市场资讯及洞察
Expected earnings date: Wednesday, 28 January 2026 (US, after market close) / early Thursday, 29 January 2026 (AEDT)
Key areas in focus
Advertising (Family of Apps)
Advertising remains Meta’s dominant revenue driver. AI-driven ad targeting, Reels monetisation, and engagement efficiency can be important contributors to revenue growth and may support advertiser outcomes, noting results can vary by advertiser, format, and market conditions.
User engagement and monetisation
Engagement trends across Facebook, Instagram, WhatsApp, and Threads remain closely watched as indicators that can influence monetisation assumptions and medium-term expectations.
Artificial intelligence
Meta views AI as a foundation for content discovery, advertising performance, and the development of generative tools. Markets may continue to evaluate whether AI-driven gains offset the level of infrastructure and data centre investment required to support these projects.
Reality Labs
Reality Labs remains loss-making. Management continues to frame AR/VR and metaverse-related platforms as long-term strategic investments, while acknowledging continued operating losses and a drag on earnings performance.
What happened last quarter
Meta’s most recent quarterly update highlighted strong revenue growth alongside ongoing investment themes.
The company’s reported (GAAP) net income and EPS reflected a one-time, non-cash income tax charge disclosed in the earnings materials, while management commentary also emphasised cost discipline and investment priorities.
Operating margins expanded year-on-year, despite elevated AI-related investment.
Last earnings key highlights
- Revenue: US$51.24 billion
- Earnings per share (EPS): US$1.05 (GAAP)
- Advertising revenue: US$50.08 billion
- Operating margin: 40%
- Reality Labs operating loss: about US$4.43 billion
How the market reacted last time
Meta shares fell in after-hours trading after the release. Commentary at the time highlighted strong top-line outcomes, alongside investor focus on the outlook for spending and the pace of AI and infrastructure investment.
What’s expected this quarter
Bloomberg consensus points to continued year-on-year revenue growth, led by advertising, with operating margins expected to remain elevated despite ongoing AI and infrastructure expenditure.
Bloomberg consensus reference points (January 2026)
- Revenue: about US$41 to US$43 billion
- EPS: about US$4.80 to US$5.10 (adjusted)
- Advertising growth: high-teens year on year (YoY)
- Operating margin: expected to remain above 40%
- Capital expenditure (capex): elevated, reflecting AI and data centre investment
*All above points observed as of 23 January 2026.
Expectations
Sentiment around Meta Platforms may be sensitive to any disappointment around advertising demand, margin sustainability, or the scale of ongoing investment in AI and Reality Labs.
Recent price action suggests that some market participants appear to be pricing in a relatively constructive earnings outcome, which can increase sensitivity to negative surprises.
Listed options were pricing an indicative move of around ±3% based on near-dated options expiring after 28 January and an at-the-money options-implied ‘expected move’ estimate.
Implied volatility was about 31% annualised into the event, as observed on Barchart at 11:00 am AEDT on 23 January 2026.
These are market-implied estimates and may change. Actual post-earnings moves can be larger or smaller.
What this means for Australian traders
Meta’s earnings may influence near-term sentiment across US technology indices, particularly the Nasdaq, with potential spillover into broader global equity risk appetite and index-linked products traded during the Asia session after the release, which can be volatile and unpredictable following earnings events.
Important risk note
Immediately after the US close and into the early Asia session, Nasdaq 100 (NDX) futures and related CFD pricing can reflect thinner liquidity, wider spreads, and sharper repricing around new information.
Such an environment can increase gap risk and execution uncertainty relative to regular-hours conditions.
