2026-02-20 Friday
2026-02-22
21:31:38
U.S. net export sales for the week ending February 12 - total soybean meal for two years -USDA weekly
Previous
:
35.70
Forecast
:
-
Published Value
48.09
Previous
21:31:38
U.S. net export sales for the week ended February 12 - total pork -USDA weekly
Previous
:
2.86
Forecast
:
-
Published Value
2.73
Previous
21:31:38
U.S. net export sales for the week ended February 12 - total beef -USDA weekly
Previous
:
1.57
Forecast
:
-
Published Value
1.47
Previous
21:31:38
U.S. net export sales for the week ended February 12 - Corn for the current year -USDA weekly
Previous
:
206.96
Forecast
:
-
Published Value
146.95
Previous
21:31:38
U.S. New corn export sales for the week ending February 12 -USDA Weekly
Previous
:
210.55
Forecast
:
-
Published Value
163.20
Previous
21:31:38
U.S. net export sales for the week ending February 12 - soybeans for the second year -USDA weekly
Previous
:
0.13
Forecast
:
-
Published Value
6.60
Previous
21:31:38
U.S. net export sales for the week ending February 12 - Corn for the second year -USDA weekly
Previous
:
6
Forecast
:
-
Published Value
6.57
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21:31:38
U.S. soybean new export sales for the week ending February 12 -USDA Weekly
Previous
:
37.76
Forecast
:
-
Published Value
81.12
Previous
21:31:38
U.S. net export sales for the week ended February 12 - Soybean meal for the current year -USDA weekly
Previous
:
35.70
Forecast
:
-
Published Value
48.09
Previous
21:31:37
美国 截至2月12日当周 净出口销售-小麦当前年-USDA每周
Previous
:
48.80
Forecast
:
-
Published Value
28.80
Previous
21:31:36
U.S. net export sales for the week ending February 12 - Corn total for two years -USDA weekly
Previous
:
212.96
Forecast
:
-
Published Value
153.52
Previous
21:31:36
U.S. net export sales for the week ending February 12 - soybeans for the current year -USDA weekly
Previous
:
28.18
Forecast
:
-
Published Value
79.82
Previous
21:31:36
U.S. net export sales for the week ended February 12 - total wheat for two years -USDA weekly
Previous
:
50.19
Forecast
:
-
Published Value
30.65
Previous
21:31:34
The quarter-on-quarter rate of the U.S. fourth-quarter GDP deflator - seasonally adjusted preliminary value
Previous
:
3.70%
Forecast
:
2.90%
Published Value
3.70%
Previous
21:31:34
Preliminary reading of the annualized quarterly rate of real GDP in the United States for the fourth quarter
Previous
:
4.40%
Forecast
:
3%
Published Value
1.40%
Previous
21:31:33
The preliminary annualized quarterly rate of the US PCE price index for the fourth quarter
Previous
:
2.80%
Forecast
:
-
Published Value
2.90%
Previous
21:31:33
The annual rate of Canada's raw materials price index for January
Previous
:
6.40%
Forecast
:
-
Published Value
8%
Previous
21:31:32
Preliminary annualized quarter-on-quarter rate of final sales in the United States for the fourth quarter
Previous
:
4.50%
Forecast
:
2.60%
Published Value
1.20%
Previous
21:31:31
Preliminary estimate of the annualized quarterly rate of consumer spending in the United States for the fourth quarter
Previous
:
3.50%
Forecast
:
-
Published Value
2.40%
Previous
21:31:31
The preliminary annualized quarterly rate of the core PCE price index in the United States for the fourth quarter
Previous
:
2.90%
Forecast
:
2.60%
Published Value
2.70%
Previous
21:31:29
The annual rate of the core PCE price index in the United States for December
Previous
:
2.80%
Forecast
:
2.80%
Published Value
3%
Previous
21:31:29
The annual rate of the US PCE price index for December
Previous
:
2.80%
Forecast
:
2.90%
Published Value
2.90%
Previous
21:31:28
The monthly rate of the core PCE price index in the United States for December
