Morning Call Worldwide Exchange 1/23/26
Jan 23, 2026
Frank Holland dives into the pulse of global markets with insights on US futures and bond yields. The discussion shifts to Intel's disappointing earnings and the chip market's dynamism, featuring expert opinions on small caps versus mega-cap tech. A fascinating analysis of Japan's yen carry unwind and the implications of Jensen Huang's visit to China reveals the complexities of international trade. Plus, updates on a significant TikTok deal and a major winter storm forecast add to the global business narrative.
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Japan's Bond Moves Drive Global Markets
- Global bond flows matter more than headlines like Greenland for market moves.
- Jason Katz says Japan's unwind of ultra-easy policy can push global yields and pressure equities.
Tune Out Noise; Focus On Fundamentals
- Tune out headline noise and focus on fundamentals like earnings and GDP.
- Jason Katz recommends curtailing some equity exposure and staying nimble amid geopolitical hot spots.
Small Caps' Outperformance May Endure
- Small caps are finally outperforming as earnings breadth expands beyond mega-cap tech.
- Katz highlights a durable small-cap run tied to domestic demand and easier financial conditions.