Between Monday and Friday, markets absorbed Trump's Fed pick, a historic precious metals meltdown, US$200 billion in fresh tech spending commitments, and warnings from Ray Dalio that the world is teetering on the edge of financial warfare.
Fiscal dominance is no longer theoretical - it's the operating assumption for anyone with a balance sheet to protect.
All the top moves, shakes, and asset management rakes from Azzet's editorial team are right here in your weekly business wrap every Friday (6 February, 2026).
Hold on tight.
Monday
Markets got their first proper scare on Monday when Donald Trump nominated Kevin Warsh to lead the Federal Reserve after Jerome Powell's term expires in May.
The announcement triggered an instant repricing across metals markets, with silver plunging 33% in what became its steepest single-day drop since 1980.
Warsh's reputation as a hawk who backs central bank independence sent leveraged longs scrambling for exits, before exchanges poured petrol on the fire by hiking margin requirements mid-collapse.
Silver crashed from above US$120/oz to $76 as the CME forced traders to post far more capital to maintain positions - a move that echoed the response that crushed the Hunt Brothers' silver corner four decades earlier.
Gold retreated 9% as real yields spiked and the greenback firmed on the back of hawkish Fed expectations.
The selloff exposed a divergence between futures markets and physical supply, with industrial buyers in solar and AI still facing deficits despite paper prices collapsing.
COMEX and LBMA vaults remain at historically low levels, creating backwardation - a scenario where immediate delivery costs more than future contracts.
Chevron beat profit expectations on record oil flows from the Permian Basin, as ExxonMobil posted stronger-than-forecast earnings despite sliding crude prices.
OPEC confirmed it would hold output steady through March, keeping a lid on supply-side volatility as markets digested the broader monetary policy shift.
AstraZeneca listed in New York to balance its innovation pipeline, as property market confidence in Australia stayed elevated despite dwelling approvals falling 14.9% in December.
Tuesday
Capital markets shifted gears on Tuesday as Oracle raised $50 billion through a mix of debt and equity to fund cloud infrastructure expansion.
The capital injection targets contracted demand from AMD, Meta, NVIDIA, OpenAI, TikTok, and xAI - offering clearer revenue visibility after months of investor caution about speculative spending.
Oracle's shares climbed 4% after the announcement arrested a brutal slide that had seen the stock trade nearly 50% below its September highs.
Palantir revenue surged 70% year-over-year to $1.41 billion, driven by 137% growth in U.S. commercial revenue.
CEO Alex Karp leaned into the buzzwords, calling the firm "an n of 1" focused on scaling operational leverage from advancing AI models.
Australia's central bank raised interest rates 25 basis points to 3.85% in a unanimous decision, citing stronger-than-expected private demand and tighter labour market conditions.
The RBA flagged that inflation is likely to remain above target for some time as capacity pressures persist across the economy.
U.S. jobs data was delayed by the partial government shutdown, removing a key data point as markets tried to gauge whether the Fed would ease in H1.
SpaceX absorbed xAI as Musk eyes a blockbuster IPO, as Disney stock slid on a weak theme park outlook that spooked investors.
Venezuelan oil exports increased following the U.S. takeover of operations, with Washington prioritising the use of military contractors to secure energy infrastructure.
Wednesday
Walmart crossed the $1 trillion market cap threshold on Wednesday, joining an exclusive club typically reserved for big tech.
Shares closed 3% higher at $121.71 as the grocer's digital transformation continued to attract wealthier shoppers seeking convenience.
The company has embedded AI across operations - from scheduling to supply chain management - and partnered with both Alphabet and OpenAI to enhance its shopping platforms.
Ray Dalio warned the world is on the brink of capital warfare, with money poised to become the next geopolitical weapon.
Speaking in Dubai, the Bridgewater founder pointed to Trump's Greenland ambitions and tariff threats against eight NATO nations as evidence that nations are dangerously close to weaponising financial systems.
"We are on the brink," Dalio said.
"That means not in, but it means we are quite close to capital war, because there are mutual fears."
U.S. debt has surpassed $38 trillion - a 120% debt-to-GDP ratio that former Fed Chair Janet Yellen described as testing a "red line" economists have feared for decades.
