Market & Portfolio Update - January 2026
After strong gains in 2025, the global share market (represented by the MSCI World Gross Index) took a breather in January, returning 0.1% in NZ dollar terms. While the ‘Magnificent 7’ (the seven largest US-listed companies, including Google, Microsoft & Apple) have been large drivers behind the recent gains seen from the US share market, January told a different story. There appeared to be ‘catch-up’ trade where investors moved out of concentrated tech positions and into the rest of the market, with the Russell 2000 index (a widely regarded proxy for smaller US companies) having a strong month. This was generally seen as improving confidence in the broader US economy.
The Australian share market had a strong January, driven by a broad rise in commodity prices. Specifically, the materials and energy sectors were the standout performers due to climbing prices in uranium, gold and industrial metals.
The latest data released in January showed annual inflation was 3.1% for the 12 months to December 2025. While many expect that inflation will fall back within the Reserve Bank’s 1-3% target band this year, there will be a close eye kept on its trajectory.
This article is for general information purposes only and does not constitute financial advice. The content is based on information current at the time of writing and may be subject to change.
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