Chinnachart Martmoh/iStock via Getty Images Market Review The high yield market gained 1.31% in 4Q and 8.62% for the year. Spreads tightened by 1 basis point ('bp') to 266 bps, supported by a December Federal Reserve (Fed) meeting that was more accommodative than anticipated, along with economic data indicating stronger-than-expected growth. Improving trade tensions and upbeat 3Q earnings, which e...
Chinnachart Martmoh/iStock via Getty Images Market Review The high yield market gained 1.31% in 4Q and 8.62% for the year. Spreads tightened by 1 basis point ('bp') to 266 bps, supported by a December Federal Reserve (Fed) meeting that was more accommodative than anticipated, along with economic data indicating stronger-than-expected growth. Improving trade tensions and upbeat 3Q earnings, which eased concerns around broad underwriting weakness, also contributed to market resilience and drove strong inflows later in the quarter. These positives helped overcome headwinds in the first half of 4Q, which included rising credit concerns following a couple of high-profile credit blowups, renewed trade tensions, an extended U.S. government shutdown, concerns over artificial intelligence ('AI')-related capital expenditures, less accommodative Fed commentary, and outflows. The yield-to-worst ('YTW') decreased from 6.7% at the end of September to 6.5% at the end of December. Higher-quality issues outperformed, with BB, B, and CCC credits returning 1.51%, 1.58%, and 0.18%, respectively. For the year, BB, B, and CCC credits gained 9.02%, 8.44%, and 8.27%, respectively. Finance companies, metals & mining, and gaming outperformed during the quarter. Cyclical industries, including packaging, retail, and building products, lagged as lower-quality names declined sharply toward year-end. Fundamentals remained healthy as default rates stayed low and credit migration improved. The upgrade to downgrade ratio by issuer improved to 1.3x from 1x in the prior quarter, while the ratio by dollar volume improved to 1.6x from 1.4x. The par default rate increased by 49 bps from the prior quarter, ending the year 41 bps higher, while the issuer default rate decreased by 18 bps during the quarter, finishing the year 72 bps lower. Technicals were weak as headwinds triggered outflows of $4.3 billion in the quarter, lowering year-to-date inflows to $19.4 billion. New issuance declined from the third ...
OpenAI ( OPENAI ) has hired Ruoming Pang, a high-profile AI researcher at Meta ( META ), who had joined the company from Apple ( AAPL ) about seven months ago, The Information reported on Wednesday, citing an OpenAI spokesperson. Pang oversaw artificial intelligence infrastructure for Meta's Superintelligence Labs, which is developing the company's next generation of AI models. He left Meta (...
OpenAI ( OPENAI ) has hired Ruoming Pang, a high-profile AI researcher at Meta ( META ), who had joined the company from Apple ( AAPL ) about seven months ago, The Information reported on Wednesday, citing an OpenAI spokesperson. Pang oversaw artificial intelligence infrastructure for Meta's Superintelligence Labs, which is developing the company's next generation of AI models. He left Meta ( META ) last week after being aggressively recruited by OpenAI for several months, the report added. Pang joined Meta last year on a compensation package valued at more than $200 million over several years, according to a Bloomberg report. More on OpenAI Wall Street Lunch: ChatGPT Tops 800M Weekly Active Users Microsoft: An OpenAI Problem (Rating Upgrade) 2027: Defense Boom As The AI Trade Unwinds Microsoft, Amazon, Google among tech titans planning to provide own power for data centers: report Judgment Day? Google, OpenAI, Anthropic models push button in war games sim: study
North Korean leader Kim Jong-un has warned that Pyongyang was ready for confrontation with the US but also left the door open for dialogue, depending on Washington’s stance. The prospects of North Korea-US relations hinge “entirely on the attitude of the United States”, he said on Wednesday. Pyongyang was prepared for both “peaceful coexistence or eternal confrontation” but the choice lay with Was...
North Korean leader Kim Jong-un has warned that Pyongyang was ready for confrontation with the US but also left the door open for dialogue, depending on Washington’s stance. The prospects of North Korea-US relations hinge “entirely on the attitude of the United States”, he said on Wednesday. Pyongyang was prepared for both “peaceful coexistence or eternal confrontation” but the choice lay with Washington. As long as the US respected North Korea’s nuclear-armed state status, which is enshrined in...
Prime Minister Narendra Modi ’s ambition to turn India into a global manufacturing superpower is drawing fire from the world’s largest economies, who say his use of subsidies breaches global trade norms. On Wednesday, the US imposed preliminary duties of 126% on solar imports from India, after determining the South Asian country unfairly subsidized manufacturing. The hefty levies are expected to e...
