Financial Markets Daily Report
20 febrer 2026
Caution prevailed in yesterday’s session amid the escalation of tensions in the Middle East. Equity markets paused their recovery, while sovereign yield curves saw no material moves. The US dollar strengthened to a four‑month high against the euro.
Oil prices continued to trend higher, reaching their highest levels since August. Natural gas prices also moved up, driven by concerns over a potential conflict in the Strait of Hormuz through which 20% of global energy trade passes.
Today, attention will focus on the release of preliminary PMI data in the euro area. In the US, 4Q2025 GDP figures will also be published (consensus: 2.8% annualised QoQ vs. 4.4% previously), alongside December PCE data (2.8% yoy expected). In addition, the Supreme Court is expected to deliver its ruling on the legality of the tariffs imposed by Trump.