🌅 Morning Update - 3 February 2026 Markets are trying to regain balance after the sharp risk-off move seen at the start of the week. Volatility remains elevated across asset classes, but early trading suggests a cautious stabilisation rather than another wave of forced selling. 🌏 Asia: relief rally, but nerves remain Asian equity markets are trading mostly higher, rebounding from recent losses as short-term sellers step aside. Japan and South Korea are leading the bounce, supported by tech stocks, while China remains more restrained as investors stay cautious on growth and policy signals. Overall sentiment in Asia has improved, but positioning remains defensive rather than outright bullish. 🥇 Precious metals: correction meets dip-buyers Gold and silver are attempting to stabilise after last week’s aggressive sell-off. The move appears corrective rather than a full trend reversal, with traders closely watching whether buying interest can hold above recent lows. Volatility in metals remains high, meaning sharp intraday swings are still very much in play. 🟡⚪ 🛢️ Oil: geopolitics vs supply discipline Crude prices remain choppy. Markets continue to price in lower immediate geopolitical risk in the Middle East, while at the same time reacting to OPEC+ maintaining its current production policy for March and offering limited guidance beyond Q1. With no fresh supply signals, oil remains highly sensitive to headlines and inventory data. 🛢️ 💱 FX and crypto: selective risk taking The US dollar is trading mixed as markets reassess interest-rate expectations and broader risk sentiment. High-beta currencies are attempting a modest recovery, but conviction is still limited. In crypto, bitcoin remains volatile after the recent sell-off. Traders are watching closely to see whether the market can form a short-term corrective rebound or if selling pressure resumes near resistance levels. ₿⚠️