2026

By Svea Herbst-Bayliss

NEW YORK, Jan 2 (Reuters) – Elliott Investment Management on Friday told clients that Jason Genrich, who led many of the firm’s technology investments, has left the hedge fund, according to two people familiar with the matter.

Genrich, 38, was a partner and senior portfolio manager and will remain a consultant at Elliott until the middle of this year, according to the two sources who are prohibited from discussing it publicly.

With a focus on investments across the technology, media and telecommunications industry, Genrich led Elliott’s investments in Hewlett Packard Enterprise in early 2025 and a multi-year campaign at Crown Castle. He was also part of the team that took enterprise software company Citrix Systems private in 2022 along with Vista Equity Partners.  

He currently serves on the board at communications infrastructure provider Crown Castle.

Elliott declined to comment. Genrich could not be reached for comment.

Genrich has worked at Elliott since 2014, according to his LinkedIn profile and his future plans could not be immediately determined.

Elliott is one of the world’s busiest activist investors and has launched campaigns this year at Lululemon Athletica, with an eye to bringing a new CEO to the athleisure-wear maker, and soda and snack maker PepsiCo, where it reached a settlement in December that will include cost cuts and other changes.

(Reporting by Svea Herbst-Bayliss. Editing by Jane Merriman)

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By Rae Wee

SINGAPORE, Jan 2 (Reuters) – Stocks began 2026 on a positive note in holiday-thinned trade as investors braced for a year set to test the AI-led rally, usher in a change of guard at the Federal Reserve and potentially more market turbulence under Donald Trump’s presidency.

Moves across asset classes were subdued with momentum on Friday carrying over from a stellar run in 2025, while liquidity remained low due to the holidays. Markets in Japan and China were closed, while others returned from their New Year festivities.

Precious metals extended their runaway rally from last year, with spot gold up 1.5% to $4,378.32 an ounce, while spot silver jumped 3.6% to $73.85 per ounce. [GOL/]

Gold’s 2025 rise was its biggest in 46 years, while silver and platinum made their largest gains on record, driven by a cocktail of factors including the Fed’s rate cuts, geopolitical flashpoints, robust central bank buying, and ETF inflows.

Vishnu Varathan, Mizuho’s head of macro research for Asia ex-Japan, said the rally also underscores “hedges against entrenching USD debasement risks”.

Elsewhere, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.5% and Hong Kong’s Hang Seng Index gained 2.4%.

S&P 500 futures rose 0.45%, while Nasdaq futures added 0.67%.

European futures were mixed, with EUROSTOXX 50 futures down 0.5% and FTSE futures rising 0.3%.

Stocks made strong gains in 2025 as markets weathered a year of tariff wars, the longest government shutdown in U.S. history, geopolitical strife as well as threats to central bank independence.

“The 2025 U.S. equity market rally has been fuelled by AI euphoria, robust corporate earnings, share buybacks and strong retail flows,” said Saira Malik, chief investment officer at Nuveen.

“Bouts of volatility, such as those sparked by macro, geopolitical and policy uncertainty, as well as periodic shifts in sentiment around AI, are likely to remain a feature of equity markets, meaning investors should expect more hiccups in the coming year.”

EYES ON THE FED

Much of investors’ attention this year will also be on the strength of the U.S. economy and the Fed’s policy path.

A slew of economic data delayed by the U.S. government shutdown is due in the coming days and could be key in determining how far rate cuts can go.

Traders are pricing in just a 15% chance that the U.S. central bank would ease rates this month, though they expect two more cuts this year.

The dollar was on the defensive, with the euro up 0.06% at $1.1753, while sterling gained 0.14% to $1.3479. [FRX/]

The yen was 0.1% weaker at 156.84 per dollar, not far from levels that kept investors skittish about possible intervention from Japanese authorities to shore up the ailing currency.

