The first week of February 2026 is shaping up to be a volatile one. Markets are currently digesting the high-profile nomination of Kevin Warsh as the next Fed Chair (set to take over in May), which has already triggered a historic rout in precious metals. With three major central bank decisions and the pivotal US January Jobs Report on the horizon, expect significant price swings across all asset classes.

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Monday, February 2

• Economic: China’s Caixin Manufacturing PMI (Jan) and the US ISM Manufacturing PMI (Jan) provide the first look at global industrial health for the new year.
• Stock Market: Earnings season heat up with Nintendo, AMD, Merck, and PepsiCo reporting. Hong Kong’s Hang Seng Index opened down over 1% today due to regional risk aversion.
• Crypto: Bitcoin (BTC) is under pressure, flirting with a 10-month low below $75,000. The “Warsh effect” and concerns over delayed US crypto legislation are weighing on sentiment.

Tuesday, February 3

• Economic: The Reserve Bank of Australia (RBA) meets; markets see a 70% chance of a rate hike to 3.85% to combat stubborn inflation. In the US, the JOLTS Job Openings (Dec) report will be watched for signs of labor market cooling.
• Stock Market: Major tech and healthcare names report, including Eli Lilly, AbbVie, and Novartis.
• Crypto: Ongoing liquidations in leveraged long positions are expected to continue if BTC fails to reclaim the $78,000 level.

Wednesday, February 4

• Economic: Focus shifts to Europe with the Eurozone Inflation (CPI) flash estimate. In the US, the ADP Employment Change serves as the primary “appetizer” for Friday’s official jobs data.
• Stock Market: Alphabet (Google) reports. Investors are laser-focused on AI capital expenditure (expected to hit $27.3bn) vs. actual revenue growth. Mitsubishi UFJ and Novo Nordisk also report.
• Crypto: Typically a “wait-and-see” day as traders position themselves ahead of the major central bank announcements on Thursday.

Thursday, February 5

• Economic: A “Central Bank Double-Header.” Both the Bank of England (BoE) and the European Central Bank (ECB) deliver interest rate decisions. While holds are expected, the guidance on 2026 cuts will move the Euro and Pound.
• Stock Market: Amazon reports. The key metric will be AWS (Cloud) growth, with a target of $34.9bn. Any miss here could drag the Nasdaq down significantly.
• Crypto: High correlation with the US Dollar is expected today; if the ECB/BoE commentary leads to a stronger USD, crypto may see a further leg down.

Friday, February 6

• Economic: The “Main Event.” The US Non-Farm Payrolls (NFP) and Unemployment Rate for January are released. Expect high volatility. The University of Michigan Consumer Sentiment (Feb) also provides a pulse on US recession fears.
• Stock Market: Early trading will be dominated by the NFP reaction. A “Goldilocks” number (not too hot, not too cold) is needed to stabilize the recent equity retreat.
• Crypto: Deadline for Lunar New Year pricing for Consensus Hong Kong—a major industry event occurring next week. Market volatility often peaks on NFP Fridays.

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Summary Table: Key Data Points

Event	Consensus Forecast	Impact Level
RBA Interest Rate	3.85% (Hike)	High
Alphabet Earnings	$2.63 EPS	High
BoE/ECB Rates	Unchanged	High
US Non-Farm Payrolls	+70,000	Critical
Bitcoin Support	$70,000 – $72,000	Critical