Non-Farm Payrolls Impact Market Rate Cut Expectations; Earnings Reports from Major Companies.

CME Raises Gold and Silver Margin Requirements

The Chicago Mercantile Exchange (CME) has significantly increased margin requirements for precious metals futures. The margin rate for gold has risen from 6% to 8%, while silver has increased from 11% to 15%. These changes will take effect after the market closes on Monday. This adjustment follows the recent reform of the "floating margin" mechanism, highlighting the exchange's intent to accelerate deleveraging and risk control in an environment of extreme volatility. Concerns are growing that the market may repeat historical scenarios from 1980 or 2011, where sudden exchange interventions led to market crashes.

Upcoming U.S. Employment Data

On February 6, the U.S. will release its non-farm payroll data for January. The market anticipates an increase of approximately 60,000 to 80,000 jobs; however, Bloomberg Economics warns that due to adjustments in statistical methods, actual growth may be unexpectedly weak, estimating only around 15,000 new jobs with an unemployment rate of about 4.4%. A disappointing report could reignite speculation about interest rate cuts.

Major Tech Earnings Reports

In the coming week, several major tech companies, including $Palantir (PLTR)$, $AMD (AMD)$, $Google (GOOGL)$, $Qualcomm (QCOM)$, and $Amazon (AMZN)$, will announce their earnings. Investors will particularly focus on the performance and capital expenditure plans of Google and Amazon, both of which are heavily invested in AI infrastructure. TD Wealth's Chief Investment Strategist, Sid Vaidya, noted that while market reactions to earnings reports have been mixed, capital expenditures for AI infrastructure are expected to remain strong.

Hong Kong IPOs and New Listings

Next week, several new Hong Kong stocks will begin dark pool trading and listing. $东鹏饮料 (09980.HK)$ will start dark pool trading on Monday and list on Tuesday, while $牧原股份 (02714.HK)$ and $大族数控 (03200.HK)$ will begin dark pool trading on Thursday and list on Friday. $澜起科技 (06809.HK)$ will also start dark pool trading on Friday.

Economic Data Releases

China will release its January manufacturing PMI at 9:45 AM, while the U.S. will publish its January ISM manufacturing PMI at 11:00 PM. Additionally, the Bank of Japan will provide a summary of opinions from its January monetary policy meeting.

Conclusion

Investors should remain vigilant regarding the potential liquidity risks in the precious metals market due to the CME's margin adjustments, while also keeping an eye on upcoming employment data and earnings reports from major tech firms.