Market Reactions - The Korea Exchange activated the KOSPI index circuit breaker after a 5% drop in KOSPI 200 futures, leading to a 5-minute suspension of program trading [1] - The Nikkei 225 index saw its intraday decline expand to 4% [2]

Market Reaction - The escalation of tensions in the Middle East has led to significant declines in the Japanese and South Korean stock markets, with the Nikkei 225 index dropping over 3% and the KOSPI index falling more than 4% [1][2][3]. Stock Index Performance - The Nikkei 225 index opened at 52,479.81 and closed at 51,310.31, reflecting a decrease of 2,015.43 points or 3.78% [2]. - The KOSPI index opened at 5,580.15 and closed at 5,521.39, down by 259.81 points or 4.49% [3]. Precious Metals Market - Spot gold prices fell below $4,430 per ounce, with a daily decline of 1.55%, while silver also experienced a nearly 1% drop [3]. Geopolitical Impact on Commodities - The ongoing conflict in the Middle East has led to rising oil prices, which in turn has increased inflation expectations. This situation has made it more challenging for the Federal Reserve to lower interest rates, resulting in upward pressure on real interest rates that suppress gold and silver prices [4]. - Investors are prioritizing liquidity, favoring the U.S. dollar and U.S. Treasury bonds over gold, while funds are shifting from precious metals to oil and energy assets that directly benefit from the conflict [4]. Future Outlook for Gold Prices - Short-term projections indicate that gold prices will remain under pressure due to high oil prices and a strong dollar, which will likely keep the Federal Reserve's interest rates elevated for a longer period [5]. - However, if the conflict persists, there may be a significant impact on inflation and economic growth, leading to increased demand for gold. In the medium to long term, as the effects of rising oil prices diminish and inflation gradually recedes, the Federal Reserve's eventual rate cuts, along with ongoing central bank gold purchases and a weakening dollar, could support a rebound in gold prices [5].

Gold Sector - The International Monetary Fund (IMF) projects that the US economic growth rate will rise from 2.2% in 2025 to 2.4% in 2026, with an unemployment rate around 4% and inflation gradually decreasing, leading to potential interest rate cuts by the Federal Reserve this year [3] - Federal Reserve Governor Milan anticipates a 100 basis point rate cut this year, suggesting four reductions of 25 basis points each, emphasizing that there is no inflation issue [3] - Analyst Owen from Baillie Gifford highlights that geopolitical risks, particularly regarding US-Iran negotiations, are contributing to rising gold prices [3] - Technically, gold is showing an upward trend, with a potential breakout above $5220 leading to targets of $5250-$5280 [3] Oil Sector - Recent developments in US-Iran negotiations indicate significant progress, with discussions planned in Vienna next week, although some differences remain [4] - The US insists that Iran's ballistic missile program and support for regional armed groups must be included in discussions, while Iran seeks to separate nuclear and non-nuclear issues [4] - Technically, oil prices experienced significant volatility, with a trading range of $3, and are expected to continue fluctuating unless major fundamental changes occur [4] Dollar Index - According to the CME's FedWatch tool, the probability of a 25 basis point rate cut in March is 4%, while the probability of maintaining the current rate is 96% [5] - By April, the cumulative probability of a 25 basis point cut rises to 17.3%, with a 0.6% chance of a 50 basis point cut [5] Nikkei 225 - The Nikkei 225 index is in a bullish trend, having broken through previous resistance levels and reaching a high of 60000 [7] - The index is expected to maintain its upward momentum, with support at 57900 [7] Copper Sector - Copper prices have been trending upward over the past two weeks, with a key resistance level at $6.05; a breakout could lead to a target of $6.18 [8] - The upward structure remains intact with no signs of a peak, and support is noted at $5.95 [8] Market Overview - Indirect negotiations between the US and Iran have concluded with positive progress reported, and technical discussions are scheduled for March 2 [9] - Federal Reserve's Goolsbee indicates that while rate cuts are possible, actions should not be taken before inflation eases [9]

Group 1 - The Nikkei 225 index opened at 58995.39 points, with an increase of 0.70% [1] - The KOSPI index opened at 6121.03 points, rising by 0.6% [1]

