Morning Brew February 25 2026

Good morning

Markets are steady ahead of Nvidia’s earnings report, with little new information coming from Trump’s State of the Union.

US - U.S. stocks bounced back on Tuesday, as the S&P 500 and Dow climbed 0.8%, while the Nasdaq rose 1.1%, recovering from Monday’s decline. Concerns over rapid AI-driven software disruption eased: Salesforce + 4.1% and IBM b+2.7%. AMD surged 8.8% after Meta agreed to use 6GW of its GPUs in AI data centers Anthropics, the artificial intelligence lab, introduced a series of new plug-ins focused on sectors like investment banking and human resources, partnering with companies such as Thomson Reuters, Salesforce, and FactSet. FactSet shares jumped 5.9%, and U.S.-listed Thomson Reuters shares soared 11.5%. This renewed optimism balanced worries about the newly implemented 10% global tariff, even as the White House gets ready to increase it to 15%. Home Depot gained 2% after surpassing earnings estimates for the first time in a year. Trading volume on U.S. exchanges was 17.06 billion shares, below the 20-day average of 20.29 billion.

 European stocks edged higher  yesterday, slightly reversing Monday’s losses as investors reconsidered worries that advancing AI could quickly disrupt traditional industries. The STOXX 50 was up 0.1% to 6,122, and the STOXX 600 rose 0.3%, staying close to last week’s record highs. Companies benefitting from AI infrastructure outperformed ahead of Nvidia’s earnings and Meta’s AMD deal, pushing ASML up 1.1% and Infineon up 1.8%. Automakers also recovered after the US imposed a less severe 10% tariff on European goods, lifting BMW, Volkswagen, and Mercedes-Benz by over 1%. However, SAP, Adyen, and major banks continued to fall.

The Ger40 and the US tech 100 are basically at the same level, both at 25.000

U.S. yields remain stable at 4.05% (10-year), and the USD Index sits at 97.67. EURUSD stands at 1.18, GBPUSD at 1.3520, and USDJPY at 155.70. The CHF trades at 0.9120 against the Euro and 0.7720 against the USD.

Gold is priced at 5190, and Silver at 90.50, with the next key resistance for Silver likely being the February 4 high at 92.

Bitcoin is neat 65k.

Today, Nvidia’s earnings and outlook are in focus, as traders watch for any disruptions to growth patterns or signs of continued momentum. Analysts expect full-year EPS of 4.68. In the EU, inflation data will get limited attention; annual inflation is forecast at 1.7%, and there’s a 98% chance the ECB keeps rates unchanged at its next meeting. Only a major surprise could prompt a significant change.

The tension between the US and Iran remain high and we are approaching the somewhat unclear deadline (I just work here) Trump set Iran to make an agreement.

Trade carefully

February 25, 2026

• Economic Indicators:
• Japan: Service PPI (2.60%)
• Australia: CPI MM (1.00%)
• Euro Zone: HICP Final MM (0.2%), HICP Final YY (1.7%)
• Earnings Releases:
• Before Open: Hut 8 Mining, TJX Companies
• After Close: Nvidia, Salesforce Snowflake, Paramount Skydance,
• Barkin, Musalek

February 26, 2026

• Economic Indicators:
• Japan: Leading Indicator Revised (0.3)
• Euro Zone: Consumer Confidence Final (-12.2)
• Canada: Business Barometer (59.47)
• United States: Initial Jobless Claims (206k)
• Earnings Releases:
• Before Open: Vistra Energy, ACM Research
• After Close: Celsius Holdings, Dell Technologies

February 27, 2026

• Economic Indicators:
• Japan: CPI, Overall Tokyo (1.5%)
• Denmark: Unemployment Rate (2.6%)
• France: GDP QQ Final, CPI (EU Norm) Prelim YY, Unemployment Class-A SA
• Switzerland: KOF Indicator (102.5), Official Reserves Assets CHF (852,606.51M)
• Germany: Unemployment Rate SA (6.3%), CPI Prelim YY (2.1%)
• Canada: GDP Annualized (2.6%), GDP (0.0%)
• Earnings Releases:
• Before Open: D-Wave Quantum, Energy Fuels
• After Close: 1stdibs.com, Endeavour Silver

March 1, 2026

• Economic Indicators:
• Australia: S&P Global Manufacturing PMI Final (51.5)