia and China in the Arctic.⁶

Insight:

This is not about real estate in the traditional sense; it is about the “Critical Minerals War.” Greenland is rich in rare earth elements essential for the transition to green energy and defence technology. By framing the purchase as a security imperative—and threatening that the U.S. will “do something… whether they like it or not” 6—the U.S. is signalling that it views the Arctic as the next major theatre of great power competition. The Danish Prime Minister’s warning that a hostile takeover attempt would mean the end of NATO underscores the severe strain this puts on the transatlantic alliance.6 For investors, this puts a spotlight on defence contractors and mining firms operating in the Arctic Circle, as the region becomes a focal point for strategic asset denial.

Europe: Old World Records and The Deal of the Decade

While the U.S. flexed its military muscle, Europe flexed its financial muscle, delivering a week of record highs and the potential for the deal of the decade in the resource sector.

Market Performance: Shrugging off Stagnation

European indices were standout performers, shrugging off sluggish economic growth data to focus on corporate value and the potential for M&A-driven re-rating.

Table 2: European Market Performance (Week Ending Jan 9, 2026)

The Deal of the Decade: Rio Tinto & Glencore

The dominant story in London and across global trading desks was the confirmation of merger talks between Rio Tinto and Glencore.⁸ This potential transaction is not just a corporate merger; it is a geopolitical event.

• The Concept: An all-share merger to create the world’s largest mining company, with a combined valuation of approximately $300 billion (approx. US$388 billion combined entity value).⁴
• The Strategic Driver: Copper. The global transition to electrification—electric vehicles, AI data centres, grid upgrades—requires massive amounts of copper. S&P Global estimates a significant deficit by 2030. Glencore is a copper trading and mining titan. Rio Tinto wants that exposure to future-proof its portfolio.
• The Conflict: Coal. Rio Tinto exited coal years ago to polish its ESG credentials and attract institutional capital. Glencore remains one of the world’s largest thermal coal producers. Reports suggest Rio is “open to owning coal” to secure the deal.²¹ This represents a massive pivot in corporate strategy, suggesting that energy security and resource scarcity are beginning to trump ESG purity in 2026 boardrooms.

Market Reaction:

• Glencore: Shares surged ~8% as the target of the bid, reflecting the premium Rio would need to pay.²²
• Rio Tinto: Shares slumped ~6% (and 6.3% in Australia) as investors feared the dilution of an all-share deal and the re-introduction of “dirty” coal into their portfolios, which might force some ESG-mandated funds to sell.⁴
• Sector Impact: The news lifted the entire Basic Materials sector in Europe (+5.48% for the week in US dollar terms ²³), as investors speculated on further consolidation. If Rio and Glencore merge, competitors like BHP may be forced to hunt for their own mega-deals to remain competitive in scale and influence.

Broader Sector Moves

Beyond mining, the European market saw strength in luxury and banking.

• L’Oreal: Climbed 6.3% after an upgrade to ‘buy’ by UBS.¹⁶
• BNP Paribas: Firmed 5.7% following a JPMorgan upgrade to ‘overweight’.¹⁶
• ASML Holding: The tech giant surged 3.5%, tracking the global AI hardware rally.¹⁸

Asia: The Great Divergence

Asian markets displayed a stark divergence, driven almost entirely by the opposing winds of U.S. foreign policy. While China surged on internal recovery hopes, India plummeted on external trade threats.

China: The Dragon Wakes?

The Shanghai Composite had its best week since November 2024, rising 3.82% to close at a 10-year high of 4,120.43.²⁴

• The Driver: Deflationary fears are easing. Official data released late in the week showed China’s inflation rate picking up in December to its fastest pace in nearly three years.¹⁷ This suggests that the government’s stimulus measures—which have included sovereign bond issuance to support local debt—are finally filtering through to the real economy and boosting domestic demand.
• Sentiment: The market is beginning to re-rate Chinese equities as “investable” again, betting that the government’s support for the broad economy is gaining traction. The narrative of “cheap valuations” is winning over the “geopolitical risk” narrative for the moment, especially as trade tensions with the U.S. appeared (briefly) to stabilise compared to the volatility elsewhere.

Japan: The Quiet Achiever

The Nikkei 225 continues to be a favourite for global allocators, benefiting from corporate governance reforms and a weak Yen.

• Performance: The index gained 1.61% on Friday alone to close at 51,940, adding to a strong weekly performance.²⁶
• Catalyst: Fast Retailing (parent of Uniqlo) surged over 10.6% on strong earnings, driven by a 34% jump in operating profit.¹⁷ This reinforces the narrative that Japanese corporates are improving profitability and returning value to shareholders, even as they navigate currency fluctuations.
• Macro: Household spending data showed improvement, suggesting the virtuous cycle of wage hikes leading to consumption is intact.²⁷

India: In the Crosshairs of U.S. Policy

In sharp contrast to its neighbours, the Indian market suffered a brutal week, decoupling from the global rally.