热门话题
2024年的第一个月，日本股市继续大涨，日经225一再打破过往的高点，接近37000点，离历史高点（1989年12月29日录得38957.44点）仅是一步之遥，要知道该指数在去年2023年就已经在全球股指里面涨幅名列前茅了，今年继续以强劲的势头吸引着全球的关注和资金，日经225在2009年3月跌至7054的低点，但它在近15年间已翻了近5倍。最近关注和购买日经指数的朋友也越来越多， Austin也再次梳理一下日经225指数的一些基本情况和投资价值。
日经225指数是最能代表日本股市的指数, 该指数从东京证券交易所上市的股票中选出225家最具代表性的股票，采用价格平均法，用日元计价也是该指数的特点。同时，为了使它具有反映股市情况的代表性，会定期地替换成分股票。这是日本历史最长的指数。至今为止该指数已经有长达70多年的历史(1950年9月7日开始编制，指数值可以追溯到1949年5月16日)。这是日本知名度最高的股价指数。日本的电视或者报纸等媒体播报日本股市情况时必定会使用该指数（国外的主要媒体也都基本刊登该指数）。定期审查每半年一次(四月和十月)评选规则《定期调整》日经平均股价指数成份股原则上每年调整两次，一般为4月初和10月初实施调整，调整方案提前公布。日经平均股价指数，在东证Prime上市股票中，以成交量最活跃，市场流通性最高的225只股票的股价指数为基础。是从行业小类中选择“技术”，“金融”，“消费”，“素材”，“资本及其他”，“运输及公共”中，具高流通性的股票。《临时调整》当指数因为样本退市，合并等原因出现样本空缺时，实施临时调整。《行业(6个)》与行业小类(36个)之间的对应关系技术=医药品，电气机器，汽车，精密工业，通讯金融＝银行，证券，保险，其他金融服务消费=食品，水产，零售，服务业素材=矿业，纤维，制纸，化学，石油，橡胶制品，窑业，钢铁制品，非铁金属制品，贸易资本财及其它=建设，机械，造船，搬运机器，其他制造，不动产运输·公共=铁路·巴士，陆运，海运，空运，仓储，电力，瓦斯成分股数量225指数计算(计算公式)日经平均股价指数=Σ成份股调整股价(225只)/除数调整股价=股票市价(日元) x股价换算系数计算频率实时(每5秒)计算开始日期1950/09/07追溯开始日期1949/05/16日经平均指数不仅仅限于日本国内，在国际金融产品中也是最被广泛使用的指数。通过这些金融产品的交易，投资者达到了套利和避险的目的，该指数相关产品的流动性非常高，提供了对日本经济的全面视角，它反映了日本的企业和经济实力，是日本经济健康的衡量标准。日经股市目前上涨的主要原因有三个：1. 日本企业盈利和治理水平改善2023财年上市公司的净利润同比将增长13%,连续3年增加。截至2023年上半年，日经225指数ROE为8.77%较2022年末小幅回升。尤其值得称道的是公司治理改革助推估值改善预期，早在2014年和2015年分别制定了《尽职管理准则》以及《日本公司治理准则》，2023年进一步推进东京证交所（TSE）改革。其中东京证交所（TSE）改革以提高企业ROE为治理核心，一方面可以推动企业减少现金并增加股票回购，另一方面促进企业加强投资优质资产以提高企业的经营业绩，解决了日本上市企业长期存在的“现金囤积”、“可持续发展水平较低”等问题。2023年3月底，东京证券交易所出台一项新规定，“对于PBR长期低于1倍以下的上市企业，要求其公布具体的改善计划”。企业积极通过分红回购等方式回应，日经225指数现金分红总额持续提升， PB估值水平也呈现改善态势。
全球重要指数市净率PB（倍）
2. 日元的逆全球宽松日元对全球主要货币贬值对股市的上涨有较强的相关性，日元总体贬值的趋势下，日本出口导向型企业业绩受益；另外对于海外投资者，在日元贬值时期购买日股指等于享受汇率优惠。日本央行总是用国内的通胀数据和工资增长水平来解释经济复苏情况，一拖再拖的维持宽松货币政策，给日本的经济营造宽松而稳定的发展机会。
3. 国际资本的拥抱现在市场的投资策略简单来说就是”ABC”( anything but China);中美之间的对抗，资本选边站，日本是渔翁得利的，22年以巴菲特为代表的外资大幅加仓，带动全球资本增持日本股市。2023年4月11日，巴菲特时隔12年亲自到访日本，强调加码对日股的投资。跟随巴菲特的步伐，贝莱德等外资持续涌入，助推日本股市走高。日本证券交易所数据显示，2023年外资累计净流入日股约6.3万亿日元，创下2014年以来的最高水平。2023年外资买入价值约3.12万亿日元的日股和净值约3.17万亿日元的股票衍生品，打破了长达三年的连续抛售纪录。在盈利改善叠加估值预期回升的背景下，2023 年全年，日经 225 指数成交量达 2199.35 亿股，较 2022 年 1781.75 亿股明显提升，投资者情绪呈现回暖迹象。
企业盈利好、外资的流入多、央行政策稳，回购和分红增加，中美问题，均是日股走强的原因，这些天时地利人和的局面，给了日本再次腾飞的机会，如果看好日本经济和在国际市场的竞争力， 日经225这个产品，您是不是可以好好关注一下呢？
World’s largest healthcare company, UnitedHealth Group Inc. (NYSE: UNH), reported fourth quarter and 2023 full-year financial results on Friday. The company achieved revenue of $94.427 billion for Q4 of 2023 (up by 14% vs. Q4 2022) vs. $92.126 billion expected.
