Morning Brew February 27 2026

Good morning

Netflix surged 11%, abandoning a costly bidding war over Warner Bros. Discovery, Paramount wins the battle for the acquisition and rises more than 10%. The S&P 500 fell 0.5% and the Nasdaq dropped 1.1%, overshadowed by a sharp decline in semiconductor shares following Nvidia's results. Despite exceeding earnings and revenue estimates, Nvidia fell 5.5%, raising questions about sustained AI spending. Semiconductor firms Applied Materials and Lam Research fell 4.9% and 4.1%, respectively. In contrast, the financial sector limited overall losses, with JPMorgan up 0.9% and American Express gaining 2.5%. Salesforce rose 3.9% after exceeding profit forecasts, although concerns over AI disruptions were noted. Cybersecurity firm Zscaler plummeted 10% due to weak quarterly metrics. 

If today is not a strong recovery, the Semiconductor Inde19.5 billion shares.- up app 16 % year-to-date will end a 10 week winning streak. Volumes were high at 19.5 billion shares traded in the US.

Europe traded friendly with the GER40 at 25265, the Nikkei is up app 0.4% at 59070.

FX remains calm with EURUSD 1.18, GBPUSD 1.3470 and USDJPY 155.90 and the USD 97.70. Index is trading at 97.70. Gold is stable at 5185 while Silver recovers yesterdays losses and rises back above 90.

Noteworthy is a breakout of the 10 year yields to the downside as we fall below 4%.

We expect some economic data of second /third level  importance now that Japanese Retail Sales and the Tokyo CPI are out of the way – the Retails sales were much stronger at 1.8% annual growth vs an expected 0.1%

I suspect technical trading and Geopolitics will be the main drivers. While the US and Iran continue to negotiate, the military buildup is worrying, Tensions between Pakistan and Afghanistan are escalating.

It will be either be one of those calm Fridays or a nervous choppy one – Month Ultimo is often a choppy day – also for precious metals - be a bit careful.

For our Swiss residents, the eTax statements will be ready today and available in the Saxo Trader soon

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:, Endeavour Silver

March 1, 2026

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