Sydney:12/24 22:26:56

Tokyo:12/24 22:26:56

Hong Kong:12/24 22:26:56

Singapore:12/24 22:26:56

Dubai:12/24 22:26:56

London:12/24 22:26:56

New York:12/24 22:26:56

2026-02-19 Thursday

2026-02-22

21:17:12

[Walmart's Latest Earnings Report: Groceries and E-commerce Drive Growth, But Consumer Spending Becomes Cautious] ⑴ Walmart released its quarterly earnings report ending January 31 on Thursday, showing a 4.6% year-over-year increase in U.S. same-store sales and a 27% surge in online sales. The company continues to attract consumers across income levels, particularly high-income households, gaining more market share in grocery and fast online delivery. ⑵ New CEO John Furner has had a solid start. The company's stock price broke the $1 trillion market capitalization mark for the first time earlier this month. The advertising business, though still small, is growing rapidly and is highly profitable, becoming a new growth engine. ⑶ However, consumer spending is becoming more cautious, especially among low-income groups. Executives noted that the spending gap between high- and low-income households is widening slightly. Reductions in federal food assistance benefits have also dampened consumption among low-income groups. The earnings report shows that total merchandise sales growth has slowed, reflecting consumers prioritizing spending on necessities. ⑷ Regarding inflation, grocery prices rose less than 1% in the quarter, while general merchandise prices rose 3.2%, partly due to rising tariff costs. Walmart expects similar price trends in the current quarter. The company forecasts net sales growth of 3.5% to 4.5% for the current fiscal year, below some analysts' expectations. Quarterly net sales were $190.7 billion, slightly exceeding expectations, but net income fell 19.4% to $4.2 billion, dragged down by losses on equity investments.

21:00:05

Russia's gold and foreign exchange reserves for the week ending February 13

Previous : 7975 Forecast : -

Published Value 8061

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20:33:56

[20 Million Barrels of Oil Hang in the Balance: Strait of Hormuz Becomes Focus of US-Iran Standoff, Oil Prices Plunge] ⑴ Approximately 20 million barrels of oil pass through the Strait of Hormuz daily, equivalent to nearly one-fifth of global oil demand. This deep-water channel between Iran and Oman has become the focus of the US-Iran standoff and a key driver of the recent surge in oil prices. ⑵ Analysts point out that disrupting tanker traffic or completely closing the strait are possible ways Iran might retaliate against US strikes. Earlier this week, Iranian state media announced that the strait would be partially closed due to "security precautions." Brent crude rose more than 1% on Thursday, climbing from below $60 in early January to above $70. ⑶ The US has amassed its strongest air force in the Gulf region since the 2003 invasion of Iraq, and its navy has deployed 13 ships in the Middle East and the Eastern Mediterranean. Although the US and Iran held talks in Geneva this week, with the White House claiming "some progress," the two sides "remain significantly different." Iran is expected to present more detailed proposals in the coming weeks. (4) In 2024, nearly 40% of the crude oil passing through the Strait of Hormuz came from Saudi Arabia. Although Saudi Arabia has pipelines bypassing the strait, there is no alternative route for most of the oil passing through this waterway. Of the daily throughput, about three-quarters is crude oil and one-quarter is refined petroleum products, with Iran itself exporting about 1.5 million barrels per day.

20:31:54

[Japanese Government Bond Futures Trade in Narrow Range; Ultra-Long-Term Non-New Issuance Bonds Strengthen Supported by Draft Accounting Standards] ⑴ On Thursday, Japanese government bond futures fluctuated within a narrow range throughout the day, with the 20-year bond auction failing to provide a clear direction for the market. Futures opened at 132.31, down 17 basis points from the previous day, but subsequently rebounded supported by the resilience of spot bonds. The 10-year yield rose only 1 basis point to 2.145%. ⑵ The 20-year government bond auction was successfully completed, representing an additional issuance of the currently newly issued JL195. The auction results were mixed: the stop yield was 2.979%, 1.1 basis points higher than the previous close. The subscription multiple was 3.08 times, lower than last month's 3.19 times and the average of 3.54 times across six auctions. Some believe that the auction attracted robust demand despite yields below 3%, performing better than expected; however, others argue that the decline in the subscription multiple indicates weakening demand. ⑶ Ultra-long-term non-new issuance bonds performed particularly strongly. Non-newly issued bonds with maturities around 25 years continued to receive buying support, mainly boosted by the draft accounting standards released by the Japan Institute of Certified Public Accountants on Tuesday. The market believes that if the draft is finalized, the necessity for life insurance companies to write down bonds when their prices fall to half of their purchase price will decrease. As a result, the yield on non-newly issued bonds maturing in December 2051 fell by as much as 10 basis points during the day. (4) Traders pointed out that the sharp fluctuations in 30-year non-newly issued bonds were mainly due to insufficient liquidity and traders' unwillingness to hold positions. One trader stated that these bonds are highly volatile and lack effective hedging tools, resulting in low trading interest.

