1/ QCP Asia Colour, 14 January 2026 We're goin' up, up, up, it's our moment Goldilocks still holds: US jobs look steady and inflation remains stable. Risk is back across the board, from equities and precious metals to the dollar and crypto.

2/ Despite Venezuela and Iran headlines with US involvement, markets are staying calm. Oil has picked up a geopolitical premium, but the broader tape remains resilient.

3/ Cynically, investors are reading this through a midterm lens: Trump is expected to chase market highs, leaning on liquidity and a more assertive US stance that supports US outperformance and a global risk-on tone.

4/ Bitcoin has finally pushed through $95k after months of failed rallies. If metals keep catching a debasement bid, BTC’s relative value may pull flows back into digital assets.