(Bloomberg) — Gold and the dollar rose after the ouster of Venezuela’s President Nicolas Maduro, which heightened geopolitical risks. Risk-sensitive assets remained in demand, with technology stocks driving gains in equity markets.
Spot gold advanced more than 2% to climb above $4,430 an ounce, while silver surged 4%. A gauge of the dollar headed for its biggest gain since November. Nasdaq 100 futures rose 0.5%, with chip stocks like Advanced Micro Devices Inc. and Micron Technology Inc. gaining more than 2% in premarket trading. Contracts on the S&P 500 climbed 0.2%.
Despite the developments in Caracas, Brent crude fell toward $60 a barrel, indicating that oil traders were managing the situation with caution. Shares of Chevron Corp. rose more than 7% in early trading, reflecting optimism across U.S. oil majors after President Donald Trump suggested plans for a U.S.-led revival of Venezuela’s oil industry.
On a day characterized by demand for both safe-haven and riskier assets, the greenback and gold provided safety as uncertainty loomed over the global order. Equity traders, however, appear unfazed by concerns that rising tensions could disrupt a three-year bull run in global stocks. “The economic impact of what happened in Venezuela is too small to weigh on equity markets,” said Christopher Dembik, senior investment adviser at Pictet Asset Management. “That’s also true when it comes to oil: people have had the time to take a look at the data and in the most optimistic scenario, it will take two or three years to have a significant impact.”
The positive sentiment in stock markets was particularly strong in Asia, where a regional gauge reached an all-time high. Technology and mining stocks led gains in Europe as well.
AI continues to be a central factor in market dynamics, noted Charu Chanana, chief investment strategist at Saxo Markets. “Tech optimism continues to overpower any of the other narratives,” she told Bloomberg TV.
Amidst this backdrop, Venezuela’s acting president Delcy Rodríguez has adopted a conciliatory tone toward the U.S., requesting collaboration with the Trump administration after her earlier condemnation of Maduro’s removal.
In bond markets, the yield on 10-year Treasuries fell two basis points to 4.17%. Market analysts are debating whether the recent events will increase the appeal of U.S. debt by raising risk levels or dampen demand due to inflation concerns or U.S. fiscal policy.
Marko Papic, chief strategist at BCA Research, advised caution, stating, “From a market perspective, we would be careful not to over-trade. A major use of land troops is highly unlikely. As such, fiscal outlays are not going to be affected and bond yields should not rise.”
On the monetary policy front, Anna Paulson, Federal Reserve Bank of Philadelphia President, mentioned that modest additional interest-rate cuts could be appropriate later in 2026, depending on a stable economic outlook.
Key economic data will shape the upcoming week, including the December jobs report. The U.S. Bureau of Labor Statistics is set to release figures for November job openings, quits, and layoffs on Wednesday. The Institute for Supply Management will also provide insights into the manufacturing and service sectors with its December surveys.
Later in the week, the U.S. government will report on housing starts, while the University of Michigan will release its preliminary January consumer sentiment index.
In corporate news, Saks Global Enterprises is reportedly seeking a loan of up to $1 billion to support its operations as it prepares for a Chapter 11 bankruptcy filing in the coming weeks.
Some significant market movements include:
Stocks saw the Stoxx Europe 600 rising 0.5% as of 9:52 a.m. London time. The S&P 500 futures and Nasdaq 100 futures both increased by 0.2% and 0.5% respectively, while futures on the Dow Jones Industrial Average remained little changed. The MSCI Asia Pacific Index rose 1.5%, and the MSCI Emerging Markets Index increased by 1.3%.
In currency markets, the Bloomberg Dollar Spot Index rose 0.3%, while the euro fell 0.3% to $1.1678. The Japanese yen was little changed at 156.96 per dollar, the offshore yuan fell 0.1% to 6.9791, and the British pound declined 0.1% to $1.3436.
In the world of cryptocurrencies, Bitcoin rose 1.6% to $92,694.89, while Ether increased 0.8% to $3,169.
The yield on 10-year Treasuries declined two basis points to 4.17%, while Germany’s 10-year yield remained stable at 2.90% and Britain’s yield fell one basis point to 4.53%.
In commodities, Brent crude dipped 0.2% to $60.60 a barrel as spot gold rose 2.4% to $4,436.89 an ounce.
This story was produced with the assistance of Bloomberg Automation.
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