2 February 2026
Great expectations – Download Chart of the week
The Market Place – Download Market Data
- Policy uncertainty and shifting political momentum contrasted with strong equities, as weak consumer confidence, lighter federal intervention, and a surprise Democratic Texas win signalled rising volatility and sentiment-driven risks ahead.
- The narrative tilted cautiously better on growth and earnings, but remained policy-heavy, with fiscal implementation and defence geopolitics shaping priorities and risk premia.
- Europe doubled down on sovereignty themes, combining clearer regulatory enforcement with renewed focus on defence and payments infrastructure.
- Rising geopolitical tensions across Iran, China, and Japan heightened global uncertainty, boosting safe-haven flows into gold while pressuring currencies and bonds as investors priced greater political and policy-driven risk worldwide.
