February 2026

• Global markets advanced in February as easing monetary policy, resilient economic growth and continued technology sector strength supported investor sentiment.
• Artificial intelligence and semiconductor-related companies remained the primary drivers of global equity market gains.
• Central banks continued gradual policy easing as inflation trends remained stable across major economies.
• Bond yields declined modestly, supporting growth-oriented sectors and broader financial conditions.
• Chinese economic conditions continued stabilising following sustained fiscal and monetary support.
• Commodity prices delivered mixed performance amid moderate demand growth and ongoing geopolitical uncertainty.

Asia (ex. Japan)

Asian markets outside Japan delivered strong performance during February as sustained semiconductor demand and improving Chinese financial conditions supported investor confidence across the region.

Taiwan and South Korea remained among the strongest-performing markets globally due to continued artificial intelligence infrastructure investment and strong technology earnings growth.

Europe

European equities advanced during February as easing inflation and lower borrowing costs improved investor confidence across consumer and financial sectors.

Economic growth remained relatively moderate overall, though improving credit conditions and stronger household spending supported broader market sentiment.

United States

U.S. equities reached additional record highs during February as strong technology earnings and continued artificial intelligence-related investment momentum supported market leadership.

Investors remained optimistic regarding the broader economic outlook as lower interest rates and resilient employment conditions supported corporate earnings growth.

United Kingdom

UK equities delivered positive performance during February as improving financial conditions and easing inflation supported domestic investor sentiment.

Consumer-focused sectors benefited from lower borrowing costs and gradually strengthening household confidence.

Japan

Japanese equities remained strong during February as exporters, industrial firms and technology companies benefited from resilient global demand and continued foreign investor inflows.

Markets continued monitoring gradual Bank of Japan policy adjustments while remaining supported by strong corporate profitability trends.

Emerging Markets

Emerging markets delivered positive performance during February as improving global liquidity conditions and stabilising Chinese growth encouraged capital inflows into higher-risk assets.

Technology-oriented Asian economies remained key outperformers due to sustained semiconductor and artificial intelligence-related investment demand.

Commodities

Commodity prices delivered mixed results during February. Oil prices remained relatively stable as moderate global demand balanced supply management efforts and geopolitical risks.

Industrial metals remained supported by infrastructure and technology investment demand, while gold prices stayed elevated due to lower interest rates, geopolitical uncertainty and continued central bank buying.