Please upgrade your browser

We take your security very seriously. In order to protect you and our systems, we are making changes to all HSBC websites that means some of the oldest web browser versions will no longer be able to access these sites. Generally, the latest versions of a browser (like Edge, Chrome, Safari, etc.) and an operating system family (like Microsoft Windows, MacOS) have the most up-to-date security features.

If you are seeing this message, we have detected that you are using an older, unsupported browser.

See how to update your browser

Monthly Market Update February 2026

19 February 2026
    Economy and Markets
    Download the full reportPDF, 7.68MB

    Broadening Out in 2026

    • We expect a “role reversal” this year in areas of the macro, policy, and market environment, with US exceptionalism fading, and growth converging in the west. Global market performance will be dependent on profits growth
    • The new year rally concentrated in Asia and other emerging markets shows a “broadening out” of market leadership amid better EM corporate profits. EMs also look to be structurally safer and less volatile
    • With government bonds potentially less reliable as a portfolio hedge, investors should manage volatility by seeking to “diversify the diversifiers” with bond substitutes like hedge funds and private markets

    This commentary provides a high-level overview of the recent economic environment and is for information purposes only. It is a marketing communication and does not constitute investment advice or a recommendation to any reader of this content to buy or sell investments; nor should it be regarded as investment research. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

    Related articles

    Back to top