• Performance: The Nifty 50 fell 2.4% for the week, its worst performance in three months.² The Sensex lost 0.72% on Friday alone.²⁸
• The Cause: The “Sanctioning Russia Act of 2025.” This U.S. legislation, approved in principle by President Trump and spearheaded by Senators Graham and Blumenthal, proposes 500% tariffs on goods from countries that buy Russian oil.³
• The Impact: India has become the world’s largest buyer of seaborne Russian crude, refining it and often exporting the fuel. A 500% tariff would effectively annihilate India’s export trade to the U.S. in these sectors ($120 billion annually) and potentially trigger broader secondary sanctions.²⁹
• Sector Rot: The fear was broad-based. Oil and gas stocks fell 2.8%, and capital goods stocks like BHEL plunged significantly due to fears of cheap Chinese competition if trade barriers shift, as well as general policy uncertainty.³⁰

Geopolitical Insight:

This is a critical development for the Indo-Pacific strategy. For years, India has successfully balanced ties between the West (security partnership against China) and Russia (energy and defence supplies). The Trump administration appears unwilling to tolerate this strategic ambiguity any longer. If this bill passes, it forces New Delhi into a binary choice: access to cheap energy or access to the U.S. consumer market. The equity market is aggressively pricing in a painful adjustment period where India’s “strategic autonomy” is tested to its breaking point.

Oceania: Resource Superpower in Transition

The Australian and New Zealand markets were caught in the crossfire of global M&A activity and the ripples of U.S. defence spending.

Australia (ASX 200)

The ASX 200 finished the week flat, losing a marginal 0.1% to close at 8,717.80.⁴ However, the calm surface masked violent rotation beneath the index level.

Table 3: Key ASX Movers (Week Ending Jan 9, 2026)

Analysis:

The Australian market is suffering from a form of “Dutch Disease” risk. It is heavily reliant on mining. When its biggest miners (Rio, BHP) catch a cold, the entire index struggles to gain traction. The Rio-Glencore talks create massive uncertainty. If Rio uses its Australian listing to fund the purchase, it dilutes Australian shareholders, causing a capital flight risk.

Conversely, the “deposit wars” among banks appear to have reached a ceasefire, with Macquarie Bank announcing it now holds over $200 billion in deposits, stabilising the financial sector.⁴

New Zealand (NZX 50)

The NZX 50 proved resilient, gaining 1.1% for the week.³³

• Movers: Vulcan Steel (+5.4%) rallied in sympathy with the BlueScope takeover news across the Tasman. Sanford (+3.5%) continued a three-week winning streak.
• Sentiment: The Kiwi market is often a defensive play. With high dividends and stable utilities, it attracted capital fleeing the volatility of emerging markets like India. However, tech stocks like Gentrack (-3.5%) faced pressure, tracking the Nasdaq’s volatility earlier in the week before the U.S. tech recovery fully took hold.³³

Commodities & Currencies: The Safe Havens and the Strategic Assets

Gold: The Ultimate Hedge

Gold continues to shine, trading around $4,515 per ounce, up 1.3% on Friday alone.¹

• The Thesis: Gold is pricing in two distinct risks:

1. Fiscal Irresponsibility: Massive U.S. spending (mortgage buybacks, defence hikes) creates long-term inflation risks and debt sustainability concerns.
2. Geopolitical Chaos: In a world where the U.S. seizes foreign leaders and threatens to buy territories “the hard way,” central banks (especially in China and the Global South) will continue to hoard gold as a sovereign reserve asset that cannot be sanctioned, frozen, or seized by the U.S. Treasury.

Oil: The Dog That Didn’t Bark

As noted, oil prices (WTI ~$58.80) did not explode despite the capture of a major oil-producing nation’s president. The market remains well-supplied. However, the volatility in energy stocks suggests traders are expecting the “Trump Put” in energy—deregulation and drilling support—to keep prices managed within a band that supports producers but doesn’t crush consumers. The meeting between oil executives and President Trump regarding Venezuela suggests a coordinated effort to bring Venezuelan supply back online under U.S. supervision.¹

Crypto Markets

Bitcoin traded steadily around $90,200, showing little reaction to the Venezuela news.¹ It has effectively matured into a “high-beta gold.” The stability at these elevated levels suggests deep institutional support, with the asset class now reacting more to Federal Reserve liquidity signals than to geopolitical skirmishes.

Conclusion & Future Outlook

The week ending January 9, 2026, was a masterclass in market dissonance. We have a U.S. President effectively annexing the concept of hemispheric sovereignty, a brewing trade war with the world’s most populous democracy (India), and a fundamental restructuring of the global energy grid towards nuclear power. And yet, the S&P 500 is at a record high.

