"One area of strength has come from the miners, with the rally seen across the metals space bringing upside for Anglo American, Antofagasta, Fresnillo and Endeavour after yesterday's pullback. This comes thanks to a pop for the high momentum metals that had been hit hard by the nomination of Kevin Warsh, with gold now trading roughly 12% higher than yesterday's low of $4400. Meanwhile, silver is a whopping 21% up from its low of $71."
"The RBA kicked off the week's trio of central bank announcements, with the bank hiking rates by 25 basis points as expected. The sharp gains seen for the Australian dollar however represent a more hawkish meeting than many had anticipated, much of which scented around the latest inflation expectations. The increased forecast for Australian CPI saw the June 2026 figure revised up from 3.7% to 4.2%, highlighting the growing concerns that many believe will push the bank to tighten again."
European markets rallied broadly while the FTSE 100 lost early momentum after yesterday's gains. Miners led strength as metals rebounded, lifting Anglo American, Antofagasta, Fresnillo and Endeavour, with gold up about 12% from its low and silver roughly 21% higher. A 21% gold decline requires about a 27% rally to regain prior highs. The RBA hiked by 25 basis points and signalled more hawkishness after raising June 2026 CPI forecasts to 4.2%, pushing markets to price a 67% chance of another May hike. A US government shutdown postponed JOLTS and Friday's January jobs report.
Read at London Business News | Londonlovesbusiness.com
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