Global markets opened the week with a pronounced risk‑off tilt: precious metals jumped and technology shares cooled as investors digested a mix of geopolitical posturing and domestic policy signals. Spot gold rallied roughly 2.4% to the levels reported domestically near $5,043 per ounce, while silver climbed more than 2.8%. In New York, Nasdaq lagged, weighed down by heavyweight names such as Nvidia and Apple, each down more than 2%.
The market rotation reflected two concurrent forces. First, renewed geopolitical tension and hardening rhetoric from Washington — including President Trump’s confirmation that he plans to visit Venezuela and his public threats regarding Iran — boosted demand for perceived safe havens. Second, profit taking in richly valued tech segments left room for commodity and crypto rallies: Coinbase jumped double digits and several mining and precious‑metals names posted significant gains. Investors' risk repricing was modestly reflected in mixed major US indices, with the Dow edging higher while the Nasdaq reversed into the red.
China’s domestic policy landscape added another layer of complexity for markets. The People’s Bank of China published January data showing M2 money supply up 9% year‑on‑year and social financing stock up 8.2%, underlining continued credit expansion even as Beijing reiterates a more targeted, stability‑first policy mix. Separately, the central bank and the national financial regulator this week published a list of 21 systemically important banks — a reminder that macroprudential supervision remains a policy priority.
Regulators in Beijing also turned their attention to platform finance. The national financial supervision bureau, market regulator and the PBOC jointly summoned six travel platforms — including Ctrip, Gaode, Tongcheng, Fliggy, TravelSky’s consumer app and Qunar — over problematic lending partnerships. Authorities demanded clearer disclosure of loan providers and products, tighter controls on marketing messages to avoid misleading consumers, better complaints channels and stronger safeguards against over‑indebtedness.
That intervention fits into a broader, now‑familiar pattern: regulators are selectively constraining fintech‑adjacent consumer credit while keeping an eye on systemic stability. It signals that platform companies that had leaned on lending tie‑ups to monetize users will face higher compliance costs and reputational risk if they continue aggressive customer acquisition practices. For consumers, the directive aims to reduce opaque lending referrals and protect against misleading promotion of credit.
Policy moves on trade and innovation also featured in Beijing’s agenda. The finance, customs and tax authorities rolled out import tax exemptions for scientific research and educational institutions to encourage technology uptake, while the ministry of industry urged stronger support for the burgeoning low‑altitude economy — drones, related equipment and standards development. These measures underscore a two‑track economic approach: stimulate innovation and industrial upgrading while tightening the regulatory perimeter around consumer finance.
Corporate news mirrored the mixed macro picture. Meituan warned of a sizeable 2025 loss, illustrating the pressure on platform profitability even as some blue‑chips were added to major indices in Hong Kong — a reminder that index inclusion can channel capital flows even as operational fundamentals vary. On the innovation front, Chinese AI and space stories continued to command attention: a domestic firm reported advances in long‑context language models, and SpaceX launched another Crew Dragon mission — small but visible markers of uneven but persistent technological momentum.
Taken together, the past 24 hours have been a compact case study in the markets' sensitivity to a blend of geopolitics, regulatory calibration and macro data. Safe‑haven flows into gold and silver were the most visible market reaction, but underlying policy choices in Beijing — from consumer credit crackdowns to targeted industrial support — will be equally important in shaping risk premia for Chinese equities and fintech valuations in the months ahead.