02/11/2026 – Daily Reports
- Oil: Brent remains above $112 despite easing as renewed U.S.-Iran diplomatic efforts raise hopes of reduced supply disruptions. OPEC+ will keep December output unchanged.
- Equities: Technology stocks remain under pressure as investors reassess AI spending returns and the risk of further forced liquidations.
- Gold & Silver: Gold rebounds toward $3,900 and silver approaches $50 after Friday’s sharp sell-off, supported by lower oil prices and bargain hunting. Fed tightening expectations remain a key obstacle.
- Copper, Platinum & Palladium: Industrial metals face weaker risk appetite, while platinum and palladium lag behind gold and silver, reflecting continued pressure across the metals complex.
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AI INVESTMENT CONCERNS AND APPLE EARNINGS IN FOCUS
Technology stocks across Asian markets traded mixed as investors continued to assess the impact of AI investments on corporate cash flows. Apple, AMD and Palantir earnings are due this week, with particular attention on Apple’s iPhone demand and updates on its AI strategy.
DIPLOMATIC CONTACTS WITH IRAN WEIGH ON OIL PRICES
Ongoing diplomatic discussions between Iran and Qatar eased concerns over energy shipments through the Strait of Hormuz, pushing oil prices lower, with Brent crude falling toward $110 per barrel. Meanwhile, China’s manufacturing PMI slipped to 49.3, returning to contraction territory, while investors turned their attention to upcoming US employment data and central bank decisions.
- The Nasdaq Composite fell 2.86% on Friday, its worst session since June, after disappointing results from Amazon and Alphabet and renewed concerns over AI spending; Intel dropped 28.6% on weak guidance. The index lost 2% over the week. Nasdaq futures rose about 0.8% on Monday morning. Apple and Palantir report after today’s close, AMD reports Tuesday alongside the US midterm elections, and the October jobs report follows Friday. CME FedWatch shows just under 75% odds of a December rate hike.
- The DAX closed Friday 0.94% and opened Monday marginally down before trading slightly higher, largely unaffected by Friday’s Nasdaq selloff. European indices started November with limited moves. The Bank of England decision, eurozone inflation data and the US jobs report are scheduled this week; the ECB held rates last Thursday.
- The Nikkei 225 closed down 0.33% at 63,081.86, while the Topix fell 0.88% to 3,930.28. Kioxia Holdings weighed on the index after issuing a cautious outlook, and Screen Holdings fell 19% after keeping full-year guidance unchanged. Decliners outnumbered advancers 2,490 to 1,044. Tokyo markets are closed Tuesday for Culture Day.
- Spot gold rose 0.65% to around $3,950 per ounce after touching its lowest level since October 2025 last week, with expectations of elevated US interest rates and higher energy prices weighing on the metal. Gold is down about 5.8% over the past month and roughly 30% below its January record near $5,600.
- Brent crude futures fell about 4.2% to $105,90 per barrel by 10:20 GMT, after settling at $112,30 on Friday when it closed October at a six-month high. Iranian and Qatari officials held a third day of talks on ending the war, with Iran’s foreign minister citing a proposal that could reopen the Strait of Hormuz within two days. OPEC+ core members agreed on Sunday to keep December output targets unchanged at 30.9 million barrels per day.
- The Hike: Expected to raise rates by 25bp to 4% on Thursday (7-2 vote split anticipated), with a potential follow-up in February.
- The Catalyst: Surging natural gas and energy prices are pushing UK inflation back above 4%, making an insurance hike necessary despite lacklustre wage pressures.
- The Forecast: Headline CPI is set to peak early next year, driven by a regulated household energy cap increase.
- What to Watch: Keep an eye on the official vote split, forward guidance wording, and any pushback against aggressive market pricing.
