Traders work on the floor of the New York Stock Exchange during morning trading on February 20, 2026 in New York City. Michael M. Santiago | Getty Images Markets took U.S. President Donald Trump's latest tariff salvos largely in their stride, with investors assessing whether the moves will have a lasting impact on trade or are another negotiating tactic. The market has so far shrugged off the tari...
Traders work on the floor of the New York Stock Exchange during morning trading on February 20, 2026 in New York City. Michael M. Santiago | Getty Images Markets took U.S. President Donald Trump's latest tariff salvos largely in their stride, with investors assessing whether the moves will have a lasting impact on trade or are another negotiating tactic. The market has so far shrugged off the tariffs. Asia stocks were mostly higher, safe-haven assets stayed firm, with yields on the 10-year U.S. Treasury remaining relatively unchanged, while gold inched about 1% higher. The U.S. dollar index slid around 0.3%. "The market didn't really react much to the news. It was already widely anticipated," Ed Yardeni, president of Yardeni Research, told CNBC. "The market learned last year that the [global] economy is remarkably resilient in the face of what I call Trump tariff turmoil." Sit on hands and do nothing, this is just noise, there will be something new to worry about within a few days. Hugh Dive Atlas Funds Management Trump's move to raise global tariffs to 15% from 10% initially announced, comes after the U.S. Supreme Court struck down a broad swath of levies he had imposed under the International Emergency Economic Powers Act. Market strategists said that the Supreme Court's ruling looks more like a procedural reset than a reversal of protectionist policy. Section 122, under which the new tariffs have been imposed, effectively replaces the invalidated IEEPA tariffs on a temporary basis, while leaving in place duties under Section 301 and Section 232, including those targeting steel, autos and China. So, not much has changed to unnerve the markets — at least, not yet. Sit tight and do nothing? Analysts suggest that the key for investors now is to be patient. "No statement on trade policy from Trump is now treated as durable," said Hugh Dive, chief investment officer at Atlas Funds Management. "Sit on hands and do nothing, this is just noise, there will be something new...
A reset of many US tariffs to a uniform 15% will strengthen Thailand’s appeal as a manufacturing and investment hub, according to the country’s top finance official. Finance Minister Ekniti Nitithanprapas said Monday that the shift creates a “more level playing field” for Thai goods. The change comes after the US Supreme Court late last week struck at the legal foundations of President Donald Trum...
A reset of many US tariffs to a uniform 15% will strengthen Thailand’s appeal as a manufacturing and investment hub, according to the country’s top finance official. Finance Minister Ekniti Nitithanprapas said Monday that the shift creates a “more level playing field” for Thai goods. The change comes after the US Supreme Court late last week struck at the legal foundations of President Donald Trump ’s global “reciprocal” tariffs, which he wielded widely as leverage in talks with both friends and foes alike. Read More: Trump’s Treasured Negotiating Edge Dulled By Tariff Defeat Previously, some Thai products faced levies of as much as 19%, compared with 10% for competitors such as Singapore and the UK. The flat 15% rate narrows that gap and improves Thailand’s relative competitiveness, he said. The 150-day period for the new tariff will also likely temporarily support economic growth as it spurs exporters to accelerate shipments to capitalize on the lower rate. Shifts in global trade patterns are also expected to drive foreign direct investment and manufacturing to Thailand. Applications for investment incentives rose 68% last year, and the government plans to fast-track approvals to speed up capital inflows. Despite the short-term boost, Ekniti said the government will press ahead with trade negotiations and expand free trade agreements with other countries to bolster Thailand’s long-term position amid global uncertainty. Thai Exports Jump Most in Four Years on AI-Led Electronics Boom Thailand Raises Growth Outlook in Boost to New Government China, India Among Winners After US Court Blocked Trump Tariffs
BlackJack3D/E+ via Getty Images Key Takeaways Markets: US equity markets delivered gains in the fourth quarter, driven by strong earnings, Fed interest-rate cuts, and optimism around artificial intelligence. Contributors: Stock selection in the financials, consumer discretionary, industrials, and materials sectors Detractors: Stock selection in information technology and underweight exposure to co...
