Financial Markets Daily Report23 February 2026
The US Supreme Court struck down the Trump administration’s global tariffs, ruling that Trump had exceeded his legal authority. In response, he said he would invoke alternative legislation to levy tariffs and announced a blanket 15% tariff on imports from all other countries.
In markets, the week ended with equities closing higher. In the US, the ruling overshadowed the weaker-than-expected Q4 2025 GDP print, which came in at 1.4% annualised QoQ (vs 4.4% previously). US Treasury yields edged slightly higher. In the euro area, stronger business activity data (PMIs) supported a decline in yields.
Brent crude remained above USD 71 per barrel amid rising tensions between Iran and the US. Gold prices climbed back above USD 5,000 per ounce.