Inflation Steady, Commodities Surge, and AI Earnings Take Center Stage (February 23 – 27, 2026, Recap)

This week was packed with important economic data and major corporate earnings, offering fresh insight into inflation trends, labor market conditions, economic growth, and commodity movements. Australia’s inflation remained steady, US oil stockpiles surged, and American producer prices showed persistent underlying pressure. In North America, US jobless claims suggested a stable labor market, while Canada’s economy posted modest monthly growth.

At the same time, commodities saw strong gains—particularly gold and silver—while US equity indices ended the week lower overall. Earnings from major technology companies, including HP, Nvidia, and Dell, highlighted continued strength in AI and enterprise demand, though stock reactions were mixed.

Overall, the week reflected resilient economic activity, steady inflation pressures, and selective strength in both commodities and corporate performance.

Major Economic Indicators and Events in Review

Wednesday, February 25

02:30 am -Australia: CPI y/y (AUD)

In the year to January 2026, consumer prices rose by 3.8%, the same annual increase recorded in December 2025. The main drivers of inflation were higher housing costs, which jumped 6.8%, along with increases in food and non-alcoholic beverages (up 3.1%) and recreation and culture (up 3.7%). A closely watched measure of underlying inflation, known as the trimmed mean, edged up slightly to 3.4% from 3.3% the month before, suggesting price pressures remain steady. On a monthly basis, prices increased by 0.4% in January, or 0.5% after adjusting for normal seasonal changes.

The AUDUSD rose 0.85% on the day.

17:30 – USA: Crude Oil Inventories (USD)

US refineries slowed down slightly last week, processing less crude oil and running at about 89% of capacity. Gasoline and diesel production both declined, while crude oil imports increased. Meanwhile, stockpiles jumped sharply, with commercial crude oil inventories rising by 16 million barrels, though they remain about 3% below the five-year average.

Crude Oil fell by 1.3% on the day.

Thursday, February 26

15:30 – USA: Unemployment Claims (USD)

New unemployment claims rose slightly to 212,000 last week, up 4,000 from the week before, showing a small increase in layoffs. The four-week average, which smooths out weekly swings, also edged higher. Meanwhile, the unemployment rate for people already receiving benefits stayed unchanged at 1.2%. The total number of people continuing to claim unemployment benefits fell to about 1.83 million, suggesting the job market remains relatively stable overall.

EURUSD edged 0.04% lower on the day.

Friday, February 27

15:30 – Canada: GDP m/m (CAD)

The economy grew slightly in December, with real GDP rising by 0.2%. Growth came from both the services and goods sectors. Services expanded by 0.2%, mainly helped by stronger wholesale trade, government-related activity, and transportation and warehousing. Goods-producing industries also rose 0.2%, supported by gains in manufacturing and utilities. Overall, more than half of the major industry sectors saw growth during the month.

The USDCAD dropped 0.29% on the day.

15:30 – USA: PPI m/m (USD)

Wholesale prices rose by 0.5% in January, following smaller increases in the previous two months. Compared with a year ago, producer prices are up 2.9%. The January rise was mainly driven by higher prices for services, which jumped 0.8%, while goods prices actually fell 0.3%. A core measure of producer prices, which excludes food, energy, and trade services, increased 0.3% for the month and is up 3.4% compared with a year earlier, showing underlying price pressures remain steady.

EURUSD increased by 0.12% on the day.

Commodities

1. Crude Oil
   • Crude oil prices increased by 1.48% over the past week
2. Brent Oil
   • Brent was up 2.11% compared to the previous week
3. Gold
   • The precious metal Gold (XAUUSD) concluded the week on Friday with a 3.45% weekly increase
4. Silver
   • XAGUSD increased by 10.84% from last week

Stock Market

1. S&P 500 decreased by 0.66%
2. DJIA was down 1.57%
3. NASDAQ 100 decreased by 0.42%

Top Gainers

1. XWELL, Inc. (XWEL) 292.31%
2. Edesa Biotech, Inc. (EDSA) 175.00%
3. Avalon GloboCare Corp. (ALBT) 172.84%

Top Losers

1. Quhuo Limited (QH) -85.58%
2. Li Bang International Corporation Inc. (LBGJ) -82.16%
3. Gossamer Bio, Inc. (GOSS) -80.05%

Company Earnings (February 23– 27)

Tuesday, February 24: HPQ (HP Inc.)

Wednesday, February 25: NVDA (NVIDIA Corporation)

Thursday, February 26: DELL (Dell Technologies Inc.)

On February 24, 2026, HP Inc. reported first-quarter revenue of $14.4 billion, up 6.9% from a year earlier, driven by strong PC sales. Earnings per share (EPS) came in at $0.58 on a GAAP basis, slightly lower than last year, while adjusted (non-GAAP) EPS rose to $0.81 from $0.74, beating expectations. The company said it remains cautious about the rest of the year due to rising costs but is sticking to its full-year outlook.

HPQ shares gained 2.15% over the past week.

On February 25, 2026, Nvidia reported strong quarterly results, beating expectations as the AI boom continued to drive growth. Revenue jumped 73% from a year earlier to $68.1 billion, while adjusted earnings per share (EPS) came in at $1.62, above forecasts. Growth was fueled by a 75% surge in data center revenue to $62.3 billion, as demand for AI chips remained strong. The company also issued better-than-expected guidance for the next quarter, signaling continued momentum.

Despite the strong results, NVIDIA shares were down 6.65% on the week.

Dell Technologies reported record fourth-quarter revenue of $33.4 billion, helping the company achieve its highest annual revenue ever. It also generated a record $11 billion in cash flow for the year and returned $7.5 billion to shareholders. Looking ahead, Dell expects strong growth to continue, forecasting about $140 billion in revenue for fiscal 2027 and aiming for 25% growth in earnings per share (EPS).

DELL shares surged 21.11% over the past week.

Conclusion

Overall, the week highlighted a global economy that remains resilient but still faces pockets of inflationary pressure and market volatility. Inflation data suggests price pressures are steady rather than accelerating, labor markets remain relatively stable, and growth continues at a modest pace in North America. Commodities—particularly precious metals—attracted strong buying interest, while equity markets showed caution despite solid corporate earnings in the technology sector.

Looking ahead, investors will continue to monitor inflation trends, central bank expectations, and the sustainability of AI-driven corporate growth as key drivers of market direction.