{"id":27954,"date":"2026-02-23T17:05:01","date_gmt":"2026-02-23T16:05:01","guid":{"rendered":"https:\/\/www.bordier.com\/?p=27954"},"modified":"2026-03-09T16:53:09","modified_gmt":"2026-03-09T15:53:09","slug":"monday-report-en-23022026","status":"publish","type":"post","link":"https:\/\/www.bordier.com\/fr\/monday-report-en-23022026\/","title":{"rendered":"Monday Report"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n <iframe title=\"Monday Report of 23 February 2026\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/1JSF0qHKa6M?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Economy<\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Statistics published in the United States were once again mixed. Among the positive surprises were a smaller-than-expected contraction in durable goods orders (-1.4% m\/m vs. -2% est.) in December and stronger industrial production growth (+0.7% m\/m vs. +0.4% est.) in January. On the other hand, manufacturing PMIs (from 52.4 to 51.2 vs. 52.4 est.) and services PMIs (from 52.7 to 52.3 vs. 53.1 est.) disappointed in January. The disappointment in Q4 GDP growth (+1.4% q\/q vs +2.8% q\/q) should be put into perspective: it is attributable to the shutdown, and consumption remains resilient. December PCE inflation (+0.4% m\/m vs +0.3% est.; +2.9% y\/y vs +2.8% est.) was higher than expected. In the eurozone, manufacturing PMI (from 49.5 to 50.8 vs. 50 est.) and services PMI (from 51.6 to 51.8 vs. 51.9 est.) rose in January and are both in expansionary territory (>50).<\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Artificial Intelligence<\/h2>\n\n\n\n<p>The major players in AI are reviewing their strategy on OpenAI: Nvidia is abandoning the $100 billion deal, focused on infrastructure, in favour of a direct investment of ~$30 billion in a global fundraising round expected to exceed $100 billion, valuing OpenAI at $730\u2013850 billion: perhaps a sign of the risks associated with AI.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-1.jpg\" alt=\"\" class=\"wp-image-4375\" style=\"object-fit:cover\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Markets<\/h2>\n\n\n\n<p>Against this backdrop and despite a volatile week, equities (US +1.1%, Europe +2.1%, Switzerland +1.9%, emerging markets +0.8%) outperformed corporate bonds (+0.1%) and sovereign bonds (US -0.2%, Europe +0.2%). Gold (+1.2%) continued its recovery despite the rise in the dollar (+0.9%), and oil (+6%) tightened on the Iran issue. This week, we will be monitoring: house prices (FHFA and S&amp;P Cotality), consumer confidence, the producer price index and developments in Iran and US customs duties; EC confidence indices (economy, industry and services) and new registrations in the eurozone; 1- and 5-year borrowing rates in China.<\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Swiss Market<\/h2>\n\n\n\n<p>Coming up this week: January production-import price index (FSO), Q4 employment barometer (FSO), February economic barometer (KOF) and Q4 GDP (Seco).The following companies will publish their figures: Belimo, Dormakaba, Oerlikon, PSP, Temenos, Alcon, Adecco, Georg Fischer, Bystronic, Sulzer, Feintool, Rieter, Calida, Clariant, Emmi, Idorsia, Kudelski, Zehnder, Holcim, VZ Holding and Swiss Re.<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-2.jpg\" alt=\"\" class=\"wp-image-4383\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Equities<\/h2>\n\n\n\n<p><strong>FREEPORT-MCMORAN<\/strong> (Satellite): after years of negotiations, the company announced that it had reached an agreement with the Indonesian government to extend its mining rights at the Grasberg site from 2041 until the end of the resource\u2019s life, in exchange for the transfer of a c. 12% stake to the government in 2041. Freeport will hold approximately 37% of the shares at that time. This is positive news.<\/p>\n\n\n\n<p><strong>NOVARTIS <\/strong>joins our Core Holding Europe list: revenue growth of 5-6% per annum between now and 2030 is achievable with the ramp-up and future indication extensions of recently launched therapies. The next challenge will be managing the expiry of the Kisqali and Kesimpta patents in 2031-32, to which the clinical data expected in H2 will provide an initial response. The pipeline, with eight molecules that could be launched by the end of the decade if successful, offers potential for an upward revision of the consensus.<\/p>\n\n\n\n<p>Electricity provider NRG ENERGY, which operates mainly in Texas and the North-East, is included in our US Satellite list to capitalise on the \u201cpower demand supercycle\u201d theme, LS Power\u2019s ongoing strategic accretion acquisition drive and the stock\u2019s discount vs its peers.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<p><br><\/p>\n\n\n\n<div class=\"wp-block-group boxed background-light\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\">Bonds<\/h2>\n\n\n\n<p>In the US, PCE came in slightly above expectations (0.4% vs. 0.3% expected) and Q4 GDP disappointed at 1.4% vs. 2.8% expected. The terminal rate stood at 3.08% (+5bp) on Friday, while the 2-year and 10-year rates ended up 7bp and 4bp respectively. In Europe, the good news came from German PMIs, which point to positive business momentum (composite at 53.1 vs. 52.3 consensus). EU rates were slightly down over the week (10-year Bund -4bp\/BTP -2bp). In credit, HY spreads narrowed (EU -5bp\/US -9bp).