Wealthion Macro Bites 1-8-26

In its Copper in the Age of AI report, S&P Global predicted growth in AI, defense and robotics sectors will boost annual global copper demand 50% by 2040 to 42Mt (vs. 28Mt in ’25), resulting in an annual 10Mt supply shortfall without significant increases in recycling and new mining.  S&P Vice Chairman Dan Yergin commented, “The underlying demand factor here is electrification of the world, and copper is the metal of electrification…Demand for copper really is inelastic in the defense sector.”

President Trump announced Wednesday that the U.S. will withdraw from 31 U.N. entities and 35 non-U.N. international groups because they “operate contrary to U.S. national interests.”  Most notably, after skipping the ’25 U.N. international climate summit (first time in 30 years), the U.S. will withdraw from the U.N. Framework Convention on Climate Change, the “bedrock” climate treaty which is parent to the 2015 Paris climate deal.

Separately, President Trump said his administration is moving to ban Wall Street firms from buying up single family homes in a bid to lower home prices.  Shares of Blackstone fell as much as 9.3% on the news before closing 5.6% lower.

Bureau of Labor Statistics Nov. JOLTS report estimated 7.15 million U.S. job openings (vs. 7.65M est. and revised 7.45M in Oct.).  Job openings have now fallen 41% from March ’22 high (12.13M) to a 14-month low and are approaching pandemic lows of Dec. ’20 (6.77M).

All eyes on Friday U.S. employment report (est. +70k payrolls & 4.5% unemployment rate).