With further easing expected by the Fed this year even as some of its peers look set to hike, that has in turn dragged on the dollar, which in 2025 clocked its biggest annual drop in eight years.

The greenback has also been roiled by Trump’s chaotic trade policies and worries about Fed independence – an issue set to come to the fore this year as the U.S. President prepares to announce Chair Jerome Powell’s replacement later this month.

“Although the administration will likely nominate more dovish voting members to join the Federal Open Market Committee… we expect the debate about the calibre of the candidates to centre on their market knowledge and credentials,” said Debbie Cunningham, chief investment officer of global liquidity markets at Federated Hermes.

“The names floated to succeed Powell seem to fit its desire to influence the Fed, but I’m hopeful the Senate confirmation process will focus on their expertise in monetary policy and that this will maintain the integrity of the institution.”

In commodities, oil prices edged up on Friday after posting their biggest annual loss since 2020.

Brent crude futures were up 0.5% to $61.15 per barrel, while U.S. crude rose 0.5% to $57.71 a barrel. [O/R/]

(Reporting by Rae Wee; Editing by Shri Navaratnam and Thomas Derpinghaus)

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SINGAPORE, Jan 2 (Reuters) – Asia’s factory powerhouses closed 2025 on a firmer footing, with activity swinging back to growth in several key economies as export orders picked up, helped by new product launches and blistering demand for artificial intelligence.

Purchasing managers’ indexes (PMIs) released by S&P Global on Friday showed factory activity in the major tech-exporting economies of South Korea and Taiwan snapping months of declines in December, while most Southeast Asian nations maintained brisk growth.

They followed PMIs released for China on Tuesday, which also showed an unexpected turnaround in factory activity in the world’s second-largest economy, helped by a pre-holiday surge in orders.

While it is too early to say whether Asia’s largest exporters are adjusting to U.S. tariffs, a pickup in global demand had given some manufacturers cause for optimism heading into the new year.

“Exports from most countries have surged in recent months, and we think the near-term outlook for Asia’s export-oriented manufacturing sectors remains favourable,” said Shivaan Tandon, Asia Economist with Capital Economics.

He noted most Asian economies should continue to benefit from a shift in U.S. demand away from China and strong global demand for AI-related hardware.

Taiwan’s PMI rose to 50.9 in December from 48.8 in November, breaking above the 50-point mark that separates growth from contraction for the first time in 10 months.

“Taiwan’s manufacturing sector ended 2025 on a high, with firms signalling fresh increases in production and overall new business amid reports of firmer demand conditions,” said Annabel Fiddes, Economics Associate Director at S&P Global Market Intelligence.

“There were signs that companies anticipate the recovery to continue into 2026, with manufacturers building their inventories and expressing stronger optimism around future output.”

Similarly, South Korea’s PMI rose to 50.1 from 49.4, the first expansionary reading since September.

Both economies are among the world’s largest manufacturers of semiconductors, which have benefited enormously from a booming market for artificial intelligence.

South Korea’s PMI survey showed the steepest rise in new orders since November 2024.

“According to manufacturers, new product launches and improved external demand drove the improvement in sales, while confidence in the outlook also improved markedly in December to reach its highest level since May 2022,” said Usamah Bhatti, economist at S&P Global Market Intelligence. “In turn, firms were encouraged to raise both employment levels and purchasing activity.”

Official data released on Thursday showed exports from South Korea, a bellwether for global trade, beat forecasts in December.

Elsewhere in Asia, factories mostly sustained activity growth although Indonesia and Vietnam reported slight moderations in expansion.

India’s factory sector activity slowed to its weakest growth in two years, although the pace is still among the region’s strongest.

Separately, Singapore on Friday reported a pickup in economic growth for 2025 to 4.8% from 4.4% in 2024 while the quarterly growth beat forecasts.

S&P Global will release the Japanese PMI on Monday.

(Reporting by bureaus; Writing by Sam Holmes; Editing by Shri Navaratnam)

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