According to a report by UBS analysts, data since 1900 shows that economic risk has proven to be more significant than geopolitical risk for financial markets. They stated that, in most cases, investors who can "see through" geopolitical noise perform best. The analysts said, "Through a simple regression analysis of future global stock returns and the geopolitical threat index, we found no correlation between the two, whether viewed from a monthly or yearly perspective." However, geopolitical risk is clearly crucial in the event of "extreme events with significant economic impact," citing World War I, World War II, and the 1973-1974 oil crisis as examples. But they noted that such events are "relatively rare," and historically, economic risk has always been more important to investors. (Jinshi)

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According to Odaily Planet Daily, U.S. labor productivity rose more than expected in the fourth quarter of 2025, further demonstrating that businesses are striving to improve efficiency to control costs. Data released by the Bureau of Labor Statistics on Thursday showed that productivity (i.e., non-farm output per hour) grew at an annualized rate of 2.8% in the fourth quarter, following an upward revision to 5.2% growth in the third quarter. The median forecast from economists surveyed was 1.9%. This recent trend in productivity helps ensure that wage pressures are under control and confirms the view of Federal Reserve officials that the labor market is no longer a source of inflation. Labor costs are the largest expense for many businesses, so companies are turning to new technologies and equipment to improve employee efficiency. Businesses' investments in technologies such as artificial intelligence (AI) have enabled some companies to maintain operations with leaner workforces, contributing to last year's hiring slump. With AI investment continuing to rise, economists generally expect efficiency to continue to improve this year. (Jinshi)

Odaily Planet Daily reports that TD Securities strategists noted in a report that unless Friday's US non-farm payroll report is significantly weak, it is unlikely to have a major impact on the US dollar. They stated that US economic data may take a backseat, with market focus shifting to the Middle East conflict and its potential impact on the Federal Reserve's ability to cut interest rates this year. The strategists said, "You need to see a much worse report, and an increase in the unemployment rate, for the market to refocus on this week's non-farm payroll data and reverse recent price movements." They believe that given the US's energy independence and the reduced prospect of interest rate cuts, the dollar should remain strong if oil prices remain high. (Jinshi)

Core Scientific announced on Thursday that it has secured $500 million in funding from Morgan Stanley, enabling the Bitcoin mining company to access new capital as it migrates its infrastructure to artificial intelligence workloads. According to a statement, the 364-day loan agreement includes an extendable clause allowing the company to add an additional $500 million to its loan commitment, bringing the potential total to $1 billion. Core Scientific stated that it plans to use the funding to purchase real estate, cover upfront development costs, and secure additional energy contracts. (The Block)