Previous
:
0.20%
Forecast
:
0.40%
Published Value
0.40%
Previous
21:31:27
The monthly rate of real personal consumption expenditure in the United States in December
Previous
:
0.30%
Forecast
:
0.40%
Published Value
0.10%
Previous
21:31:27
The monthly rate of personal income in the United States in December
Previous
:
0.30%
Forecast
:
0.30%
Published Value
0.30%
Previous
21:31:27
The monthly rate of personal spending in the United States in December
Previous
:
0.40%
Forecast
:
0.40%
Published Value
0.40%
Previous
21:31:16
The annual rate of the core PCE price index in the United States for December
Previous
:
2.80%
Forecast
:
2.80%
Published Value
3%
Previous
21:31:10
The monthly rate of the core PCE price index in the United States for December
Previous
:
0.20%
Forecast
:
0.40%
Published Value
0.40%
Previous
21:31:01
The monthly rate of personal spending in the United States in December
Previous
:
0.40%
Forecast
:
0.40%
Published Value
0.40%
Previous
21:30:50
Preliminary estimate of the annualized quarterly rate of consumer spending in the United States for the fourth quarter
Previous
:
3.50%
Forecast
:
-
Published Value
2.40%
Previous
21:30:45
Canada's raw materials price index monthly rate for January
Previous
:
0.50%
Forecast
:
0.70%
Published Value
7.70%
Previous
21:30:45
The preliminary annualized quarterly rate of the core PCE price index in the United States for the fourth quarter
Previous
:
2.90%
Forecast
:
2.60%
Published Value
2.70%
Previous
21:30:43
The monthly rate of Canada's factory price index for industrial products in January
Previous
:
-0.60%
Forecast
:
0.20%
Published Value
2.70%
Previous
21:30:40
Preliminary reading of the annualized quarterly rate of real GDP in the United States for the fourth quarter
Previous
:
4.40%
Forecast
:
3%
Published Value
1.40%
Previous
21:30:22
The annual rate of Canada's factory price index for industrial products in January
Previous
:
4.90%
Forecast
:
-
Published Value
5.40%
Previous
21:19:28
[Iran Plans to Finalize Draft Agreement Within Three Days, Iran-US Negotiations Enter Textual Stage] ⑴ Iranian Foreign Minister Araqchi stated that Iran has decided to draft a possible agreement for discussion and negotiation on the text in the next round of talks. This statement marks the advancement of the Iran-US dialogue from initial communication to textual negotiation. ⑵ Araqchi pointed out that this is a normal procedure in any international negotiation, and both sides have agreed to follow this path. After approval from higher authorities, Iran will send the draft agreement to the United States and plans to finalize its content within the next three days. ⑶ This development comes against the backdrop of escalating tensions between the US and Iran. Previously, Trump issued an ultimatum to Iran, setting a 10-15 day deadline for an agreement on its nuclear program, or face severe consequences. Meanwhile, reports indicate that the US is weighing the possibility of a preliminary limited strike against Iran. ⑷ Iran's proactive move to advance the draft agreement can be seen as a response to US pressure, while also preserving room for diplomatic options. The final content of the draft and the US reaction will be key observation points for judging the direction of the situation. (5) The next three days will be a critical window of opportunity for the US-Iran standoff. If the draft resolution is successfully finalized and formal negotiations begin, tensions may ease temporarily; however, if the draft resolution fails to meet the core demands of both sides, or if the US refuses to accept it, discussions on military options may escalate again.
