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SocGen's Overnight Economic News Summary

BY MT Newswires | ECONOMIC | 05:54 AM EST

05:54 AM EST, 02/02/2026 (MT Newswires) -- Societe Generale in its early Monday economic news summary pointed out:

-- Risk off, precious metals extend slide after correction on Friday, S&P futures -1.3%, US dollar (USD) rebounds after nomination of Kevin Warsh as next Federal Reserve chair. Changes from Thursday's peak: gold -17%, silver -36%, platinum -26% as crowded positions unwind. Kospi -5% on doubts over the durability of Artificial Intelligence spending. Bunds flat, 10-year United States Treasuries below 200dma (4.23%).

-- China official PMIs slip into contraction in January: manufacturing down to 49.3, non-manufacturing off to 49.4. Private RatingDog manufacturing up to 50.3. The central bank (PBoC) to stick to modest easing.

-- CFTC foreign exchange positioning: Hedge funds raise euro (EUR) net longs to 14.4%; sterling (GBP) net shorts reduced to 7.2%; Australian dollar (AUD) flip to a net long (2.8%); Canadian dollar (CAD or loonie) shorts drop to 7.0%; Mexico's peso (MXN) longs trimmed to 43.4%; South Africa's rand (ZAR) longs increased to 31.3%.

-- Week ahead: U.S. nonfarm payrolls (NFP), ISM, U.S. Treasury quarterly refunding. Reserve Bank of Australia forecast +25bps on Tuesday, European Central Bank and Bank of England forecast to remain on hold this Thursday. Eurozone flash consumer price index, producer price inex and retail sales. Central banks of Mexico (Banxico), Poland (NBP), Czech Republic (CNB), India (RBI) to stay on hold. CPI for Sweden, South Korea, Turkey, the Czech Republic and Chile.

-- Nikkei -1.3%, EUR 10-year IRS unchanged at 2.86%, Brent crude -4.6% at $66.1/barrel, Gold -7.1% at $4,537/oz.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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