Report Summary 1. Core View - The report presents the price changes of various international varieties from February 13th, 15:00 to February 23rd, 18:00 in 2026, including stock indices, commodities, and currency indices [3]. 2. Key Points by Category Stock Indices - The FTSE A50 Index rose from 14,684 to 14,919, a 1.60% increase [3]. - The Hang Seng Index increased from 26,595.15 to 27,081.91, a 1.83% rise [3]. - The Dow Jones Industrial Index went up from 49,451.98 to 49,625.97, a 0.35% increase [3]. - The S&P 500 Index climbed from 6,832.76 to 6,909.51, a 1.12% gain [3]. - The NASDAQ Composite Index advanced from 22,597.15 to 22,886.07, a 1.28% increase [3]. - The Nikkei 225 Index dropped from 56,941.97 to 56,825.7, a 0.20% decline [3]. Commodity Indices - The Baltic Dry Index decreased from 2,083 to 2,043, a 1.92% fall [3]. Energy Commodities - Brent Crude Oil rose from $67.55 to $71.04, a 5.17% increase [3]. - US Crude Oil increased from $62.83 to $66.23, a 5.41% rise [3]. Precious Metals - CMX Gold climbed from $4,986.7 to $5,170.1, a 3.68% gain [3]. - CMX Silver advanced from $77.105 to $86.515, a 12.20% increase [3]. Base Metals - LME Copper rose from $12,894.5 to $12,966, a 0.55% increase [3]. - LME Aluminum increased from $3,062.5 to $3,102.5, a 1.31% rise [3]. - LME Zinc went up from $3,352.5 to $3,377.5, a 0.75% increase [3]. - LME Lead dropped from $1,976.5 to $1,963, a 0.68% decline [3]. - LME Nickel advanced from $17,255 to $17,600, a 2.00% increase [3]. - LME Tin climbed from $46,940 to $47,500, a 1.19% gain [3]. Iron Ore - TSI Iron Ore decreased from $97.15 to $95.85, a 1.34% fall [3]. Agricultural Commodities - CBOT Soybeans rose from $1,134.75 to $1,146.75, a 1.06% increase [3]. - CBOT Soybean Meal increased from $308.6 to $309.7, a 0.36% rise [3]. - CBOT Soybean Oil advanced from $57.26 to $59.67, a 4.21% increase [3]. - CBOT Corn climbed from $430.25 to $438.75, a 1.98% gain [3]. - CBOT Wheat rose from $550.75 to $575.75, a 4.54% increase [3]. - MDE Crude Palm Oil increased from 3,996 to 4,084, a 2.20% rise [3]. - ICE No. 2 Cotton advanced from 64.26 to 65.46, a 1.87% increase [3]. - ICE No. 11 Sugar climbed from 13.53 to 13.9, a 2.73% gain [3]. Currency Indices - The US Dollar Index rose from 97.0775 to 97.6349, a 0.57% increase [3]. Currency Pairs - The US Dollar against Offshore RMB decreased from 6.908 to 6.8852, a 0.33% decline [3].

Core Insights - Global capital markets experienced a majority increase during the Spring Festival holiday, with indices in countries like South Korea, the UK, and France reaching historical highs [1] - The situation surrounding Trump's tariffs remains uncertain, and the outlook for US-Iran conflict appears increasingly pessimistic, contributing to significant rises in international gold, silver, and oil prices, with silver increasing nearly 17% [1] Market Performance Summary - **Dow Jones Index**: Decreased by 1.31% from 49,451.98 to 48,804.06 [2] - **Nasdaq Index**: Slight increase of 0.13% from 22,597.15 to 22,627.27 [2] - **S&P 500 Index**: Marginal increase of 0.07% from 6,832.76 to 6,837.75 [2] - **Hang Seng Index**: Increased by 2.30% from 26,472.19 to 27,081.93 [2] - **Hang Seng Tech Index**: Increased by 1.11% from 5,326.23 to 5,385.35 [2] - **Nikkei 225 Index**: Decreased by 0.20% from 56,941.97 to 56,825.70 [2] - **KOSPI (Korea Composite Index)**: Increased by 6.16% from 5,507.03 to 5,846.09, reaching a new high [2] - **DAX (Germany)**: Increased by 0.54% from 24,852.69 to 24,986.58 [2] - **CAC 40 (France)**: Increased by 1.90% from 8,340.56 to 8,499.01, briefly reaching a new high [2] - **FTSE 100 (UK)**: Increased by 2.71% from 10,402.44 to 10,684.74, briefly reaching a new high [2] Commodity Price Changes - **London Gold Spot**: Increased by 5.87% from 4,946.12 to 5,236.38 [2] - **London Silver Spot**: Increased by 16.81% from 76.11 to 88.91 [2] - **ICE Brent Crude Oil**: Increased by 5.48% from 67.54 to 71.24 [2] - **WTI Crude Oil**: Increased by 6.05% from 62.65 to 66.44 [2] Futures and Cryptocurrency - **A50 Futures**: Increased by 1.00% from 14,719.00 to 14,866.00 [2] - **Bitcoin**: Decreased by 6.74% from 69,129.99 to 64,473.14 [2]