The Key Takeaway:

The market is currently rewarding clarity of force. Whether it is the clarity of U.S. military dominance in Venezuela, the clarity of Big Tech’s demand for nuclear energy, or the clarity of mining giants seeking consolidation, investors are flocking to strength. Ambiguity is being punished (see India’s diplomatic balancing act).

Looking Ahead:

• Jan 14: The Supreme Court ruling on tariffs is the next major binary risk event. A ruling against the administration could unravel the “Trump Trade.”
• Earnings Season: With JPMorgan Chase reporting next Tuesday, the focus will shift to corporate balance sheets. Can earnings growth justify these record valuations?
• Geopolitics: Watch for any retaliation from the “Sanctioning Russia Act” targets. If India or China impose counter-tariffs, the trade war narrative will return to centre stage.

For the investor, the message is clear: The rules of the game have changed. Portfolios must be robust enough to handle “hard power” shocks, not just interest rate adjustments. The traditional “60/40” portfolio may need to evolve into a structure that balances Growth (AI/Tech) with Real Assets (Gold/Copper) and Energy Security (Nuclear/Utilities) to survive the volatility of the “Donroe Doctrine” era.

Disclaimer

This report is for informational purposes only and does not constitute financial advice, an offer to sell, or a solicitation of an offer to buy any securities. All investments involve risk, including the loss of principal. The views expressed herein are those of the author as of the date of publication and are subject to change without notice. Past performance is not a guarantee of future results. Readers should consult with a qualified financial advisor before making any investment decisions. The author and the publishing firm may hold positions in the securities mentioned.

