19 January 2026 | Weekly Snapshot
Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 19 January 2026
Did you know?
Silver is also known as the devil’s metal, due to it’s history of large price swings. Silver prices have basically tripled since the same time last year on the back of growing demand from electrification applications, such as solar, along with growing investor appetite. Future price swings might come on the back of 1) the speed and ability for new sources of supply or 2) whether high prices encourage demand (e.g. investors chasing higher prices) or discourage demand (e.g. less demand for silver in jewellery and crockery).
Market Movements
The Australian market rose 2% last week, with resources (up 3.6%) leading the way, whilst utilities were lower by 3.1%. Strength in resource stocks was broad with Whitehaven coal up 13%, Illuka up 12%, even though commodity prices were generally softer, with gold down 0.4%, copper down 0.5% and iron ore down 1%.
In the USA, the S&P500 was lower by 0.4% with healthcare (down 2%) leading the market lower. Energy stock were the strongest (up 3.2%). Intuit (Xero’s competitor in the USA) was lower by 15.7% and Newmont (the world’s largest gold miner) was higher by 7.5%. Regionally, Japanese stocks were an outlier, higher by 4.3% last week.
USA/Greenland tensions resurfaced with the US threatening tariffs on those countries opposing their control of Greenland. We have since seen France and Canada respond with support for Greenland’s independence from the USA, including reciprocal trade barriers against the USA.
On economics, December’s nonfarm payrolls on Friday rose 50K jobs in the USA and the unemployment rate fell to 4.4% from 4.5%. Existing home sales in the USA were higher by 5.1%, which was the highest level in nearly three years. Whilst this signals some improvement, conditions are still tough and home sales are still almost 30% lower than recent highs in 2021.
The US quarterly reporting season got underway last week and is expected to be strong. Revenue estimates are currently for a 7.8% and earnings growth is expected at 8.3%. Reporting season will need to be good with the forward P/E ratio at 22.2, well above is above the 10-year averages. This can be seen by the blue line in below chart.
Portfolio Movements
Bank of America beats Q4 estimates – Shares lower
- Bank of America reported Q4 EPS of $0.98, ahead of the $0.96 estimate. Q4 revenue of $28.37B was a slight miss on the $27.76B expected.
- Management noted “Bank of America’s Q4 results capped off a strong year of earnings as we delivered more than $30B in net income and EPS grew 19% over 2024.” Adding “With consumers and businesses proving resilient, as well as the regulatory environment and tax and trade policies coming into sharper focus, we expect further economic growth in the year ahead. While any number of risks continue, we are bullish on the U.S. economy in 2026.”
James Hardie to optimize manufacturing footprint – Macro data improves
- James Hardie has announced they are taking steps to optimize its manufacturing footprint and will close the Company’s manufacturing facilities in Fontana, California and Summerville, South Carolina within the next 60 days. The sites’ manufacturing operations represent approximately 6% of the Company’s North American volume will be absorbed by other facilities.
- The Company expects the site closures and optimization to generate annualized cost savings of approximately $25 million.
- The stronger US existing home sales data should be a positive for the stock with around 70% of JHX revenue tied to home renovation and repairs.
BlueScope announces surprise special dividend
- Bluescope (BSL) recently rejected SGH Ltd’s $30 per share takeover offer last week saying the offer significantly undervalued the long-term value of the business.
- BlueScope announced a surprise $1.00 per share special unfranked dividend to return surplus cash to shareholders.
- BSL is still in play and SGH will seemingly have to make a higher offer if they want control.
The Week Ahead
- Monday 19 January: China GDP YoY (4q) 4.5% (prior 4.8%), Retail Sales YoY (Dec) 1.0% (prior 1.3%), Industrial Production YoY (Dec) 5.0% (prior 4.8).
- Wednesday 21 January: Australia Employment Change (Dec) 27.0k (prior -21.3K), Unemployment Rate (Dec) 4.4% (prior 4.3%).
- Thursday 22 January: USA Construction Spending MoM (Oct) 0.1%, Pending Home Sales MoM (Dec) -0.5% (prior 3.3%).
- Friday 23 January: USA GDP Annualized QoQ (3Q) 4.3% (prior 4.3%), Personal Consumption (3Q) 3.5% (prior 3.5%), Core PCE Price Index QoQ (3Q) 2.9% (prior 2.9%), Initial Jobless Claims (Jan 17) 210k (prior 198k), Continuing Claims (Jan 10) 1,895k (prior ,884k)
- Saturday 24 January: USA S&P Global US Manufacturing PMI (Jan P) 52.0 (prior 51.8), S&P Global US Services PMI (Jan P) 52.9 (prior 52.5)
Saward Dawson Wealth Advisors Pty Ltd, a Corporate Authorised Representative of Akambo Pty Ltd t/a Accountants Private Advice
The information presented in this publication is general information only, and is not intended to be financial product advice. It has not been prepared taking into account your investment objectives, financial situation or needs, and should not be used as the basis for making an investment decision. Before making any investment decision you need to consider (with your financial adviser) your particular investment needs, objectives and financial circumstances.
Some numerical figures in this publication have been subject to rounding adjustments. Akambo Pty Ltd (including any of its directors, officers or employees) will not accept liability for any loss or damage as a result of any reliance on this information. The market commentary reflect Akambo Pty Ltd’s views and beliefs at the time of preparation, which are subject to change without notice.