Earnings per share (EPS) reported at $6.16 per share vs. estimate of $5.985 per share. Full-year revenue reached $371.6 billion, up by 15% vs. 2022. EPS reported at $25.12 per share, up by 13.2% year-over-year.
Company’s medical costs rose by 16.1% from $53.591 billion to $62.231 billion. Company overview Founded: 1977 Headquarters: Minnetonka, Minnesota, United States Number of employees: 440,000 (2023) Industry: Managed healthcare, insurance Key people: Stephen J. Hemsley (Chair), Andrew Witty (CEO), Dirk McMahon (President, COO), John Rex (CFO) CEO commentary "UnitedHealth Group enters 2024 well prepared to build on our efforts to improve patient care and consumer experiences broadly, and to continue delivering strong and balanced growth," Andrew Witty, CEO of the company highlighted on what the company is focusing on in the year ahead.
Stock reaction Shares of UnitedHealth were down by around 3% on Friday despite beating analyst estimates for the quarter due to rising operating costs. Stock performance 5 day: -3.16% 1 month: -2.02% 3 months: -3.52% Year-to-date: -1.15% 1 year: +6.30% UnitedHealth stock price targets HSBC: $480 Stephens: $585 Truist Financial: $610 Royal Bank of Canada: $596 Jefferies Financial Group: $503 Morgan Stanley: $579 Piper Sandler: $584 UBS Group: $640 Deutsche Bank: $555 TD Cowen: $555 JP Morgan: $532 Wells Fargo: $561 Mizuho: 549 UnitedHealth Group Inc. is the 15th largest company in the world with a market cap of $481.23 billion. You can trade UnitedHealth Group Inc. (NYSE: UNH) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform.
To find out more, go to ''Trading'' then select ''Share CFDs''. GO Markets offers pre-market and after-market trading on popular US Share CFDs. Why trade during extended hours?
Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: UnitedHealth Group Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
FX traders come into the new week with an uptick in tier one economic releases to look forward to after a very slow start to the year volatility-wise. Australian and US employment figures, UK CPI and US retail sales look to headline from Tuesday onwards (Monday is a US public holiday) The Charts to watch: AUDUSD AUDUSD has struggled to find any real direction in the last week of trading after a marked decline to start the year. The pair has whipsawed in a tight range from 0.6735 to the upside with a lower range boundary of 0.6645.
With the market still undecided on the RBA’s moves going forward (peak rates? cuts?) Thursday’s job report could see the Aussie find some direction, with the above range levels the key levels to watch. After November’s bumper figure a surprise to the downside this time round could be on the cards. GBPUSD The uptrend GBPUSD has travelled in since October has petered out somewhat in 2024 to date with Cable also trading in a directionless range for the last week.
For chartists there is a multitude of important levels to watch coming into the new week. Upper trendline and cycle high resistance along with lower trendline and cycle low support being the key levels to watch this week. To add to the mix for fundamental traders we have UK CPI and retail sales along with another speaking engagement for BoE governor Bailey.
USDJPY Bucking the trend of the low volatility of other pairs, USDJPY has had s harp rally so far in 2024, following US10-JP10 yield differentials higher. Last weeks move higher in the pair saw a disconnect in the relationship and USDJPY could struggle to push much higher unless this differential turns around. US economic releases this week will play a big part in where those yields go, with retail sales, employment and consumer sentiment all due to hit the wires from Wednesday onwards. 146 to the upside and 144 to the downside the key levels to watch for the chartists.
Full weeks calendar at the link below: https://www.gomarkets.com/au/economic-calendar/
US financial services company, Morgan Stanley (NYSE: MS), announced Q4 2023 and full year financial results before the US open on Tuesday. Morgan Stanley reported revenue of $12.896 billion for the previous quarter, narrowly beating analyst estimate of $12.773 billion. Earnings per share (EPS) fell well short of Wall Street expectations at $0.85 vs. $1.074 per share expected.
The company achieved revenue for $54.1 billion in 2023. EPS reached $5.18 per share. Company overview Founded: 1935 Headquarters: New York, United States Number of employees: 80,257 (2022) Industry: Financial services Key people: James P.