Interest payments alone now exceed $1 trillion annually, making debt servicing the government's third-largest expense behind Social Security and healthcare.
Dalio maintains gold is the safest store of wealth despite recent volatility, advocating for 5%-15% portfolio allocations as central banks continue accumulating reserves.
Goldman Sachs recently raised its year-end target to $5,400/oz, as JPMorgan forecasts $5,055/oz by Q4 2026 on the back of sustained safe-haven demand.
Trump signed a $1.2 trillion bill to end the government shutdown, as AMD shares slid 5% despite beating Q4 estimates on weaker forward guidance.
Nintendo revenue surged on the back of the Switch 2, as PepsiCo beat estimates and confirmed it would cut prices to protect market share.
Super Micro Computer revenue soared, pushing shares up 7% after-hours on AI server demand that exceeded analyst expectations.
Thursday
Goldman Sachs and JPMorgan lifted gold price targets to all-time highs on Thursday as strategists scrambled to keep pace with a market blowing past previous forecasts.
A Reuters poll returned a median 2026 bullion call of $4,746.50/oz - the highest annual prediction in the survey's 14-year history - up from $4,275 just four months earlier.
Goldman raised its year-end target to $5,400, as JPMorgan sees $5,055 by Q4 with an upside scenario of $8,000-$8,500 if private allocations increase.
UBS bumped its target to $6,200 for March, June, and September, with an upside case of $7,200 if geopolitical tensions escalate.
Silver forecasts were revised even more sharply, with strategists expecting the metal to average $79.50/oz in 2026 compared to $50 projected in October.
Citigroup called silver "gold on steroids" and predicted $150 within three months as industrial deficits persist across solar and tech manufacturing.
Alphabet shares weakened on quarterly results, as Uber dipped 5.2% on soft profit guidance that missed Wall Street expectations.
Eli Lilly's revenue and income soared past expectations on robust demand for weight-loss drugs, as E.L.F. Beauty raised its outlook and beat estimates.
ADP reported private payrolls rose just 22,000 in January, the weakest monthly gain since mid-2020 and a concerning signal for labour market resilience.
Friday
Rio Tinto called off merger talks with Glencore on Friday after the parties failed to agree on terms that would deliver value to shareholders.
Rio assessed the opportunity through what it called a "disciplined lens", concluding the proposed deal failed to meet its investment and capital allocation criteria.
Glencore said Rio's proposed structure - which would have kept the chairman and CEO roles in London - significantly undervalued Glencore's contribution.
The collapse ended weeks of speculation about a combination that would have created the world's largest mining company.
Trump's administration unveiled a $12 billion strategic minerals stockpile, combining $10 billion from the U.S. Export-Import Bank with $2 billion in private capital to warehouse rare earths, copper, and other materials.
Project Vault represents the first civilian-focused strategic reserve aimed squarely at China's grip on feedstock powering defence systems, EVs, and advanced manufacturing.
U.S.-listed miners rallied initially - USA Rare Earth up 11%, Critical Metals climbing 10% - before surrendering gains when the administration stepped back from company-specific price floor guarantees.
Amazon profits lifted but shares dived on news the company would spend $200 billion on capital expenditure in 2026 - more than 50% above prior year levels.
Net income rose 6% to $21.2 billion in Q4, but the stock plunged more than 10% in after-hours trading as investors digested the capex splurge.
China's EV boom stalled as BYD logged its weakest domestic month in nearly two years.
The Shenzhen-based group sold just 83,249 battery-electric passenger cars in January - the lowest tally since February 2024 - as Beijing reinstated a 5% purchase tax on new energy vehicles.
Shell's quarterly profits dropped amid low oil prices, as ConocoPhillips struggled against lower prices for Q4 in a challenging environment for integrated majors.
Anthropic's Opus 4.6 ushered in vibe working as the company's IPO looms, as Thomson Reuters beat estimates promoting AI products across its legal and financial platforms.
Novo Nordisk took legal action against Hims & Hers over compounded weight-loss drugs, as Strategy fell short for Q4 as Bitcoin value plummeted.