<\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full wider offeset-top\"><img alt=\"\" decoding=\"async\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2024\/09\/image-3.jpg\" alt=\"\" class=\"wp-image-4388\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Sentiment of traders<\/h3>\n\n\n\n<p><strong>Stock markets<\/strong><\/p>\n\n\n\n<p>Markets opened mixed after the weekend\u2019s US tariff wrangling. All eyes will be on Nvidia\u2019s figures on Wednesday, while on the macro front we will have US durable goods orders and PPI, and in the eurozone CPI and consumer confidence will be published. The ongoing US\/Iran negotiations could lead to volatility.<\/p>\n\n\n\n<p><strong>Currencies<\/strong><\/p>\n\n\n\n<p>Uncertainty is back this week, with the twists and turns on US tariffs adding to the growing threat of an attack on Iran. The dollar is consolidating this morning at $\/CHF 0.7728, sup. 0.7670, res. 0.78. The single currency has managed to climb to 1.1815, but a break above \u20ac\/$ 1.1865 is needed to sustain this rise, otherwise a test of the 1.1740 level is likely. The pound is trending downwards at \u00a3\/$ 1.3515 and \u00a3\/CHF 1.0450. Gold is up sharply at $5,126\/oz.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Today\u2019s graph<\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\"><img alt=\"\" fetchpriority=\"high\" decoding=\"async\" width=\"717\" height=\"433\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/graphPourSite-3.jpg\" alt=\"\" class=\"wp-image-27982\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/graphPourSite-3.jpg 717w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/graphPourSite-3-300x181.jpg 300w\" sizes=\"(max-width: 717px) 100vw, 717px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Performances<\/h4>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img alt=\"\" decoding=\"async\" width=\"831\" height=\"513\" src=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/perfANG-pour-site-3.jpg\" alt=\"\" class=\"wp-image-28003\" style=\"aspect-ratio:1.721387018759396;width:710px;height:auto\" srcset=\"https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/perfANG-pour-site-3.jpg 831w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/perfANG-pour-site-3-300x185.jpg 300w, https:\/\/www.bordier.com\/wp-content\/uploads\/2026\/02\/perfANG-pour-site-3-768x474.jpg 768w\" sizes=\"(max-width: 831px) 100vw, 831px\" \/><\/figure>\n\n\n\n<p class=\"has-small-font-size\">This document has been issued for information purposes and is exclusively supplied by Bordier &amp; Cie SCmA in the framework of an existing contractual relationship with the recipient of this document. The views and opinions contained in it are those of Bordier &amp; Cie SCmA. Its contents may not be reproduced or redistributed by unauthorized persons. The user will be held liable for any unauthorized reproduction or circulation of this document, which may give rise to legal proceedings. All the information contained in it is provided for information only and should in no way be taken as investment, legal or tax advice provided to third parties. Furthermore, it is emphasized that the provisions of our legal information page are fully applicable to this document and namely provisions concerning the restrictions arising from different national laws and regulations. Consequently, Bordier Bank does namely not provide any investment services or advice to \u201cUS persons\u201d as defined by the Securities and Exchange Commission rules. Furthermore, the information on our website \u2013 including the present document \u2013 is by no mean directed to such persons or entities.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Read the latest weekly report on the financial sectors and financial market, by Bordier Switzerland<\/p>\n","protected":false},"author":28,"featured_media":15637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[19,134],"tags":[132],"news_country":[13],"news_language":[38],"class_list":["post-27954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","category-monday-report","tag-monday-report","news_country-switzerland","news_language-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/27954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/comments?post=27954"}],"version-history":[{"count":2,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/27954\/revisions"}],"predecessor-version":[{"id":28004,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/posts\/27954\/revisions\/28004"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media\/15637"}],"wp:attachment":[{"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/media?parent=27954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/categories?post=27954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/tags?post=27954"},{"taxonomy":"news_country","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_country?post=27954"},{"taxonomy":"news_language","embeddable":true,"href":"https:\/\/www.bordier.com\/fr\/wp-json\/wp\/v2\/news_language?post=27954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}