Market Performance - The KOSPI index in South Korea opened with a gain of 0.27%, reaching a peak of 5741.44 points, marking a historical high, before settling at 5739.02 points with a gain of 1.09% [1][7] - The Nikkei 225 index in Japan opened down by 0.89%, with an intraday drop exceeding 1.28%, ultimately reporting a decline of 1.11% at 56828.33 points [3][9] Economic Indicators - Japan's Consumer Price Index (CPI) rose by 1.5% year-on-year in January, while the core CPI increased by 2.0% [4][10] - The preliminary Composite Purchasing Managers' Index (PMI) for February in Japan is at 53.8, up from 53.1 in the previous month [4][10] - The preliminary Manufacturing PMI for February is reported at 52.8, an increase from 51.5, while the Services PMI is at 53.8, slightly up from 53.7 [4][10] Currency and Bond Yields - The exchange rate for the Japanese yen against the US dollar is reported at 155.1435, reflecting a slight increase of 0.09% [6][12] - Japanese government bond yields have decreased, with the 5-year yield at 1.619%, the 10-year yield at 2.123%, and the 30-year yield at 3.304% [6][12][13]

Group 1 - The KOSPI index in South Korea opened with a gain of 0.27% and reached a historical high of 5741.44 points during the day, before settling at 5739.02 points with a gain of 1.09% at the time of reporting [1] - The Nikkei 225 index in Japan opened down by 0.89%, with a maximum drop exceeding 1.28%, falling over 733 points, and was reported at 56828.33 points with a decline of 1.11% [1][2] Group 2 - Japan's January CPI increased by 1.5% year-on-year, while the core CPI rose by 2.0% year-on-year [4] - The preliminary composite PMI for Japan in February was reported at 53.8, up from the previous value of 53.1, with the manufacturing PMI at 52.8 (previously 51.5) and the services PMI at 53.8 (previously 53.7) [4] - The exchange rate for the Japanese yen has depreciated, with the USD/JPY rate reported at 155.1435 [4] Group 3 - The yield on Japan's 5-year government bonds fell to 1.619%, while the 10-year yield decreased to 2.123%, and the 30-year yield dropped to 3.304% [6]

Market Performance - The Nikkei 225 index opened high, expanding gains over 1%, and as of the report, it was up by 666 points, reaching 57,232.49 points [1] - The South Korean stock market was closed due to the Lunar New Year holiday [1] Currency Exchange - The Japanese yen saw a short-term rise, with the USD/JPY exchange rate reported at 153.483 [1][2] - The USD/JPY experienced a change of +0.196, or +0.13%, from the previous close of 153.287 [2] Government Changes - On February 18, the entire cabinet of Prime Minister Fumio Kishida resigned, and a new prime minister will be elected in the afternoon session of the Japanese Diet [1] Bond Market - Japanese government bond yields fell across the board, with the 10-year yield dropping to 2.114% and the 30-year yield falling to 3.392% [3][4] Precious Metals - International precious metals saw a strong rally after a low opening, with spot gold reaching up to $4,900, marking a 0.43% increase [4][5] - Spot silver initially dropped over 1.6% but later reported a slight increase of 0.15%, currently at $73.6 per ounce [4][6] Trade Balance - Japan's Ministry of Finance reported a trade deficit of 1,152.6 billion yen for January [6]

Market Overview - The Nikkei 225 index opened high, expanding gains over 1%, rising by 666 points to 57,232.49 points as of the report [1] - The South Korean stock market was closed due to the Lunar New Year holiday [1] Currency and Bond Market - The Japanese yen experienced a short-term rise, with the USD/JPY exchange rate reported at 153.483 [1] - Japanese government bond yields fell across the board, with the 10-year yield dropping to 2.114%, a decrease of 0.024 (1.12%) [2] - The 30-year Japanese government bond yield decreased to 3.392%, down by 0.001 (0.03%) [2] Political Developments - On February 18, the entire cabinet of Prime Minister Fumio Kishida resigned, with a new prime minister to be elected later that day [1] - According to the Japanese constitution, the cabinet must resign upon the first convening of the National Diet after a House of Representatives election [1] Trade Data - The Japanese Ministry of Finance reported a trade deficit of 1,152.6 billion yen for January [2] Precious Metals - International precious metals saw a strong rally after a low opening, with spot gold touching $4,900, up by 0.43% [2] - Spot silver initially fell over 1.6%, currently reported at $73.6 per ounce, with a slight increase of 0.15% [2]