BlackJack3D/E+ via Getty Images Key Takeaways Markets: US equity markets delivered gains in the fourth quarter, driven by strong earnings, Fed interest-rate cuts, and optimism around artificial intelligence. Contributors: Stock selection in the financials, consumer discretionary, industrials, and materials sectors Detractors: Stock selection in information technology and underweight exposure to communication services Outlook: We expect investors will continue to focus on actions from a divided US Federal Reserve, and we are monitoring lofty equity valuations and potential headwinds in the consumer sector.. Performance Review For the quarter, the portfolio generated a positive return and outperformed its benchmark, the Russell 1000 Value Index. Stock selection drove the positive relative performance while sector allocation decisions detracted modestly. Stock selection contributed most in the financials, consumer discretionary, industrials, and materials sectors. This was partially offset by relative weakness among stocks in the information technology sector. From a sector allocation perspective, an underweight to real estate added to relative performance while underweight exposure to communication services detracted. Top individual contributors to performance included overweight positions in Southwest Airlines ( LUV ) (industrials), General Motors ( GM ) (consumer discretionary), Freeport-McMoRan ( FCX ) (materials), Citigroup ( C ) (financials), and Regeneron Pharmaceuticals ( REGN ) (health care). Detractors included avoidance of Micron Technology ( MU ) (information technology), an out-of-benchmark position in Microsoft ( MSFT ) (information technology), and relative overweight positions in PulteGroup ( PHM ) (consumer discretionary), T-Mobile (T MU S) (communication services), and Northrop Grumman (NO C ) (industrials). Outlook The US economy and equity markets demonstrated resilience in 2025 despite concerns surrounding the impact of import tariffs. Looking ahea...
SpiffyJ/iStock via Getty Images I have written about several international ETFs over the past year, most of which hold a portfolio of stocks that has a noticeable slant toward value investing. Earlier this month, I covered the iShares International Equity Factor ETF ( INTF ), calling the fund a Buy based on its historical returns, low management fee, and opportunities to capture added returns in t...
SpiffyJ/iStock via Getty Images I have written about several international ETFs over the past year, most of which hold a portfolio of stocks that has a noticeable slant toward value investing. Earlier this month, I covered the iShares International Equity Factor ETF ( INTF ), calling the fund a Buy based on its historical returns, low management fee, and opportunities to capture added returns in the face of a declining US dollar. Last September, I analyzed the FlexShares International Quality Dividend Index Fund ETF ( IQDF ), calling that fund a Hold. I noted that fund’s value-oriented selections and high dividend, but its overall returns were lagging other options. The Pacer Developed Markets International Cash Cows 100 ETF ( ICOW ) is considered to be a large-cap foreign value fund , but it has one significant difference from most others in its category. ICOW has no exposure to the financial sector. Banking and financial services stocks are often a staple of other foreign value funds. They make up over a fourth of the portfolio for INTF, for example. They have an even larger share in IQDF. In screening for the stocks to include in ICOW, Pacer starts with a select group of stocks with a market cap of at least $3 billion from the FTSE Developed ex-US Index. It then whittles that group down to the top 100 options based on the companies’ free cash flow yield. These companies should be generating enough cash from their operations to prove worthy of owning, but unfortunately for ICOW investors, the returns over the past few years have trailed some other international value peer funds. There is not enough reason for me to give the fund a Buy rating currently, but I think the fund is worth a closer look from investors who may be overweight financials through some of their other value-oriented holdings. ETF Overview The Pacer Developed Markets International Cash Cows 100 ETF is passively managed with a rules-based selection method used to achieve capital appreciation over ...
Hong Kong authorities will continue to provide an annual rental subsidy of HK$150,000 (US$19,193) to victims displaced by the deadly Tai Po blaze, even if they can only move into their new homes 2½ years later under the “flat-for-flat” resettlement scheme, a senior official has said. Deputy financial secretary Michael Wong Wai-lun also said on Monday that residents currently living in transitional...
Hong Kong authorities will continue to provide an annual rental subsidy of HK$150,000 (US$19,193) to victims displaced by the deadly Tai Po blaze, even if they can only move into their new homes 2½ years later under the “flat-for-flat” resettlement scheme, a senior official has said. Deputy financial secretary Michael Wong Wai-lun also said on Monday that residents currently living in transitional housing would be allowed to stay during the period. The government earlier unveiled its plan to...
Madmaxer/iStock via Getty Images PDF Solutions ( PDFS ), a provider of data solutions to the semiconductor industry, wrapped up FY2025 with the release of the Q4 FY2025 report on February 12. Not only was PDFS able to end the fiscal with big gains in FY2025, but the latest outlook calls for 20% YoY growth in FY2026 revenue, and the longer-term outlook suggests this pace of growth can continue in t...