20:22:07

[US Treasury Yields Rise Against the Trend, Geopolitical Tensions Fails to Alleviate Supply Concerns] ⑴ On Thursday, despite escalating geopolitical tensions and Iran's preparations for a potential US attack, US Treasury yields rose across the board. As of press time, the 2-year yield was 3.47%, the 10-year yield was 4.096%, and the 2s-10s spread remained at 62.4 basis points. Market focus shifted from safe-haven demand to supply pressures and expectations for Federal Reserve policy. ⑵ In overnight headlines, Timothy Rausch of the Wall Street Journal noted that the minutes of the Fed's January meeting showed policymakers were "not very interested" in cutting interest rates, with some officials favoring more neutral language to counter expectations of rate cuts. Meanwhile, the Congressional Budget Office predicted that the US federal debt-to-GDP ratio would surpass 100% this year. ⑶ The situation in the Middle East continues to escalate. The WSJ reported that the US has amassed its strongest air force in the Gulf since the 2003 Iraq War, preparing to take action against Iran, but Trump has not yet decided whether to order a strike. The Financial Times pointed out that oil prices have already factored in the Iranian risk premium, but this assumes no supply disruptions. (4) Today's data is plentiful: Initial jobless claims, December trade balance, Philadelphia Fed Manufacturing Index, and pending home sales will be released. Federal Reserve officials Bostic, Bowman, and Kashkari will each deliver speeches. The Treasury will also auction 30-year TIPS and announce the issuance sizes of 2/5/7-year Treasury bonds next week.

20:18:33

[USDA Outlook Forum: US Corn Planting Area Expected to Decline in 2026, Soybean Planting to Expand] ⑴ The US Department of Agriculture released preliminary forecasts at its annual Outlook Forum on Thursday, projecting that US corn planting area in 2026 will be 94 million acres, a decrease of approximately 4.9% from 98.8 million acres in 2025. Soybean planting area is projected at 85 million acres, higher than 81.2 million acres in 2025. Wheat planting area is projected at 45 million acres, slightly lower than last year's 45.3 million acres. ⑵ In terms of production, the USDA projects corn production for 2026/27 at 15.755 billion bushels, significantly lower than the 17.021 billion bushels in 2025/26; the yield is projected at 183.0 bushels per acre, lower than last year's 186.5 bushels. Soybean production is projected at 4.45 billion bushels, up from 4.262 billion bushels last year; yield is projected to remain unchanged at 53 bushels per acre. Wheat production is projected at 1.86 billion bushels, down from 1.985 billion bushels last year. (3) Ending Stocks Forecast: Corn ending stocks for 2026/27 are projected at 1.837 billion bushels, down from 2.127 billion bushels last year; soybean ending stocks are projected at 355 million bushels, slightly up from 350 million bushels last year; wheat ending stocks are projected at 933 million bushels, roughly unchanged from 931 million bushels last year. (4) Regarding prices, the USDA projects the average price of corn in 2026/27 to be $4.20 per bushel, up from $4.10 in 2025/26; the average price of soybeans to be $10.30, up from $10.20 last year; and the average price of wheat to be $5.00, up from $4.90 last year. Furthermore, the USDA also forecasts that beef exports will decline by 6% and pork production will increase by nearly 3% in 2026.

20:00:32

Brazil's IBC-BR Economic Activity Index monthly rate for December

Previous : 0.70% Forecast : -0.50%

Published Value -0.20%

Previous

19:01:01

The difference in CBI industrial output expectations for the UK in February

Previous : 29 Forecast : -

Published Value 26

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19:00:02

The difference in CBI industrial orders for the UK in February

Previous : -30 Forecast : -

Published Value -28

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18:14:56

[Renewed Geopolitical Tensions Pressure Emerging Markets' Stocks and Currencies] ⑴ On Thursday, most emerging market currencies weakened slightly due to escalating global geopolitical tensions, while stock markets remained largely unchanged. The MSCI Emerging Markets Currency Index fell 0.2%, hitting a more than one-week low; the stock market index was flat. ⑵ With most Asian markets closed this week for the Lunar New Year holiday, emerging market assets generally traded within a range. However, while progress was seen in the US-Iran nuclear negotiations, differences remain, and the market has not ruled out the possibility of military action. Rabobank strategists warned that if the US launches an attack after Friday's close, it could trigger sharp market volatility, potentially causing oil and LNG prices to surge. ⑶ Regarding the Russia-Ukraine peace talks, two days of negotiations yielded no breakthroughs. The Ukrainian president expressed dissatisfaction with the results, while the US claimed to have made "meaningful progress." The differing positions of the parties lead analysts to believe that a reconciliation is unlikely in the short term. Ukrainian international bonds stabilized on Thursday after falling by more than 1 cent in the previous trading day. ⑷ The Federal Reserve meeting minutes showed that policymakers were in no hurry to cut interest rates, which initially supported the dollar, but the dollar index ultimately closed down 0.1%. The South African rand fell 0.6%, marking its fourth consecutive day of decline; the Turkish lira held steady, while its stock market fell 1.7%; South Korean stocks surged over 3% to a record closing high, boosted by technology stocks. The Philippine central bank cut interest rates by 25 basis points, while the Indonesian central bank held rates steady, with both currencies showing little reaction.