21:18:17
[Swap Market Opens with Slight Divergence; Funds Await Direction Ahead of GDP and PCE Data] ⑴ The swap market opened with divergence on Friday, with spreads across maturities fluctuating only slightly, consistent with cautious trading in US Treasuries ahead of key data releases. This week's $30.1 billion supply of investment-grade corporate bonds was successfully absorbed, slightly below the expected lower limit of $30-40 billion, providing a stable foundation for the market. ⑵ Overnight fund flows were extremely thin and directionless, largely seen as position adjustments ahead of the release of Q4 GDP and core PCE data. Absolute yields hovered within a narrow range, the yield curve remained flat, money market rates rose slightly, SOFR futures showed mixed movements, and swap spreads remained largely unchanged overall. ⑶ Swap spreads changed minimally. The 2-year swap was at -18.0 basis points, narrowing by 0.2 basis points from the previous day; the 10-year swap was at -41.5 basis points, widening by 0.3 basis points; and the 30-year swap was at -70.75 basis points, narrowing slightly by 0.05 basis points. The yield curve exhibited a parallel shift, with changes across maturities generally consistent. (4) US Treasury yields declined slightly, and the curve remained parallel. During the Tokyo session, while Japanese bonds rose due to core CPI falling to a two-year low, US Treasuries retreated. Entering London trading, US Treasuries rebounded from their lows, driven by spillover effects from buying European and British bonds. Traders were more focused on geopolitical anxieties stemming from escalating US-Iran tensions than on strong economic data. (5) European bond yields retested recent lows. Stronger-than-expected Eurozone and German PMIs were offset by slower wage growth in the Eurozone, and news of Lagarde's planned completion of her term also provided reassurance to the market. British bonds also declined, with the 5-year yield falling to its lowest level since September 2024. Despite strong UK PMIs and retail sales, the record public sector surplus in January suggested easing pressure on government bond issuance, attracting more market attention. (6) As of press time, the 2-year US Treasury yield was 3.465%, down 0.5 basis points from the previous day; the 10-year yield was 4.067%, down 0.8 basis points; and the 30-year yield was 4.700%, down 0.4 basis points. On the yield curve, the spread between the 2-year and 10-year yields was 60.23 basis points, narrowing by 0.27 basis points from the previous day; the spread between the 5-year and 30-year yields was 106.0 basis points, widening by 0.3 basis points. (7) European stocks and US stock index futures rose slightly, with risk appetite remaining cautious ahead of geopolitical tensions and key data releases. The US-Iran situation pushed oil prices strong, while the dollar and gold remained firm. Spot gold rose 0.7% to $5032.49. The dollar index fell slightly by 0.05% to 97.872, but is on track for its biggest weekly gain since October. Brent crude fell 0.21% to $71.49, but is on track for its first weekly gain in three weeks.
21:10:53
[US Treasury Market Holds Breath Awaiting Iran's Fate; Core PCE May Awaken Bond Markets] ⑴ The macro market is in a stalemate, with all eyes focused on Iran's fate. Latest news indicates that Trump is weighing the possibility of initial limited strikes against Iran to force a nuclear agreement. Without this looming threat to suppress selling, US Treasuries should have risen. However, data risks are accumulating, and today's core PCE data may awaken bond market sentiment. ⑵ The December core PCE may be a key test of inflation expectations. The market expects a 0.3% month-on-month increase, but there is a possibility of an upward surprise. The minutes of the January FOMC meeting showed that Fed staff believed the government shutdown led to an underestimation of inflation data in November and December. If today's data confirms this assessment, it will exacerbate concerns about a renewed acceleration in inflation. ⑶ The Fed's internal assessment of inflation risks has turned hawkish. Most participants warned that the process of inflation falling back to the 2% target may be slower and more uneven than expected, and the risk of inflation remaining persistently above the target cannot be ignored. This statement foreshadows the market reaction should today's data exceed expectations. (4) Tactical positions have been established in advance. The current strategy leans towards shorting at the 10-year yield level of 4.09% and the 2-year yield level of 3.41%, and seeking to further increase positions when yields rebound. The intraday trading range for the 10-year yield is expected to be between 4.05% and 4.09%. (5) A series of data releases are scheduled for Friday. At 21:30 Beijing time, the December personal income and consumption expenditure, as well as the preliminary value of Q4 GDP, will be released. Subsequently, at 21:45, the preliminary values of February manufacturing and services PMI will be released, and at 22:00, the delayed release of November and December new home sales, as well as the final value of February University of Michigan consumer sentiment, will be revealed. (6) Optimistic GDP data expectations. The market consensus is for an annualized quarter-on-quarter growth of 3.0% in Q4, with the New York Fed model predicting 2.71%, while the Atlanta Fed model has lowered its forecast from 5.4% to 3.7%. Net exports and personal consumption are expected to be the main contributors. The core PCE deflator is expected to rise at an annualized rate of about 2.4%, with a year-on-year growth rate of 2.8%, slightly lower than the latest FOMC forecast of 3.0%. (7) Consumption data shows a K-shaped divergence. Income is expected to grow 0.3% month-on-month, while spending is expected to grow 0.4%. High-income households continue to support consumption, while low-income households are cutting back on spending. The three-month annualized rate of core PCE has fallen to 2.3%, and the six-month average has declined to 2.6%, indicating that inflation is slowly cooling. (8) Consumer confidence unexpectedly rebounded. The preliminary February figure showed the confidence index rising to 57.3, and the one-year inflation expectation fell from 4.0% to 3.5%, the lowest since January 2025. Market expectations for the final figure are largely in line with the preliminary figure, with only the current conditions index potentially undergoing a slight adjustment. (9) The delayed housing data will finally be released. The November and December new home sales data will be released together, with the market expecting 730,000 units in December. Despite a sharp 9.3% drop in the pending home sales index in December, analysts still expect new home sales to perform well.
