Investment Review №337. A shift toward hedging

10.01.2026

• President Trump’s comments about potentially capping credit card interest rates at 10% for one year weighed on consumer finance stocks, although related legislative initiatives continue to stall.

 

13.01.2026 — 6963

• Headline CPI came in at 0.3% m/m (in line with consensus), while core CPI excluding food and energy printed at 0.239% m/m versus a 0.3% consensus.

 

15.01.2026 — 6944

• TSMC beat expectations across all key metrics, posting a record gross margin and strong earnings growth driven by demand for advanced process nodes. The company also guided to cumulative capex of more than $101 billion for 2026–2028.

 

21.01.2026 — 6875

•  Netflix reported Q4 2026 results, with revenue of $12.05 billion (+17.6% YoY) and operating income of $2.96 billion both exceeding expectations. Paid subscribers reached a record 325 million.

 

22.01.2026 — 6913

• Consumer spending rose by 0.47% m/m in October and 0.51% m/m in November, compared with a +0.5% consensus for November. Personal income increased by 0.12% m/m in October and 0.30% m/m in November, below the +0.4% consensus for November.

 

28.01.2026 — 6978

• The Fed left its policy rate unchanged at 3.50–3.75%. Notably, two FOMC members voted in favor of a 25 bp rate cut, an unusual split that drew market attention.