18:06:44

Eurozone construction output monthly rate in December

Previous : -1.10% Forecast : -

Published Value 0.88%

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18:03:20

Eurozone construction output monthly rate in December

Previous : -1.10% Forecast : -

Published Value -1.10%

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18:03:11

Annual rate of construction output in the eurozone in December

Previous : -0.80% Forecast : -

Published Value -0.90%

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17:59:10

[Middle East crude oil benchmark Dubai rises for fifth consecutive day, driven by strong demand from Total and Mercuria] ⑴ On Thursday, the price of Dubai crude oil, the Middle East benchmark, rose for the fifth consecutive trading day, mainly supported by strong demand from Total Energy and Mercuria. The two companies purchased a total of 106 shipments in Dubai swap transactions on the day, resulting in the French energy giant receiving three shipments and a European trader receiving one physical shipment. ⑵ The Singapore oil market was closed on Tuesday and Wednesday for the Lunar New Year holiday, but trading was active after resuming today. The premium of Dubai spot to swaps rose to $1.09 per barrel, up 5 cents from Monday's close. ⑶ In terms of trading dynamics, Shell will deliver one shipment of Upper Zakum crude oil each for April loading to Mercuria and Total Energy, while Total will also receive one shipment of Oman crude oil from Vitol. Phillips 66 will deliver one shipment of Dubai crude oil for April loading to Total. ⑷ In terms of tenders, India's MRPL has issued a tender seeking to purchase up to 2 million barrels of crude oil, with the tender closing on February 18. The company purchased Kissange and Mostada crude oil from ExxonMobil in its last tender. Furthermore, data shows that the share of Russian crude oil in India's imports has fallen to its lowest level since the end of 2022, while the share of Middle Eastern crude oil has risen to its highest level in the same period. China's imports of Russian crude oil in February are expected to climb to a new high for the third consecutive month.

17:58:03

[Trump Warms Up State of the Union Address: Trade Deficit to Turn Positive for the First Time in Decades] ⑴ The White House Press Office announced that US President Trump will deliver his State of the Union address to the Senate and House of Representatives on February 24. Trump himself indicated that he will focus on economic issues. ⑵ Regarding trade, Trump claimed that the US trade deficit has decreased by 78% due to tariff measures and predicted that it will turn positive this year for the first time in decades. This statement suggests that his trade policy may be further escalated. ⑶ The Gaza reconstruction issue has surfaced. According to US media reports, Trump's "Peace Committee" will pledge $5 billion for Gaza reconstruction, and JPMorgan Chase is in talks to provide banking services to the committee. ⑷ On military and diplomatic fronts, CBS News reported that senior national security officials have informed Trump that the military may launch an attack on Iran as early as Saturday. Trump also criticized Britain for returning sovereignty of the Chagos Islands to Mauritius and hinted that if Iran does not reach an agreement, he may use US military bases on the main island of the archipelago. (5) Domestically, Trump signed an executive order, pursuant to the Defense Production Act, to ensure an adequate supply of elemental phosphorus and glyphosate herbicides. Meanwhile, 17 environmental organizations have filed lawsuits seeking to revoke greenhouse gas hazard designations.

17:35:15

Italy's current account for December

Previous : -15.94 Forecast : -

Published Value 31.09

Previous

17:33:13

[US-Iran Tensions Impact LNG Shipping, European Gas Prices Jump] ⑴ On Thursday, wholesale gas prices in the Netherlands and the UK surged, primarily driven by concerns that escalating US-Iran tensions could disrupt liquefied natural gas (LNG) shipments. Data showed that near-month natural gas futures contracts at the Dutch TTF hub rose €3.25 to €32.70 per megawatt-hour. ⑵ Iran issued an aviation notice on Thursday announcing plans for rocket launches in several southern regions, while the US has deployed warships in the vicinity. Despite talks held in Geneva on Tuesday, the US indicated significant differences remain. Analysts at ING pointed out that Middle East geopolitical risks are pushing up gas prices, with the market particularly concerned about potential disruptions to LNG shipments through the Strait of Hormuz, a key export route for Qatar, the world's second-largest supplier. ⑶ However, weather forecasts indicate that Europe will experience milder weather starting this weekend, somewhat alleviating the upward pressure from geopolitical factors. Current EU gas storage inventory levels are 32.5%, lower than 43.3% at the same time last year. (4) In response to rising energy costs, the Italian government approved a measure on Wednesday aimed at limiting the price difference between domestic natural gas and the TTF benchmark. In the carbon market, benchmark contract prices rose slightly to €71.65 per tonne, finding support around €70 after last week's sharp sell-off.

