February 21, 2026 12:06 AM GMT Global Macro Commentary | North America February 20: IEEPA Tariffs Struck Down US Supreme Court overturns IEEPA tariffs; US announces 10% global tariffs instead; modest US rates sell-off amid fiscal concerns, supported by risk-on rotation; soft US 4Q GDP and strong PCE; soft Japan inflation; tariff-exposed EM currencies rally; DXY at 97.8 (-0.1%); US 10y at 4.08 (+1.5bp). | M February 20: IEEPA Tariffs | Strategist Bradley.Tian@morganstanley.com | | | --- | --- | --- | | | | U ...

February 20, 2026 11:38 PM GMT US Rates Strategy | North America To Refund, or Not to Refund The Supreme Court invalidated the administration's IEEPA tariff authority, without a refund ruling. With other authorities enacted, revenue and deficit expectations should see little change. We think refund enforcement – far from a certainty – poses no major risk to financing needs; stay long 2y spreads. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, inve ...

18 February 2026 | 7:52PM EST Commodities Research OIL ANALYST Sanctioned Crude at Sea Means Scarcity on Land Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Filippo Cuscito +44(20)7051-9073 | filippo.cuscito@gs.com Goldman Sachs International Alexandra Paulus +1(212)902-7111 | alexandra.paulus@gs.com Goldman Sachs & Co. LLC Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in maki ...

February 23, 2026 05:58 AM GMT The Oil Manual | Europe Iran Scenarios Oil is rallying on risk, not tightness: physical signals eased as options skew surged. We map four Iran scenarios—from premium unwind to transit impairment—and keep our base case for Brent drifting toward ~$60 as risk premia fade and balances soften. Key Takeaways Exhibit 1: Freight have surged, partly due to rising Middle East tensions | M February 23, 2026 05:58 AM GMT | | Idea | | --- | --- | --- | | The Oil Manual Europe | Morgan Stan ...

Source: Goldman Sachs Global Investment Research n Lunar New Year observations: The Lunar New Year holiday (February 15-23) continues in mainland China. According to data from the Ministry of Commerce, during the first four days of the holiday, average daily retail sales increased notably year-over-year, although the longer holiday this year (9 days) vs. last year (8 days) may have played a role. In the first three days, foot traffic and sales in 78 key business districts rose by 4-5% yoy. Separately, the f ...

February 24, 2026 01:08 AM GMT 亚洲经济研究 | Asia Pacific M Idea 观点：短期关税波动，但非科 技出口复苏趋势未改 亚洲关税下调了3个百分点。尽管这一降幅可能是暂时的，但 关税水平很可能已经见顶，相关贸易协议也大概率会继续维 持。叠加非科技出口基本面改善，这有助于推动复苏进一步 扩散。 要点 This translated report is made available for convenience only and is based on the original research report published in English. In the event of any discrepancy between the translation and the original research report, the content in the original research report will prevail. The original research report can be found here: Asia Economics ...

February 23, 2026 02:12 PM GMT Cross-Asset Spotlight | Global AI & Geopolitics Signals, Flows, & Key Data: A weekly summary of key cross-asset monitors, data, moves, and models tracking sentiment, fund flows, and positioning. Last week, the S&P Equal-Weighted Index reached all-time highs, US Treasuries sold off in a bear-flattening move and oil rose to its highest level since August. Key highlights from last week: | | As of Feb | | Q4 2026 Forecast | | | Q4 2026 Return Forecast | | Volatility | Base Case | ...

Core Viewpoint - The merchant bank anticipates that 2026 will be a significant year for technology debuts and fundraising activities [1] Group 1 - The bank is positioning itself to capitalize on expected growth in technology sector IPOs and fundraising [1] - There is an optimistic outlook for the technology market, suggesting a resurgence in investor interest and capital inflow [1] - The bank's strategy reflects confidence in the long-term potential of technology companies [1]

Jefferies strategists are talking about a revolution, against AI that is, to help boost stock markets. ...

Secondaries are an elephant-sized black box. The market is mammoth, expanding, and—here’s the kicker—we have no clue how big it really is. The secondaries market has exploded in recent years, driven by a simple problem: companies are staying private longer, exits have dried up, and investors need inventive ways to return cash to their LPs. New PitchBook data estimates that, in 2025, somewhere between $62.5 billion and $120.9 billion were traded in U.S. direct secondaries. Now, $58 billion-plus is a hel ...