China House Price Index YoY

New Zealand Business Inflation Expectations

Japan 3-Month Bill Auction

Germany Wholesale Prices MoM

Silver steadied around $76 per ounce on Friday but was still set to decline for the third straight week, following another widespread selloff on Thursday as volatility returned. Thursday’s decline lacked a clear catalyst, although simultaneous losses in equities and cryptocurrencies point to forced liquidation across asset classes, potentially amplified by systematic and algorithmic trading. Investors are now focused on the latest US inflation data, which could help shape expectations for Federal Reserve policy. Stronger-than-expected US jobs figures released earlier this week reduced the likelihood of a near-term rate cut, with markets now pricing in a first move in July rather than June. Nonetheless, the Fed is still expected to deliver roughly two 25-basis-point rate cuts by year-end. Silver and other precious metals may also draw support from debasement concerns, as investors reallocate capital away from fiat currencies and sovereign bonds toward hard assets.

Silver Heads for Third Weekly Decline

US stock futures rose slightly on Friday after the major averages sold off in the previous session on renewed AI concerns, while investors awaited the January consumer price index report. The CPI is expected to show headline inflation easing to 2.5% from 2.7% and core inflation moderating to 2.5% from 2.6%. In extended trading, Applied Materials surged 12% after posting stronger-than-expected earnings and issuing an upbeat outlook. Rivian jumped 16% on robust vehicle delivery guidance for the year. By contrast, Pinterest plunged 18% following weaker-than-expected quarterly results and a soft forecast. During Thursday’s regular session, the Dow Jones Industrial Average fell 1.34%, the S&P 500 declined 1.57%, and the Nasdaq Composite dropped 2.03%. The selloff was driven by persistent concerns over the sustainability of elevated AI-related capital expenditures, with fears of disruption to traditional business models weighing particularly on software, real estate, and trucking stocks.

US Futures Rise Ahead of CPI Report

The NZX 50 fell 103 points, or 0.8%, to 13,428 in early Friday trade, swinging from modest gains in the prior session and setting up a weekly loss amid some profit-taking after the index hit a three-week high. Sentiment was also cautious ahead of next week’s key release data in New Zealand, including food inflation, trade balance, and the Reserve Bank’s first rate decision of the year. Meantime, January’s manufacturing PMI eased from December’s three-year peak, though it remained at solid levels. Selling pressure weighed across sectors, with consumer durables, non-energy minerals, healthcare, and transport leading declines. Still, losses were partly offset by upbeat tourism data, showing December arrivals rose 7.0% yoy, driven by visitors from Australia, China, and the UK. Meantime, bets of fresh stimulus in top trading partner China grew following weak CPI and PPI data in January. Among notable laggards were Gentrack Group (-2.8%), Mainfreight (-1.8%), and Fletcher Building (-1.6%).

Shares in New Zealand Reverse Gains, Eye Weekly Decline

Peru’s Central Reserve Bank left its benchmark rate unchanged at 4.25% in February 2026, holding steady for the third straight meeting, in line with expectations. The bank highlighted that January headline inflation rose to 1.7% (from 1.5% in December) with monthly inflation at 0.10%, while core inflation without food and energy increased to 2.0% (from 1.8%); twelve-month inflation expectations fell to 2.0% in January, comfortably within the target range. Policymakers also cited solid readings in current-conditions and expectations indicators, alongside a global backdrop of growth higher than previously expected and exceptionally favourable terms of trade. The BCRP reiterated that it will continue to monitor inflation dynamics, expectations, and economic activity, and stands ready to adjust policy as needed.

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