21:09:39
[France's 2026 Budget Finalized: Deficit Target Raised, But Defense Spending Surges] ⑴ The French government officially announced its 2026 national budget on Friday, concluding four months of parliamentary debate. Commentators believe this signifies a period of relative stability for the government led by Prime Minister Le Corny, laying the foundation for future policy implementation. ⑵ The deficit target has been relaxed somewhat from the initial estimate. According to the final target, France's public finance deficit rate in 2026 will be controlled at around 5%, higher than the government's initial target of 4.7%, but lower than the 5.4% in 2025. This adjustment reflects the trade-off between economic growth expectations and fiscal consolidation. ⑶ Cutting public spending remains the main theme of the budget. While overall spending is tightened, defense spending receives special consideration, increasing by €6.5 billion. This structural change is closely related to the current geopolitical environment, with a significant increase in the priority of the defense budget. ⑷ Tax policy remains generally stable. The government emphasizes maintaining the existing tax framework, but the final plan includes several new tax provisions compared to the initial version. These new taxes may trigger discontent among businesses, creating potential points of contention for the subsequent implementation of the budget. (5) The finalization of the budget has given the government policy space, but challenges at the implementation level remain. A continued balance needs to be struck between the relaxation of the deficit target and the rigid increase in defense spending, and the business community's reaction to the new taxes will also affect economic vitality and investment confidence.
21:02:57
The revised monthly rate of building permits in the United States for December
Previous
:
-0.20%
Forecast
:
-
Published Value
4.80%
Previous
21:02:54
The revised annualized total number of building permits in the United States for December
Previous
:
141.20
Forecast
:
-
Published Value
145.50
Previous
20:55:35
[Inflation Target Deviation Reveals: Which ECB Presidents Best Met the Mission of Price Stability?] ⑴ Which ECB president has been best at safeguarding price stability? Using the deviation from the inflation target as a benchmark, the answer may differ from common market perception. Based on calculations of the difference between the Eurozone HICP's monthly year-on-year data and the central bank's inflation target, the first president, Wim de Isenberg, had the best performance, while the current president, Christine Lagarde, has the worst record. ⑵ The ECB's definition of price stability has evolved three times. From its inception until May 2003, the target was an inflation rate below 2%. From then until July 2021, it was adjusted to below but close to 2%, which the market generally interprets as around 1.8%. After July 2021, the target was officially established as a symmetrical 2%. ⑶ Calculating monthly deviations based on the targets for each period, de Isenberg's term showed the smallest average deviation. For most of his term, inflation data met the requirement of being below the 2% target, providing a structural advantage to his record. (4) The average deviation during Lagarde's term was the most significant, even comparable to the impact of the inflation peak three years ago. This deviation is more than double the current inflation target. The main reason is that after inflation exceeded 2% in July 2021, the ECB Governing Council waited a full year before raising the policy rate from negative territory. (5) The performance of Jean-Claude Trichet and Mario Draghi's terms falls somewhere in between. Although the 16% appreciation of the euro during Trichet's term is considered by some market observers as the best indication of a president's leadership, from the perspective of the price stability mandate, his deviation from the inflation target was not optimal. (6) It should be noted that monetary policy is formulated jointly by the entire Governing Council, and attributing inflation deviation entirely to any one president is biased. However, this calculation does provide a unique quantitative perspective for assessing the policy outcomes during the terms of previous presidents.