17:25:24

The eurozone's current account remained unadjusted seasonally in December

Previous : 125.70 Forecast : -

Published Value 345.77

Previous

17:25:20

The seasonally adjusted current account of the eurozone for December

Previous : 85.72 Forecast : -

Published Value 145.70

Previous

17:01:26

LME Daily inventory changes in the UK on February 19th - Lead

Previous : 0 Forecast : -

Published Value 0

Previous

17:01:24

LME Daily inventory changes in the UK on February 19th - Main NASAAC aluminum alloys

Previous : 0 Forecast : -

Published Value 0

Previous

17:01:22

LME Daily inventory changes in the UK on February 19th - Nickel

Previous : -24 Forecast : -

Published Value 0

Previous

17:01:20

LME Daily Inventory changes in the UK on February 19th - Tin

Previous : -10 Forecast : -

Published Value 0

Previous

17:01:18

LME Daily inventory changes in the UK on February 19th - Cobalt

Previous : 0 Forecast : -

Published Value 0

Previous

17:01:16

LME Daily inventory changes in the UK on February 19th - Primary aluminum

Previous : -2000 Forecast : -

Published Value 0

Previous

17:01:12

LME Daily inventory changes in the UK on February 19th - Copper

Previous : 3025 Forecast : -

Published Value 925

Previous

17:01:06

LME Daily inventory changes in the UK on February 19th - Zinc

Previous : -25 Forecast : -

Published Value 0

Previous

17:01:01

LME Daily Inventory changes in the UK on February 19th - Aluminum Alloy

Previous : 0 Forecast : -

Published Value 0

Previous

16:46:06

[Global Government Bond Yield Spread Map: US and German 10-Year Yield Spread Exceeds 130 Basis Points, UK and Australia Continue to Lead High Yields] ⑴ Data released on Thursday showed that the divergence in yields among major global government bonds continued. For example, the 10-year yield on German government bonds was 2.764%, low among major economies, only higher than Denmark (2.618%), Sweden (2.669%), and Japan (2.144%). ⑵ In the high-yield camp, the yield on Australian 10-year government bonds reached 4.795%, 203.1 basis points higher than Germany; the UK 10-year yield was 4.396%, a spread of 163.2 basis points; the US 10-year yield was 4.107%, 134.3 basis points lower than Germany. ⑶ Observing the 2-year yield, the spread was even more pronounced. The yield on German 2-year government bonds was 2.059%, while the yield on Australian 2-year bonds was as high as 4.271%, a spread of 221.3 basis points. The UK's 2-year yield was 3.591%, 153.2 basis points higher than Germany's; the US's 2-year yield was 3.491%, with a spread of 143.3 basis points. (4) Using the US as a benchmark, its 2-year yield of 3.491% was lower than Australia's 4.271%, but significantly higher than economies such as Japan (1.257%) and Germany (2.059%). For the 10-year maturity, the US yield of 4.107% was also lower than Australia and the UK, but still maintained a significant interest rate advantage relative to Germany, France, and Japan. The UK became the only major economy to maintain a positive interest rate spread against the US on both the 2-year and 10-year maturities.

16:08:29

Singapore's intermediate distillate fuel inventories for the week ended February 18

Previous : 932.60 Forecast : -

Published Value 810.80

Previous

16:08:23

The remaining oil inventory in Singapore as of the week ending February 18

Previous : 2270 Forecast : -

Published Value 2251.90

Previous

16:08:12

Total fuel inventories in Singapore for the week ended February 18

Previous : 5000.40 Forecast : -

Published Value 5010.10

Previous

Real-Time Popular Commodities

Instrument Current Price Change

XAU

5098.85

103.02

(2.06%)

XAG

84.227

5.873

(7.50%)

CONC

66.31

-0.09

(-0.14%)

OILC

71.58

-0.31

(-0.44%)

USD

97.807

-0.045

(-0.05%)

EURUSD

1.1785

0.0012

(0.10%)

GBPUSD

1.3484

0.0021

(0.16%)

USDCNH

6.8955

-0.0024

(-0.04%)