South Korea's KOSPI index fell further to 1% after Trump issued trade threats against the country.

Supermicro Computer (SMCI.O) intends to increase the scale of its facility expansion to $2 billion.

Domestic News: 1. Guotou Silver LOF: Subscription will be suspended from January 28th. 2. Ministry of Foreign Affairs reminds Chinese citizens to avoid traveling to Japan during the Spring Festival. 3. The first batch of game licenses for 2026 has been released, with 182 games approved. 4. The People's Bank of China held its 2026 Macroprudential Work Conference. 5. Policy documents related to accelerating the cultivation of new growth points in service consumption will be released soon. 6. The Hong Kong Monetary Authority's total RMB business funding quota has doubled to RMB 200 billion. 7. Zijin Mining: Plans to acquire 100% equity of Allied Gold Corporation for RMB 28 billion. 8. Ministry of Culture and Tourism: Domestic residents' outbound tourism in 2025 reached 6.522 billion trips, an increase of 907 million trips compared to the same period last year, representing a year-on-year growth of 16.2%. 9. Hong Kong Financial Services and the Treasury Bureau signed a cooperation agreement with the Shanghai Gold Exchange: aiming to exceed 2,000 tons within three years, making Hong Kong a globally trusted gold storage location. International News: 1. Trump: South Korean parliament has not yet approved the trade agreement between the two countries, raising South Korea's reciprocal tariffs from 15% to 25%. 2. Trump will deliver a speech on the US economy on Tuesday. 3. US media: Trump believes Iran wants a deal. 4. OPEC+ representative: The policy of halting production increases may be maintained in March. 5. The EU and India will discuss the possibility of the latter participating in the EU defense initiative. 6. Forecasting platforms show an approximately 80% probability of a US government shutdown before the end of January. 7. Bank of Japan account data shows no clear indication of intervention in the foreign exchange market last Friday. 8. The Central Bank of Tanzania will sell some of its gold reserves to raise funds for infrastructure projects. 9. Nvidia deepens its cooperation with CoreWeave, investing an additional $2 billion in the latter. 10. A US rare earth company signed a letter of intent with the US government to obtain $1.6 billion in funding. 11. It is reported that Canadian Prime Minister Carney is likely to visit India in early March, possibly signing a uranium supply agreement. 12. Japanese Prime Minister Sanae Takaichi: I will resign immediately if the ruling coalition fails to win a majority of seats in the House of Representatives election. 13. The EU will impose a complete ban on imports of Russian liquefied natural gas in January 2027, and a complete ban on imports of Russian pipeline natural gas by the end of September of the same year. 14. Overnight market activity—spot gold, silver, and platinum hit new highs of $5111, $117.74, and $2919 per ounce respectively. All three metals fell sharply at the end of the US session, with silver erasing 14% of its gains and turning negative. The gold-silver ratio briefly fell below 45. US natural gas prices broke through the $7 mark, with some spot prices exceeding $200.