Gorman (Executive Chairman), Ted Pick (CEO), Andy Saperstein (Co-President), Dan Simkowitz (Co-President), Sharon Yeshaya (CFO) CEO commentary "In 2023, the Firm reported a solid ROTCE* against a mixed market backdrop and a number of headwinds. We begin 2024 with a clear and consistent business strategy and a unified leadership team. We are focused on achieving our long-term financial goals and continuing to deliver for shareholders," CEO of Morgan Stanley, Ted Pick, commented on the results in a statement to shareholders. *Return on tangible equity Stock reaction The stock was down by over 4% after the announcement of the latest results.
Shares were trading at $85.80 a share – the lowest level in over a month. Stock performance 5 day: -7.92% 1 month: -5.13% 3 months: +9.36% Year-to-date: -7.67% 1 year: -6.07% Morgan Stanley stock price targets HSBC: $96 JP Morgan: $94 UBS Group: $95 Bank of America: $100 Barclays: $116 Royal Bank of Canada: $85 Goldman Sachs: $100 Societe Generale: $80 BNP Paribas: $85 Oppenheimer: $103 Evercore: $97 Morgan Stanley is the 88th largest company in the world with a market cap of $141.14 billion. You can trade Morgan Stanley (NYSE: MS) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform.
To find out more, go to "Trading" then select "Share CFDs". GO Markets offers pre-market and after-market trading on popular US Share CFDs. Why trade during extended hours?
Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours Reduce your risk and hedge your existing positions ahead of a new trading day Extended trading hours on popular US stocks means extended opportunities Sources: Morgan Stanley, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
Since reaching a local bottom in October of last year, XAUUSD has experienced a strong uptrend of over 13%. Closing its third consecutive positive session, Gold is inching closer to its all-time high, now sitting just above $2,050 USD per ounce. From a technical standpoint, Gold is following a well-defined rising channel that has been predominantly respected since November 2023.
As the price approaches the midpoint of this channel, there is a possibility, especially on lower time frames, that this point may act as temporary resistance. This is a crucial level to monitor closely. Image: GOLD Chart The recent positive momentum in XAUUSD is closely tied to escalating tensions in the Middle East.
The enduring conflict between Gaza and Israel, coupled with the initiation of a new US-led conflict in Yemen against the Houthis, has contributed to the precious metal's strength. The current economic landscape in the United States, along with projections for rate cuts in 2024, also is playing a pivotal role in Gold's recent performance. In response to US inflation climbing from nearly 0% to a peak of 9.10% in July 2022, the US Federal Reserve has raised interest rates 11 times.
The rates have surged from 0.25% to the current 5.50%. Image: CPI and Federal Funds Rate (FFR) Chart Data suggests the possibility of multiple rate cuts in 2024, with some anticipating cuts as early as the March Federal Open Market Committee (FOMC) meeting. According to CME data, market expectations indicate a projection of six rate cuts for 2024, culminating in an effective rate of approximately 3.50-3.75% by year-end.
Image: CME FedWatch Historically, the appeal of non-interest-bearing assets like Gold tends to rise when interest rates decrease, contributing to the recent upward trajectory of Gold prices. Gold traders will be closely monitoring the evolving tensions in the Middle East and upcoming US Consumer Price Index (CPI) data. This scrutiny aims to draw insights into the potential timing of Federal Reserve rate cuts and their subsequent impact on Gold's market dynamics.
A hotter than expected CPI reading out of the UK along with a beat in US retail sales saw global markets turn risk off as rates markets hawkishly re-priced chances of cuts coming from Central Banks. The unwinding of priced in Fed cuts saw a spike in treasury yields and the USD bid, with DXY hitting a high of 103.69 after the December US retail sales report came in hotter than expected. DXY finding resistance at the July-October 50% Fib level before paring gains.
GBP saw decent gains vs the USD and EUR after a beat in the December UK CPI reading where the Y/Y figure came in at 4% vs an expected 3.8%. GBPUSD fell just short of breaching the 1.2700 level, hitting a high of 1.2696 as UK rates markets priced in a lower amount of 2024 rate cuts. JPY was weak throughout the session with losses accelerating after the US retail sales report.
USDJPY taking out the big figure at 148 rising in lockstep the US-JP yield differential. On current momentum the psychological 150 level is possibly coming into play, and with it, BoJ intervention speculation. AUDUSD extended January’s losses on the sour risk sentiment and mixed Chinese figures on Wednesday.
The Aussie holding below 0.6600 and dropping to Decembers lows at 0.6520 before finding some support. AUD traders have todays key December employment report to look forward to, after a bumper November reading this one will be watched closely.