Reference

1. Markets News, Jan. 9, 2026: Dow, S&P 500 Close at Record Highs to Wrap Up a Strong Week of Gains for Major Indexes, accessed on January 10, 2026, https://www.investopedia.com/dow-jones-today-01092026-11882167
2. Stock indices log worst weekly fall in 3 months amid fresh US tariff …, accessed on January 10, 2026, https://indianexpress.com/article/business/stock-indices-worst-weekly-fall-fresh-us-tariff-concerns-10464763/
3. Import of Russian Oil: Trump to Impose 500% Tariff on India and China? Key Details of New US Bill – Angel One, accessed on January 10, 2026, https://www.angelone.in/news/global-market/import-of-russian-oil-trump-to-impose-500-tariff-on-india-and-china-key-details-of-new-us-bill
4. Weekly Wrap: Markets edge as Rio-Glencore talks spark change in …, accessed on January 10, 2026, https://smallcaps.com.au/article/weekly-wrap-lots-of-deals-keep-up-interest
5. CPI is back on time – Markets Weekly Outlook, accessed on January 10, 2026, https://www.marketpulse.com/markets/markets-weekly-outlook-cpi-week/
6. Trump ramps up Greenland threats and says US will intervene ‘whether they like it or not’, accessed on January 10, 2026, https://www.theguardian.com/us-news/2026/jan/09/trump-greenland-threats-white-house
7. Wall Street rises to records after the unemployment rate improves, accessed on January 10, 2026, https://thebusinessjournal.com/wall-street-rises-to-records-after-the-unemployment-rate-improves/
8. Glencore confirms in talks over possible merger with Rio Tinto, accessed on January 10, 2026, https://www.morningstar.com/news/alliance-news/1767910596904015100/glencore-confirms-in-talks-over-possible-merger-with-rio-tinto
9. Stock Market Today, Jan. 9: S&P 500 Sets New High and Intel Rallies, accessed on January 10, 2026, https://www.fool.com/coverage/stock-market-today/2026/01/09/stock-market-today-jan-9-s-and-p-500-sets-new-high-and-intel-rallies/
10. Asian Stocks Set to Gain Before US Data, Oil Rises: Markets Wrap – Swissinfo, accessed on January 10, 2026, https://www.swissinfo.ch/eng/asian-stocks-set-to-gain-before-us-data%2C-oil-rises%3A-markets-wrap/90746480
11. U.S. Intelligence in a Post-Maduro Venezuela, accessed on January 10, 2026, https://www.justsecurity.org/128064/us-intelligence-post-maduro-venezuela/
12. 2026 United States strikes in Venezuela – Wikipedia, accessed on January 10, 2026, https://en.wikipedia.org/wiki/2026_United_States_strikes_in_Venezuela
13. Australian shares finish flat ahead of US jobs report – CommBank, accessed on January 10, 2026, https://www.commbank.com.au/articles/newsroom/2026/01/shares-finish-flat-ahead-of-us-jobs-data.html
14. Imagery from Venezuela Shows a Surgical Strike, Not Shock and Awe, accessed on January 10, 2026, https://www.csis.org/analysis/imagery-venezuela-shows-surgical-strike-not-shock-and-awe
15. White House Draws Up Plans to Acquire Greenland as Trump Revives Territorial Ambitions, accessed on January 10, 2026, https://www.highnorthnews.com/en/white-house-draws-plans-acquire-greenland-trump-revives-territorial-ambitions
16. LONDON MARKET CLOSE: Mining merger talks see FTSE 100 end week on high, accessed on January 10, 2026, https://global.morningstar.com/en-gb/news/alliance-news/1767978320186839300/london-market-close-mining-merger-talks-see-ftse-100-end-week-on-high
17. World Shares Mostly Rise and US Futures are Flat After Modest Wall Street Moves, accessed on January 10, 2026, https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2026/01/09/world-shares-mostly-rise-us-futures
18. Euro Area Stock Market Index (EU50) – Quote – Chart – Historical Data – Trading Economics, accessed on January 10, 2026, https://tradingeconomics.com/euro-area/stock-market
19. UPDATE: Rio Tinto in early negotiations to take over Glencore, accessed on January 10, 2026, https://www.facilitiesmanagement-now.com/article/246344/update-rio-tinto-in-early-negotiations-to-take-over-glencore?utm_source=facilitiesmanagement&utm_medium=newsfeed&utm_campaign=facilitiesmanagement-articleId-246344
20. Glencore in Preliminary Merger Talks with Rio Tinto – Toyota of Whittier, accessed on January 10, 2026, https://www.toyotaofwhittier.com/?y-news-24925278-2026-01-09-glencore-in-merger-talks-with-rio-tinto
21. Rio Tinto and Glencore hold buyout talks to create $207 billion mega-miner – MINING.COM, accessed on January 10, 2026, https://www.mining.com/web/glencore-rio-tinto-resume-talks-on-mining-mega-deal-ft-reports/
22. Rio Tinto and Glencore shake up the mining market Giants negotiate merger | XTB, accessed on January 10, 2026, https://www.xtb.com/int/market-analysis/news-and-research/rio-tinto-and-glencore-shake-up-the-mining-market-giants-negotiate-merger
23. Weekly Market Wrap: Stocks Gain 1.7% as Consumer Cyclicals Rise and Utilities Fall, accessed on January 10, 2026, https://www.morningstar.com/stocks/weekly-market-wrap-stocks-gain-17-consumer-cyclicals-rise-utilities-fall
24. China Shanghai Composite Stock Market Index – Quote – Chart – Historical Data – News, accessed on January 10, 2026, https://tradingeconomics.com/china/stock-market
25. Shanghai benchmark hits 10-year high as easing deflation lifts sentiment, accessed on January 10, 2026, https://www.businesstimes.com.sg/companies-markets/shanghai-benchmark-hits-10-year-high-easing-deflation-lifts-sentiment
26. Japan Stock Market Index (JP225) – Quote – Chart – Historical Data – News, accessed on January 10, 2026, https://tradingeconomics.com/japan/stock-market
27. Weekend briefing: Metals prices push on up, accessed on January 10, 2026, https://www.interest.co.nz/economy/136755/us-data-weakish-across-board-japan-household-spending-rises-china-inflation-stays
28. BSE SENSEX Stock Market Index – Quote – Chart – Historical Data – Trading Economics, accessed on January 10, 2026, https://tradingeconomics.com/india/stock-market
29. 500% Trump Tariffs? India could pay the price on Russian oil sanctions while China cruises free, accessed on January 10, 2026, https://m.economictimes.com/news/economy/foreign-trade/500-trump-tariffs-india-could-pay-the-price-on-russian-oil-sanctions-while-china-cruises-free/articleshow/126414487.cms
30. BHEL Weekly Wrap: Policy Jitters Spark Volatility Despite Strong Operational Momentum, accessed on January 10, 2026, https://www.samco.in/knowledge-center/articles/what-transpired-in-bhel-over-the-week-policy-jitters-trigger-volatility-amid-strong-operational-developments/
31. Trump Approves Bill Proposing 500% Tariffs on Brazil, China, and India Over Russian Oil Trade – Carbon Copy, accessed on January 10, 2026, https://carboncopy.info/trump-approves-bill-proposing-500-tariffs-on-brazil-china-and-india-over-russian-oil-trade/
32. ASX 200 Live Today – Friday, 9th January, accessed on January 10, 2026, https://www.marketindex.com.au/news/asx-200-live-today-friday-9th-jan
33. NZX50 snaps 6-day run higher; caps 1.1% weekly gain, accessed on January 10, 2026, https://www.goodreturns.co.nz/article/976525189/nzx50-snaps-6-day-run-higher-caps-1-1-weekly-gain.html