What You Need to Know Before the Market Opens - February 3, 2026

What You Need to Know Before the Market Opens

This week has started with high volatility in global markets. Sharp fluctuations in commodity prices have negatively affected investors' risk appetite. The sudden pullback in precious metals has also reflected on global asset pricing.

Fed Expectations Strengthen

With the nomination of Kevin Warsh for the Fed chair position in the US, expectations for a tighter monetary policy and a reduction in the Fed's balance sheet have increased. As a result, CME's increase in margin requirements led to a rapid unwinding of leveraged positions. This situation caused sharp selling waves in gold and silver prices.

Precious Metal Prices Are Recovering

Following the recent declines, morning trading has seen recovery buying in precious metals. Spot gold and silver prices show a tendency to recover from their low levels. However, price stabilization is expected in the short term.

Attention to US Employment Data

The mixed signals from macro data flow in the US continue to draw attention. The ISM manufacturing index reached a record high of 52.6, while weakness in the employment sector and the partial shutdown of the federal government led to some data being postponed. The cancellation of employment data expected to be released this week could increase uncertainty in the markets.

Noteworthy Developments in the Markets

Trump's announcement of a $12 billion "critical mineral reserve" initiative for American industry has resulted in increases in rare earth element stocks. This move is reported to be part of the US's quest for independence from China.

Oil prices continue to be shaped by geopolitical developments in the US-Iran relationship. The Trump administration's negotiation messages with Iran have led to declines in oil prices, while the lack of changes in OPEC+'s production strategy also impacts trade.

Current Situation in Domestic Markets

Domestically, the BIST 100 index remained under selling pressure throughout the day but attempted to turn positive during the session. It was observed that the index tested the 13,400 band due to sales from the historical peak of 13,900. Maintaining a position above the 13,700 level could strengthen recovery buying. In the Dolar/TL market, an upward movement is being observed.

In the short term, it is thought that inflation data and the search for balance in commodity prices in both global and local markets will be decisive for the direction of TL assets.

Stocks with Strong Technical Outlook

• Gülermak Heavy Industry (GLRMK)

The information provided here does not constitute investment advice.