Financial Markets: Stock Markets in the Green, Precious Metals Rebound

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Editor’s Note

Global equity markets rose on Tuesday, buoyed by a rebound in precious metals and corporate earnings. European and Asian indices posted broad gains, with Tokyo leading the advance.

Global Market Overview

Global stock markets were in the green on Tuesday, welcoming the rebound in precious metals after their recent decline, while also keeping an eye on corporate earnings releases.

In Europe, equity markets gained ground in early trading: around 08:30 GMT, Paris was up 0.60%, Frankfurt 1.13%, and Milan 0.97%. London gained 0.26%.

In Asia, in late trading, Hong Kong was up 0.22% and Shanghai 1.29%. Tokyo surged 3.92%.

“Investors have shifted from a risk-averse stance to a risk-on appetite,” against a backdrop of “easing in the commodities market,” notes Andreas Lipkow, an independent analyst.
Precious Metals Rebound

After several sessions of sharp declines, precious metals reversed the trend on Tuesday: around 08:30 GMT, gold rebounded 5.95% to $4,938.91 per ounce and silver surged 10.25% to $87.40 per ounce.

Gold and silver have climbed in recent months due to trade and geopolitical uncertainties, as well as investor doubts about the independence of the US Federal Reserve (Fed) amid pressure from Donald Trump to lower interest rates.

However, some of these risks seemed to ease on Friday when the US president chose Kevin Warsh to lead the Fed, seen as more conventional than previously rumored candidates. This choice still needs to be confirmed by the US Senate.

Today’s rebound “relieves investors” but illustrates “a concerning behavior” from gold and silver, worries Ipek Ozkardeskaya, an analyst for Swissquote Bank.
“Traditionally, gold serves as a hedge against market risks,” with a “negative correlation to the riskiest assets,” she points out. This role is weakened by the fact that “the appetite for gold and silver now seems to be simultaneous with that for risky assets,” according to her.
Strong US Manufacturing Data

Another positive point for the markets: “the strength of the US manufacturing sector,” note analysts at Natixis.

Activity in the industry improved significantly in the world’s largest economy: the US ISM manufacturing index reached 52.6, its highest level since 2022. The consensus among analysts cited by Factset was 48.9.

These figures, which sent Wall Street soaring the previous day, “support the scenario of a resilient US economy,” notes John Plassard, head of investment strategy at Cité Gestion Private Bank.

In this context, around 08:20 GMT, the dollar fell 0.22% to 1.1817 dollars per euro.

French Budget and Bond Yields

In France, the state budget for 2026 was definitively adopted on Monday by the National Assembly, after the rejection of the last two motions of no confidence against the government, which ultimately passed the text using Article 49.3 with the abstention of the Socialist Party.

In this context, the French ten-year government bond yield remained stable at 3.45%, the same level as the previous day. It edged slightly closer to its German equivalent, at 2.88%, compared to 2.87% the day before.

“The risk associated with French government bonds is decreasing,” which “acts as a tailwind” for European stocks, notes Jochen Stanzl, an analyst for CMC Market.
Corporate Moves: Publicis and Amundi

The French communications giant Publicis reported a 5.6% increase in its organic revenues for 2025, exceeding its targets, but gave cautious forecasts for 2026 with a range between 4% and 5%.

Its shares fell 4.17% to 82.78 euros in Paris around 08:20 GMT.

Europe’s leading asset manager, Amundi (+4.72% to 81.05 euros in Paris), recorded a new record for assets under management in 2025, reaching 2.380 trillion euros.

The funds managed by the French group grew by 6% year-on-year, notably thanks to a “record” net inflow of 88 billion euros, it said in a statement on Tuesday.

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⏰ Published on: February 03, 2026