Market Pressure: Gold, Silver, Crypto Drop; Nvidia Clarifies OpenAI Investment; Tencent's 10 Billion Red Envelope.

Walsh Nominated as New Fed Chair, Mentor Druckenmiller Clarifies His Stance

Trump has nominated Walsh to lead the Federal Reserve, advocating for balance sheet reduction, which contrasts with Trump's push for lower borrowing costs. This has led to a steepening of the U.S. Treasury yield curve. Mentor Druckenmiller defended Walsh, stating he is not a permanent hawk and has navigated both sides of monetary policy.

If Walsh assumes office, his coordination with Treasury Secretary Basant will be crucial in reshaping market direction.

Senate Passes $1.2 Trillion Spending Bill Amid Government Shutdown

On January 30, the U.S. Senate passed a spending bill to fund most federal departments, which was sent to the House for review. However, due to House members being out of Washington, a partial government shutdown began early on January 31.

Trump Expresses Hope for Iran Deal

President Trump expressed hope for an agreement with Iran regarding nuclear issues. Iranian Foreign Minister Zarif stated that Iran remains confident in reaching a deal, emphasizing ongoing productive negotiations.

Trump Plans to Nominate Matsumoto as BLS Director

Trump intends to nominate Brett Matsumoto as the new director of the Bureau of Labor Statistics, following the controversial dismissal of the previous director.

Goldman Trader: Market Logic Remains Unchanged

Goldman’s Mark Wilson advised investors not to overinterpret recent market volatility, noting that core drivers such as the dollar's performance and strong U.S. economic growth remain intact. The recent sell-off is seen as a technical adjustment rather than a fundamental shift.

Cryptocurrency Market Faces Major Sell-off

Over the weekend, the cryptocurrency market experienced significant selling pressure, with Bitcoin dropping below $80,000, reaching a low of $75,700.

Gold Bull Market May End with Major Events

Despite recent price corrections, Bank of America’s Hartnett believes the gold bull market will only end due to significant macro events, as current conditions suggest a continuation of inflation and liquidity excess.

CME Raises Margin Requirements for Gold and Silver

The CME Group announced an increase in margin requirements for gold and silver futures, effective February 2, citing normal market volatility reviews.

China's January PMI Data Released

China's official manufacturing PMI for January was reported at 49.3, indicating a contraction, while the non-manufacturing PMI fell to 49.4, reflecting a slowdown in business activity.

Nvidia's CEO Clarifies Investment Plans in OpenAI

Nvidia's CEO Jensen Huang clarified that the proposed $100 billion investment in OpenAI was never a commitment and will be evaluated in phases.

SpaceX Seeks Approval for Satellite Deployment

SpaceX has applied to launch up to 1 million satellites to create an "orbital data center," marking a historic first in space exploration.

U.S. Stock Market Overview

Last Friday, U.S. stocks closed lower, with the Nasdaq down nearly 1%. Tesla bucked the trend, rising 3.32%, while other tech stocks like Nvidia and Amazon saw declines.

BYD Reports Decline in New Energy Vehicle Sales

BYD announced a 30.11% year-on-year drop in new energy vehicle sales for January 2026.

Tencent Launches 10 Billion Yuan Red Envelope Activity

Tencent has launched a cash red envelope activity worth approximately 10 billion yuan, with its app reaching the top of the Apple Store's free app chart.

Telecom Operators Announce VAT Increase

China's major telecom operators announced an increase in the value-added tax rate from 6% to 9%, which will impact their revenues and profits.

Upcoming Economic Data and Earnings Reports

China will release its January manufacturing PMI, while the U.S. will publish the ISM manufacturing PMI. Notable earnings reports include Disney and Palantir.