Week ending Sunday, February 15, 2026. Market snapshot: Friday close / latest reported prices as of Feb 13.
Commodities steadied this week after a period of sharp volatility. Across Asia, policy changes and tourism trends gave the clearest signals about the real economy. Spot gold rose to $4,966.83 per ounce and spot silver to $76.76 per ounce, as bargain hunters stepped in after heavy selling and traders adjusted their expectations for rate cuts following strong U.S. labor data. Brent crude was set for a second weekly drop, last at about $67.55 per barrel, with WTI at $62.85 per barrel. Prices fell as the risk premium from Iran faded, concerns about oversupply returned, and the IEA pointed to weaker demand growth. LME copper was up at $12,957 per ton but still headed for a small weekly loss. Meanwhile, Shanghai copper dropped to 100,660 yuan per ton as liquidity dried up before China’s long Lunar New Year break starting February 15. This regular holiday often makes short-term price signals less clear.
Japan’s main story this week was not about commodities, but about tourism and fiscal policy after the election. In 2025, Japan welcomed a record 42.7 million visitors who spent 9.5 trillion yen, underscoring strong demand for services, even though travel from China remained uneven. Prime Minister Sanae Takaichi repeated her promise to suspend the sales and consumption tax on food. Investors are watching this for what it means for government funding and the bond market, not just as a political statement. The yen had its best week in almost 15 months, rising nearly 3% against the dollar, as investors saw the election and government messaging as reducing, not increasing, fiscal risks. However, this does not mean the food tax will be gone right away. The pledge is in place, but the funding details are still being worked out.
Elsewhere in Asia, Singapore delivered a straightforward, market-focused signal. PM Lawrence Wong’s Budget 2026 cast AI and defence spending as key to resilience, announced a new National AI Council chaired by Wong, and projected an FY2026 surplus of S$8.5bn (about 1% of GDP). The trade ministry also nudged its 2026 growth outlook up to 2–4%, which is a notably pro‑cyclical stance for a small, open trade hub in a fragmenting global economy.
China focused more on keeping markets stable. Regulators increased oversight to encourage a gradual rise in the market and to limit speculation. This approach can reduce short-term risk-taking, even if the economic data is not particularly weak.
In South Korea, concerns about financial conduct returned to the spotlight. Regulators warned of strict penalties for banks involved in misconduct related to structured products linked to Hong Kong. These actions are important not only for bank profits, but also because they show the risks households face and the trend toward tighter regulation.
India stayed focused on macro and market plumbing. A large bond-switch operation and the first inflation reading under a revised CPI series (January at 2.75%) both point to active debt management and an improving data framework—useful context for global rates investors at a time when India is ramping up borrowing to record levels.
Overall, Week 7 seemed more like a reset than a major shift. Commodities stabilized, and Asian policy signals moved from broad statements to real action. The next big driver will be new data, especially inflation figures, which will either support or challenge the market’s current confidence in mid-2026 rate cuts.
Independent strategic perspectives and Nordic Fund Signal for readers navigating global economic uncertainty.
