Global Stocks Fall, Metals Slump as Markets -2-

0912 GMT - Gold retreats below $5,000 after top commodity exchange CME Group raised margin requirements following a selloff in metals prices sparked by President Trump's nomination of Kevin Warsh as Fed Chair. Futures in New York are down 1.9% to $4,653.60 a troy ounce. "The unprecedented rally in precious-metals prices has been largely driven by fears that a central bank heavily influenced by Trump would lower rates and trigger higher inflation," ANZ analysts say. "However, Warsh is considered the toughest on inflation among the candidates for the role, lessening the likelihood of a dramatic easing of monetary policy." Meanwhile, CME said higher margin requirements for precious-metal futures will take effect after Monday's close. A rise in margin requirements raises the cost of holding positions, forcing traders to commit more capital and typically weighing on prices and trading activity. (giulia.petroni@wsj.com)

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Oil Prices Tumble on Broader Commodities Selloff, U.S.-Iran Talks

0836 GMT - Oil prices plunge nearly 5% as a broader selloff sweeps commodities markets and negotiations between the U.S. and Iran ease supply concerns. Brent crude slides 4.6% to $66.10 a barrel, while WTI is down 4.7% to $60.92 a barrel. Trump told reporters that he believes Iran is negotiating seriously with the U.S., tempering concerns about an imminent confrontation that could disrupt supplies in the oil-rich region. "This removed some risk premium out of the market, even as US military presence in the region continues to build," ANZ analysts say. "Nevertheless, tension remains high." A firmer U.S. dollar also pressured prices by making dollar-denominated commodities more expensive for overseas buyers. Separately, key members of OPEC+ agreed to keep oil output unchanged at their Sunday meeting.(giulia.petroni@wsj.com)

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European Equities Follow Asia, Precious Metals Down -- Market Talk

0830 GMT - European equities follow their Asian peers down as a selloff in precious metals rattles markets. London's FTSE 100 falls 0.5%, driven down by gold and silver miners. Endeavour Mining tumbles 8.4%, while Fresnillo and Antofagasta fall 7.7% and 6%, respectively. Defensive stocks including Unilever and Coca Cola gain. Tech stocks fall sharply on broader risk-off sentiment. The Dutch AEX drops 0.9% as ASML and ASM drop 3.4% and 2.9%, respectively. Dual-listed STMicroelectronics drops 3.6% in Paris and Milan. The Italian FTSE MIB drops 0.8% as banks and energy stocks fall. The same sectors drive the CAC 40 down, which falls 0.5% in Paris. Food company Danone gains 2.2%, while TotalEnergies and ArcelorMittal drop 2.7% and 2.1%, respectively. The German DAX drops 0.4%, with Siemens Energy dropping 3.25%. (josephmichael.stonor@wsj.com)

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London's Miners Tumble as Precious Metals Selloff Continues -- Market Talk

0821 GMT - London's miners fall in opening trade as a selloff in precious metals continues. Spot gold pries are down 5% at $4,616 a troy ounce while silver is down 7.8% at $78.18 an ounce. The silver bubble well and truly popped on Friday after lenders upped their margin calls to speculators, Hargreaves Lansdown's Derren Nathan writes. Gold also slid after Donald Trump's nomination of Kevin Warsh, one of the more hawkish contenders in the race, for the top job at the Federal Reserve bank. Hochschild Mining tumbles 9% while Endeavour Mining's London shares are down 8.3%. Fresnillo drops nearly 7%. Glencore and Anglo American are both down over 3%. (adam.whittaker@wsj.com)

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European Energy Stocks Fall as Oil Prices Drop on Easing U.S.-Iran Tensions -- Market Talk

0815 GMT - European energy stocks slide in opening trade as oil prices weaken. Oil had benefited from a geopolitical premium in recent weeks as investors monitored U.S. threats to target Iran after a recent clamp down on protesters. President Trump has now said that Iran wants to make a deal and his clear shift in messaging eases some supply disruption concerns, ANZ analysts write. Brent crude falls 4.7% to $66.07 a barrel, while WTI drops 4.7% to $60.92 a barrel. In London, BP falls 2.7% and Shell drops 2.1%. Harbour Energy falls nearly 4%. France's TotalEnergies, Italy's Eni and Spain's Repsol are all down more than 2%. (adam.whittaker@wsj.com)

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Gold Is Down But Not Out Yet -- Market Talk

0803 GMT - Gold has experienced sharp volatility in recent weeks, but the larger uptrend remains clearly intact, says Apurva Sheth at Samco Securities. The decline looks more like a pause than the start of a reversal, as gold's long-term price structure continues to show higher highs and higher lows. Importantly, prior breakout zones are holding, suggesting that strong hands are still willing to buy on dips, he says. Gold may spend the next few months in a range, which is common after rallies, allowing optimism to cool and positioning to reset, the analyst says. If a consolidation phase plays out, it would be healthy, setting the stage for the next move, he adds. As long as key supports hold, broader bias is still to the upside. (fabiana.negrinochoa@wsj.com)

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Metals' Continued Meltdown Opens Door to Rebound -- Market Talk

0621 GMT - Friday's metals meltdown continues in Asia as gold, silver and copper rack up heavy losses. The question now is what happens next, says Pepperstone's Michael Brown. Like with the preceding rally, it'd be fair to say the pullback has run too far, too fast, the strategist says. Something of a "dead cat bounce" may well be on the cards, he adds. In the longer run, the bull case is solid: Reserve and retail demand are healthy, and those seeking a geopolitical hedge will still largely flock to precious metals rather than the dollar or U.S. Treasurys. A key factor will be whether enough market froth has been removed--and enough speculative positions washed out--to put fundamentals back in the driver's seat. (fabiana.negrinochoa@wsj.com)

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Iron Ore Falls Amid Growing Inventories -- Market Talk

0210 GMT - Iron-ore futures fall in Asian trading. Prices are likely weighed by China's growing portside inventories of iron ore ahead of the Lunar New Year, says Commonwealth Bank of Australia's Harry Ottley in a note. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.1% lower at 792.0 yuan a metric ton. (megan.cheah@wsj.com)

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Selloffs in Gold, Silver Offer Buying Opportunity -- Market Talk

0202 GMT - Selloffs in gold and silver look like a buying opportunity as markets likely resume their preference for so-called "hard assets" relative to the greenback eventually, CBA's Vivek Dhar says in a report. It is hard to see the nomination of Kevin Warsh as the next Fed chair as the start of a sustained downturn for gold and silver prices, the analyst says. "Such a view would mean sustained stability to the U.S. policy landscape, and it is too early to believe this is the case," Dhar says. Spot gold is down 3.8% at $4,710.42/oz, and spot silver is 2.0% lower at $83.63/oz. (ronnie.harui@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

February 02, 2026 07:17 ET (12:17 GMT)