Thursday, February 5, 2026 - Alphabet said 2026 capital expenditures (capex, read: long‑term investment) will run $175-$185 billion, far above forecasts, and markets flinched. Shares wobbled despite strong earnings as investors balked at the AI buildout’s price tag. Advanced Micro Devices (the chipmaker) sank up to 17% yesterday, and the tech slump has erased almost $850 billion in market value this month. Europe’s tech sector bounced 1.8% after two rough sessions, but nerves stayed high. (ft.com)
Commodities were a mess. Silver swung as much as −14% intraday and was still down ~10% near $79-$81/oz; gold slipped roughly 2% and platinum fell around 5%. Oil eased to about $68 as Washington and Tehran confirmed talks in Oman for Friday, trimming the risk premium. Bitcoin flirted with $70,000 as spot ETF outflows piled up. Translation: broad risk‑off. (marketwatch.com)
Bonds and FX signaled caution. The U.S. 10‑year Treasury hovered near 4.26% while the euro sat just under $1.18 and sterling traded around $1.358 as gilt yields pushed to late‑November highs. Quote of the morning from Craig Inches at Royal London Asset Management: markets look “delicate” with stretched equities, tight credit spreads and geopolitics in the mix - if the tech‑led playbook doesn’t reassert itself, “do we see the wheels start to come off?” (barrons.com)
Politics didn’t help. U.K. chatter focused on fallout from Lord Peter Mandelson’s controversial stint as British ambassador to the U.S. (appointed in late 2024, ousted in 2025 over undisclosed Epstein ties), which has reopened questions around PM Keir Starmer’s judgment - a headline that’s not great for sterling or gilts when investors already smell risk. (theguardian.com)
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