Madmaxer/iStock via Getty Images PDF Solutions ( PDFS ), a provider of data solutions to the semiconductor industry, wrapped up FY2025 with the release of the Q4 FY2025 report on February 12. Not only was PDFS able to end the fiscal with big gains in FY2025, but the latest outlook calls for 20% YoY growth in FY2026 revenue, and the longer-term outlook suggests this pace of growth can continue in the coming years. However, while the bull case undoubtedly has a number of arguments in its favor, there are also other aspects to this growth that significantly detract from the bull case, more than it needs to be. A Less Bullish Long-Term Pattern Remains A previous article from November 2025 written by myself took note of the growth taking place at PDFS, with sales reaching new highs in the recently released Q3 FY2025 report and with new records expected as soon as the next or Q4 FY2025 report. On the other hand, I also took note of the fact that the stock was heading lower in spite of the good results, and there was reason to think PDFS could head even lower, which is why I opted to rate PDFS a hold in the article. Source: thinkorswim app The chart above shows the article was too reserved due to the stock's decline because the stock was able to reverse course and head higher. Not only was the stock able to hit a 2026 high of $36.99 in January, but it is worth noting how PDFS has generally moved higher after hitting a multi-year low of $15.91 in April 2025, notwithstanding pullbacks along the way. If someone is drawn by trends, then long PDFS looks interesting with the current state of affairs. However, it is worth pointing out that resistance seems to be looming over PDFS. The above chart shows how the stock rallied from a low of $15.91 in April 2025 to a January 2026 high of $36.99, and the chart below shows how this move upwards can be seen as a retracement of a preceding move downwards that took the stock from a high of $48.02 in July 2023 to a low of $15.91 in April 2...
The Trump Organization is planning its first branded tower in Australia: a 91-storey building combining a hotel and luxury apartments in the Surfers Paradise resort on Queensland’s Gold Coast. The development will feature 272 residences, along with a private beach club, shops and restaurants, according to a statement on the Trump Hotels website. It will be built by Altus Property Group Ltd., which...
The Trump Organization is planning its first branded tower in Australia: a 91-storey building combining a hotel and luxury apartments in the Surfers Paradise resort on Queensland’s Gold Coast. The development will feature 272 residences, along with a private beach club, shops and restaurants, according to a statement on the Trump Hotels website. It will be built by Altus Property Group Ltd., which said in a separate statement that the tower is expected to become Australia’s tallest and will cost just under A$1.5 billion ($1.1 billion). “This landmark address redefines beachfront sophistication with world-class amenities, iconic design, and uninterrupted Gold Coast views,” Trump Hotels said on its website. The project has been nearly two decades in the making. Altus Chief Executive Officer David Young first floated the idea in 2007, cold-calling Ivanka Trump to discuss the proposal, according to the company’s statement. It was signed at Trump’s Mar-a-Lago resort earlier this month, he said.
LumerB/iStock via Getty Images By Grace Su & Jean Yu CFA, Ph.D. Key Takeaways Global equity markets delivered solid fourth-quarter gains, with value stocks outperforming growth as market participation continued to broaden beyond mega cap technology. The Strategy outperformed its benchmark during the quarter, driven by strong stock selection in communication services, financials and industrials. Wi...
LumerB/iStock via Getty Images By Grace Su & Jean Yu CFA, Ph.D. Key Takeaways Global equity markets delivered solid fourth-quarter gains, with value stocks outperforming growth as market participation continued to broaden beyond mega cap technology. The Strategy outperformed its benchmark during the quarter, driven by strong stock selection in communication services, financials and industrials. With valuation dispersion elevated and fundamentals improving across a widening set of companies, we believe the opportunity set for global value improvers remains attractive heading into 2026. Market Overview Global equity markets generated positive returns in the fourth quarter, with value stocks outpacing growth for the quarter and only slightly trailing growth on a full-year basis. The MSCI World Index rose 3.1% in the quarter to finish up 21.1% for 2025, outperforming the S&P 500 Index's gains of 2.7% for the quarter and 17.9% for the year. Value stocks also maintained leadership during the fourth quarter, with the MSCI World Value Index returning 3.3% compared to the MSCI World Growth Index's 2.8%. In the fourth quarter, market narratives remained heavily focused on artificial intelligence-related investment, reflected most visibly in the outsize performance of technology-heavy markets such as Taiwan and South Korea. However, the quarter also saw continued strength across emerging markets, commodities and select value-oriented sectors, underscoring a gradual broadening in market participation. A weaker U.S. dollar and expectations for easier monetary policy supported sentiment toward emerging markets and consumer-sensitive areas. From a macroeconomic perspective, growth continued to slow in Europe, particularly across manufacturing-related industries, though services activity remained resilient and equity markets generally held up well. In China, signs of stabilization in manufacturing activity supported risk appetite, while the U.S. consumer remained comparatively resi...
“Bloomberg: The China Show” is your definitive source for news and analysis on the world's second-biggest economy. From politics and policy to tech and trends, Yvonne Man and David Ingles give global investors unique insight, delivering in-depth discussions with the newsmakers who matter. (Source: Bloomberg)
“Bloomberg: The China Show” is your definitive source for news and analysis on the world's second-biggest economy. From politics and policy to tech and trends, Yvonne Man and David Ingles give global investors unique insight, delivering in-depth discussions with the newsmakers who matter. (Source: Bloomberg)