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Global Markets and Geopolitical Tensions Dominate Early February News
Global markets experienced volatility and geopolitical tensions remained high as February 2026 began. The FTSE 100 in London reached a record high, while gold and silver prices plummeted. Simultaneously, Ukraine faced renewed Russian missile attacks, the US launched a strategic minerals stockpile initiative, France adopted its 2026 budget after overcoming no-confidence votes, and tensions escalated between the US and Iran.
The FTSE 100 closed up 1.2 at 10,341.56 points on Monday, setting a new record, according to BBC Business. This occurred despite a weak start and contrasted sharply with the performance of precious metals. Gold experienced its sharpest one-day drop since 1983, falling more than 9, while silver plunged 27 before a slight recovery, BBC Business reported. The fall in precious metal prices followed the nomination of Kevin Warsh to lead the US Federal Reserve.
In Eastern Europe, the Russia-Ukraine war continued. On Tuesday, February 2, Kyiv came under attack from Russian missiles, according to Tymur Tkachenko, head of the city's military administration, as reported by Al Jazeera. Several apartment buildings and an educational establishment were damaged. Reuters news agency witnesses reported loud explosions in the city. A father and son were killed, and two children and their mother were injured in the attacks.
Meanwhile, in the United States, President Donald Trump announced the launch of Project Vault, a strategic minerals stockpile, on Monday, February 1, according to Al Jazeera. The stockpile will combine $2 billion of private capital with a $10 billion loan from the US Export-Import Bank.
France adopted its 2026 budget after surviving two no-confidence votes, Al Jazeera reported on February 2. The budget includes measures to reduce France's deficit and increase military spending. The passing of the budget potentially signals a period of stability for Prime Minister Sebastien Lecornu's minority government after four months of political deadlock over government spending.
Tensions between the US and Iran also reached a critical point. According to Sky News, the next seven days could determine whether the region heads towards conflict or a diplomatic breakthrough. "It's make or break this week for averting war between America and Iran," Dominic Waghorn, International Affairs Editor for Sky News, wrote on Monday. President Trump believes Iran is in a difficult position and can only resolve it through a deal with the US, Waghorn noted.
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