20:54:45
[Gold Prices Rebound Above $5,000, Driven by Declining European Bond Yields and US-Iran Tensions] ⑴ International gold prices continued their upward trend on Friday, with spot gold rising 0.5% to $5,021.31, poised for a 0.4% weekly gain. New York gold futures also strengthened, with the April contract rising 0.9% to $5,040.10. The combination of geopolitical risks and interest rate expectations continues to support gold. ⑵ The escalating US-Iran tensions remain the core driver of short-term gold prices. Trump issued an ultimatum to Iran on Thursday, setting a 10-15 day deadline for an agreement on its nuclear program, or face dire consequences. This statement has pushed the Middle East situation to a new critical point. ⑶ The simultaneous decline in European bond yields has reduced the opportunity cost of holding gold. Analysts at a quantitative commodities research firm pointed out that higher long-term European bond prices mean lower yields, which enhances the attractiveness of gold in terms of pricing. Eurozone government bond yields have fallen for the second consecutive week. (4) Market speculation about the leadership of the European Central Bank exacerbated bond market volatility, while geopolitical tensions amplified safe-haven demand. These two factors combined to increase the relative value of euro-denominated gold. (5) Investors are awaiting upcoming US inflation data to assess the outlook for Federal Reserve monetary policy. Personal consumption expenditure data, a preferred inflation indicator by the Fed, will influence expectations regarding the interest rate path. Ahead of the data release, gold is maintaining a high level of fluctuation amidst a confluence of factors.
20:22:10
India's infrastructure output year-on-year rate in January
Previous
:
3.70%
Forecast
:
-
Published Value
4%
Previous
19:41:50
[Japanese Bond Market Quietly Recovers, Overseas Funds Take Advantage of the Plunge to Buy] ⑴ Japanese government bonds strengthened across the board on Friday, with the 10-year spot bond yield falling 3.5 basis points to 2.105%, a new low since January 9. The futures market performed even stronger, with the main contract surging to an intraday high of 132.81. Market participants pointed out that the current rise is partly due to the weakening of selling momentum. ⑵ Last month's sharp sell-off was triggered by tax cut promises, but Prime Minister Sanae Takaichi now seems to be intentionally avoiding triggering another bond market turmoil. It is worth noting that, according to the latest data from the Japan Securities Industry Association, overseas accounts and large banks did not amplify fiscal concerns during last month's yield surge, but instead viewed it as a golden buying opportunity. ⑶ Overseas funds showed a net buying trend across the board in January. Data shows that foreign investors made net purchases of 2.17 trillion yen in ultra-long-term government bonds, the largest scale since April last year; net purchases of long-term government bonds were 1.59 trillion yen, and net purchases of medium-term government bonds were 2.27 trillion yen. Large banks also net bought 1.33 trillion yen of long-term government bonds, but were net sellers of medium-term government bonds for the third consecutive month. (4) Insurance institutions and regional banks chose to operate in the opposite direction, becoming net sellers of ultra-long-term government bonds. This divergence reflects significant differences in how different investors assess duration risk and yield levels. (5) In today's market, the selling of 20-year government bonds from the central public account was successfully absorbed in the morning, indicating strong market demand. In the afternoon, older bonds with maturities of 14 to 18 years received buying support, with the yield on JL184, maturing in March 2043, falling by 7 basis points from the previous day. (6) Liquidity factors amplified price volatility in some periods. The trading volume of the new 10-year bond JB381 was only 8 billion yen in the morning. Traders said that its yield falling below 2.10% reflected more the price amplification effect under sparse trading than a trend breakout. Subsequently, the yield rebounded and remained above 2.10%. (7) The interest rate market's pricing of the Bank of Japan's policy remained stable. The probability of an interest rate hike at the March meeting remained at 12.5%, while the probability of an interest rate hike at the April meeting rose to 69.5%, a slight increase from the previous day. The Nikkei 225 index fell 642 points, or 1.12%, to close at 56,825. The yen exchange rate remained around 155.17.
19:32:36
India's foreign exchange reserves for the week ending February 9
Previous
:
7237.70
Forecast
:
-
Published Value
7257.30
Previous