Asia Market Quick Take – 13 February, 2026

Key points:

• Macro: Jobless claims decreased by 5,000 to 227,000, slightly above forecasts
• Equities: US market drops as AI concerns; Applied Materials surged 12% after market
• FX: Dollar steadies; Swiss franc and yen rise
• Commodities: Gold fell 3.2%, its biggest one-day drop in a week
• Fixed income: Treasuries rallied, bull‑flattening after a strong $25bn 30‑year auction.

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Disclaimer: Past performance does not indicate future performance.

Macro:

• US initial jobless claims fell by 5,000 to 227,000 in early February, above the 222,000 forecast, staying near an eight-week high. Continuing claims increased by 21,000 to 1,862,000 in January due to winter storm-related business disruptions. Claims from federal employees slightly rose by 47 to 615 amid the government shutdown.
• US existing home sales fell 8.4% in January 2026 to 3.91 million, below the expected 4.18 million and the lowest since September 2024. Unsold inventory dropped to 1.22 million units. Despite improved affordability from wage gains and lower mortgage rates, supply is low. Dr. Lawrence Yun noted weather impacts cloud the decline's causes.
• The UK economy grew 0.1% in Q4 2025, below the 0.2% forecast. Production increased 1.2% and manufacturing 0.9%, while services stagnated and construction fell 2.1%. Annually, GDP rose 1.0%, below the 1.2% expected, with 2025 growth at 1.3%, up from 1.1% in 2024.
• Germany's current account surplus was €16.1 billion in December 2025, nearly unchanged from €16.2 billion a year prior. The goods surplus fell to €8.6 billion due to higher import growth than exports, and primary income surplus dropped. The services deficit widened, while the secondary income deficit decreased. The annual surplus for 2025 fell sharply to €197.4 billion from €251.5 billion in 2024.

Equities: 

• US - Stock futures edged up Friday ahead of the January CPI report, expected to show headline and core inflation easing to 2.5%. Applied Materials surged 12%, Rivian jumped 16%, and Pinterest fell 18% in extended trading. On Thursday, the Dow dropped 1.34%, the S&P 500 fell 1.57%, and the Nasdaq lost 2.03% due to ongoing AI concerns affecting software, real estate, and trucking stocks.
• HK - HSI dropped 0.9% Thursday, with declines in tech, consumer, and financial shares. Ahead of China's Lunar New Year break, sentiment was weak, and Premier Li Qiang's tech push failed to lift the market. Losses were limited by US futures rebound on labor trends and expected Fed rate pause. The PBoC pledged cost cuts and support for demand. Lenovo fell 4.6%, NetEase dropped 4.1% after a Q4 miss, and Alibaba Hong Kong edged down 0.9%.
• EU - European stocks hit record highs with strong corporate earnings. STOXX 50 rose over 1%, STOXX 600 up 0.6%. Legrand gained 3.5% after boosting profitability targets. Hermès increased by 2% with steady revenue growth. Siemens jumped 6% on improved earnings guidance. Mercedes-Benz dropped 4% due to profit decline, and Unilever fell 3% with lower 2026 sales growth projections despite strong emerging markets sales.

Earnings this week:

• Friday - Moderna, Enbridge, Cameco, Advance Auto Parts, Wendy’s

FX:

• USD steadied after four days of declines, while the CHF and JPY outperformed amidst a risk asset sell-off. The Bloomberg Dollar Spot Index remained flat ahead of US CPI data. USDCHF and USDJPY both posted declines, reflecting safe-haven currency strength.
• GBPUSD fell slightly despite weak UK economic growth data. Commodity currencies suffered, with AUDUSD down 0.55%, the biggest G-10 loser, and USDCAD rising for the second day.

Commodities:

• Gold steadied near $4,920/oz in early trade after a 3.2% drop — its biggest one-day fall in a week — amid a broader market selloff on Wall Street over AI’s impact on corporate earnings.
• Oil headed for its first back‑to‑back weekly decline of the year amid risk‑off markets, glut worries and prolonged US–Iran talks, with WTI steady below $63 after a ~3% Thursday drop as Brent held above $67, while Asian stocks were set to fall Friday.

Fixed income:

• Treasuries extended gains into the US afternoon, bull‑flattening after a strong $25bn new 30‑year auction that stopped through WI by 2.1bp with a record‑low 5.9% dealer allotment, signalling robust end‑investor demand, while risk‑off flows ahead of the sale had already supported the market as tech led equities lower and WTI slumped.

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