Silver fell by more than 10%. The Mexican peso reached its highest level since mid-2024

On Thursday, the US stock market closed lower. The Dow Jones Index (US30) fell by 1.34%, the S&P 500 (US500) dropped by 1.57%, and the tech-heavy Nasdaq (US100) closed sharply lower by 2.03%. Early attempts at a rally quickly fizzled out amid ongoing pressure in the technology sector. Investors have become more skeptical regarding the scale and return on investment (ROI) of artificial intelligence infrastructure, triggering a sell-off in shares of major tech companies and software developers. Banks also faced pressure amid discussions regarding interest rates on credit products. The strong employment report released earlier in the week continued to weigh on expectations for an early Fed pivot, supporting bond yields and intensifying pressure on growth stocks. Meanwhile, defensive companies appeared more resilient than the broader market. Investors are now focused on upcoming inflation data, which may set the further direction for index dynamics.

The Mexican peso (MXN) strengthened beyond 17.15 per dollar, reaching its highest level since mid-2024, driven by declining US yields and capital inflows into emerging market assets. Even after recent cuts, the Banxico rate remains near 7%, providing one of the highest real yields and supporting demand for peso-denominated bonds, while the regulator maintains a cautious tone regarding further easing.

Bitcoin (BTC) dropped toward $66,000, surrendering most of its recent gains amid general pressure on the digital assets market. Sentiment soured following warnings from Standard Chartered about potential further declines and weak earnings from Coinbase, which recorded a quarterly loss of $667 million alongside a revenue drop of more than 20%. Since its October peak above $126,000, Bitcoin has lost over 45%, and recovery attempts remain fragile, indicating a slump in speculative demand. Analysts warn that consolidating below the $60,000-$58,000 zone could intensify the sell-off, with a potential move toward levels around $40,000.

European equity markets mostly declined yesterday. The German DAX (DE40) edged down by 0.01%, the French CAC 40 (FR40) closed up 0.33%, the Spanish IBEX 35 (ES35) fell by 0.82%, and the British FTSE 100 (UK100) closed down 0.67%. European stocks ended Thursday lower, tracking the sell-off in North American markets fueled by concerns over AI investment returns and the prospect of the Fed maintaining a restrictive policy.

Silver (XAG) collapsed by nearly 10% to below $76 per ounce, continuing a sharp reversal amid broad liquidation of positions across financial markets. Investors sold off precious metals to free up liquidity; the decline occurred even as US Treasury yields fell, suggesting market stress and position closures rather than a reassessment of rate expectations. The pressure also affected gold and copper, amplifying the general decline in the commodities segment.

Natural gas (XNG) prices in the US rose toward $3.23 per MMBtu, supported by active LNG exports and a significant reduction in inventories. For the week ending February 6, 249 billion cubic feet (bcf) were withdrawn from storage, following a record 360 bcf the previous week – substantially higher than both last year’s level and the five-year average. Deliveries to LNG export terminals remain near record highs. However, a prognosed warming through the end of February could reduce heating demand and limit the potential for further price increases.

Asian markets declined on Thursday. Japan’s Nikkei 225 (JP225) fell by 0.02%, the Chinese FTSE China A50 (CHA50) dropped 0.60%, Hong Kong’s Hang Seng (HK50) lost 0.86%, while the Australian ASX 200 (AU200) posted a positive result of 0.32%.

A quarterly survey by the Reserve Bank of New Zealand (RBNZ) showed an increase in inflation projections for Q1 2026. Businesses expect inflation at 2.37% over a two-year horizon (up from 2.28% previously), while one-year expectations rose to 2.59% – a seven-quarter high. At the same time, respondents await the Official Cash Rate (OCR) to remain unchanged at 2.25% by the end of March 2026. Previously, the regulator cut the rate by 25 bps to 2.25% in November 2025.
The Malaysian economy grew by 6.3% year-on-year in Q4 2025, exceeding the initial estimate of 5.7% and accelerating from 5.4% in the third quarter. This marks the highest growth rate since Q4 2022, indicating a steady recovery in domestic demand and the external sector toward the end of the year. On a quarterly basis, GDP increased by 0.8% following a stronger 2.7% growth in the previous quarter, suggesting some loss of momentum. For the full year 2025, the country’s economy expanded by 5.2%, maintaining a robust growth pace despite regional and global volatility.