Markets Navigate Mixed Data and Strong Commodity Gains (February 16 – 20, 2026, Recap)

Last week, global markets navigated a busy economic calendar featuring important labor market data, inflation updates, and PMI releases across major economies. These reports provided fresh insight into growth trends, price pressures, and business activity, driving measured reactions across currency markets. Meanwhile, commodities, equity indices, and individual stocks recorded notable movements, with investor sentiment also shaped by a series of closely watched corporate earnings releases.

Major Economic Indicators and Events in Review

Tuesday, February 17

09:00 am – UK: Claimant Count Change (GBP)

The UK’s seasonally adjusted claimant count stood at 1.69 million in January 2026. This was up by 28,600 from the previous month but 29,800 lower than a year earlier. Despite the annual decline, the figure remains significantly elevated, sitting 460,900 above the March 2020 level of 1.23 million, recorded before the coronavirus pandemic disrupted the UK labor market.

The GBPUSD declined by 0.5% on the day.

15:30 – Canada: CPI m/m (CAD)

Inflation eased slightly in January, with consumer prices rising 2.3% compared with a year ago, down from 2.4% in December. Lower gasoline prices were the main factor behind the slowdown. Excluding gasoline, price growth remained steady at 3.0%. Core inflation, which excludes food and energy, edged down to 2.4%. Overall prices were unchanged from the previous month, or up 0.1% on a seasonally adjusted basis.

The USDCAD edged higher by 0.02% compared to the previous day.

Wednesday, February 18

03:00 am – New Zealand: Official Cash Rate (NZD)

The Reserve Bank of New Zealand held the OCR at 2.25%, noting that inflation is easing back toward the target range as the economy continues its early-stage recovery.

The NZDUSD fell by 1.37% on the day.

Thursday, February 19

02:30 am – Australia: Employment Change (AUD)

Australia’s labor market showed modest improvement in January 2026, with employment rising by 24,700 people while the unemployment rate edged down to 4.1%. Hours worked also increased, indicating slightly stronger labor demand.

The AUDUSD ticked lower 0.20% on the day.

15:30 – USA: Unemployment Claims (USD)

In the week ending February 14, initial jobless claims declined to 206,000, indicating a modest easing in layoffs. The insured unemployment rate remained at 1.2%, while continuing claims rose slightly to 1.87 million.

The EURUSD edged down 0.12% on the day.

Friday, February 20

10:30 am – Germany: Flash PMI (EUR)

Germany’s business activity strengthened in February, with the Composite PMI at 53.1, the Services PMI at 53.4, and the Manufacturing PMI rising to 50.7, signaling a return to expansion.

The EURUSD increased 0.15% from the previous day.

11:30 am – UK: Flash PMI (GBP)

UK private sector growth strengthened in February, with the Composite PMI rising to 53.9, driven by a surge in manufacturing output. However, employment continued to decline, highlighting ongoing labor market weakness.

The GBPUSD ticked higher by 0.22% on the day.

15:30 – USA: Core PCE Price Index m/m (USD)

In December, the PCE price index rose 0.4% from the previous month, with the core measure excluding food and energy increasing by the same amount. On an annual basis, headline PCE inflation reached 2.9%, while core PCE stood slightly higher at 3.0%.

The USDCAD fell by 0.08% from the previous day.

16:45 – USA: Flash Manufacturing PMI (USD)

US business growth slowed in February, with the Composite PMI at 52.3, while both the Services PMI (52.3) and Manufacturing PMI (51.2) signaled weaker but continued expansion.

The USDJPY ticked lower 0.02% on the day.

Commodities

1. Crude Oil
   Crude oil prices increased by 5.57% over the past week
2. Brent Oil
   Brent was up 5.86% compared to the previous week
3. Gold
   The precious metal Gold (XAUUSD) concluded the week on Friday with a 1.21% weekly increase
4. Silver
   XAGUSD increased by 9.26% from last week

Crude oil prices increased by 5.57% over the past week

Stock Market

1. S&P 500 increased by 1.20%
2. DJIA was up 0.38%
3. NASDAQ 100 increased by 1.28%

Top Gainers

1. Rackspace Technology, Inc. (RXT) 299.81%
2. Sensei Biotherapeutics, Inc. (SNSE) 268.54%
3. Neo-Concept International Group Holdings Limited (NCI) 148.95%

Top Losers

1. JIADE Limited (JDZG) -95.21%
2. Blue Hat Interactive Entertainment Technology (BHAT) -80.52%
3. SMJ International Holdings Inc. (SMJF) -75.47%

Company Earnings (February 16– 20)

Tuesday, February 17: PANW (Palo Alto Networks, Inc.)

Wednesday, February 18: EBAY (eBay Inc.)

Thursday, February 19: WMT (Walmart Inc.)

Palo Alto Networks delivered solid earnings growth alongside its revenue gains. In the fiscal second quarter of 2026, earnings per share came in at $0.61 on a GAAP basis, up from $0.38 a year earlier. On an adjusted (non-GAAP) basis, EPS rose to $1.03 from $0.81. The results, combined with a strong outlook, indicate continued business momentum and improving profitability.

PANW shares fell by 10.93% from the previous week.

eBay reported stronger-than-expected fourth-quarter results, with revenue reaching $2.97 billion and adjusted earnings of $1.41 per share, both above forecasts. The company also issued upbeat guidance for the first quarter, signaling continued business momentum.

EBAY shares rose 6.91% compared to the previous week.

Walmart reported solid holiday-quarter performance, with revenue and earnings slightly beating expectations and sales rising nearly 6% from a year earlier. Strong e-commerce growth and gains among higher-income shoppers supported results, but the company’s full-year earnings outlook fell below Wall Street forecasts, tempering investor enthusiasm.

WMT shares fell by 8.14% the previous week.

Conclusion

Overall, last week’s data painted a mixed but generally stable picture of the global economy. Business activity indicators pointed to resilience in several regions, while inflation trends remained contained and labor market signals were varied. Financial markets reacted cautiously, with modest currency fluctuations and broad gains in major equity indices. Commodity prices showed renewed strength, particularly in energy and precious metals. As markets move forward, investors will continue to assess whether growth momentum can be sustained alongside evolving inflation and policy expectations.