Prime Minister Narendra Modi ’s ambition to turn India into a global manufacturing superpower is drawing fire from the world’s largest economies, who say his use of subsidies breaches global trade norms. On Wednesday, the US imposed preliminary duties of 126% on solar imports from India, after determining the South Asian country unfairly subsidized manufacturing. The hefty levies are expected to effectively shut Indian solar panel makers out of the US market, analysts said. The action came a day after the World Trade Organization’s dispute settlement body agreed to establish a panel to examine Beijing’s complaint that India’s incentive programs in automotive and renewable energy technologies unfairly favor domestic goods over imports, putting Chinese products at a disadvantage. The panel was set up after consultations between the two countries — the first step in the WTO dispute process — failed to resolve China’s challenge to New Delhi’s sector-specific subsidies. At the heart of these disputes is India’s production-linked incentive scheme, which was introduced by the Modi government in 2020 to boost domestic manufacturing. The program, spanning 14 sectors from electronics and pharmaceuticals to solar modules and medical devices, carries a total outlay of 1.91 trillion rupees ($21 billion). Trading partners argue that these subsidies tilt the playing field toward local producers. In the solar sector, companies including Waaree Energies Ltd. , Adani Enterprises Ltd , and Reliance Industries Ltd. have benefited from government support through production-linked incentives and various non-tariff barriers. The backlash comes even as India works to steady relations with both US and China. New Delhi and Washington have only just struck a deal to end months of trade friction, a period when India was saddled with some of the highest US tariffs in Asia. Meanwhile, India is also seeking to stabilize ties with Beijing after relations plunged following the 2020 border clashes. ...
Chinese scientists have developed a new technique that solidifies liquid into three-dimensional objects in under a second, making for the world’s fastest 3D printing. 3D printing is no longer a novel concept – whether it is tech enthusiasts creating digital objects, metal printing conducted in space, customised bone structures for patients or even military units using 3D-printed parts for weapon r...
Chinese scientists have developed a new technique that solidifies liquid into three-dimensional objects in under a second, making for the world’s fastest 3D printing. 3D printing is no longer a novel concept – whether it is tech enthusiasts creating digital objects, metal printing conducted in space, customised bone structures for patients or even military units using 3D-printed parts for weapon repairs. However, these technologies still rely on mechanical scanning by a printing nozzle, building...
AlexSecret/iStock via Getty Images By Elior Manier US markets have run up higher after what seemed to be an eternal consolidation, led higher by tech. The sector, which had been hurting since October, hadn't led US markets since then, bringing a fresh picture to traders. The rebound is driven by participants considering the latest tariff developments, which provide a positive backdrop, particularl...
AlexSecret/iStock via Getty Images By Elior Manier US markets have run up higher after what seemed to be an eternal consolidation, led higher by tech. The sector, which had been hurting since October, hadn't led US markets since then, bringing a fresh picture to traders. The rebound is driven by participants considering the latest tariff developments, which provide a positive backdrop, particularly for heavy importers from Asia – the +30% duties going back down to 15% is changing the outlook for firms positively impacted. With Nvidia ( NVDA ) earnings coming after the close, investors are anticipating strong numbers, which is also boosting overall sentiment. With a positive session like this morning's, risk sentiment is turning for the better, and this is also assisting cryptocurrencies, which have struggled throughout in recent months. It really is a decent risk-on session! The overall outlook is still range-bound for now around all markets, but such sessions will help to form a base for better days ahead for participants. Tomorrow should also provide a key test with the new, and probably last round of US-Iran talks, planned in Geneva. Let's look at the technical situation by diving into today’s session charts and key trading levels for the major US indices: the Dow Jones, Nasdaq, and S&P 500. Current Session's Stock Heatmap Current picture for the Stock Market (12:12 A.M. ET) – Source: TradingView – February 25, 2026 Previously struggling financials, tech, and semiconductors are assisting the better mood in today's stock market action. A rebound in Nvidia and Microsoft ( MSFT ) is welcomed, as these market leaders were struggling throughout the past few months. Nvidia earnings are releasing after the close and will be essential for the next phase of potential rallies in markets. Dow Jones 2H Chart and Trading Levels Dow Jones (CFD) 4H Chart – February 25, 2026 – Source: TradingView The DJIA is attempting a rebound after a rough period, forming an imminent 4H bulli...
Trump's SOTU "Stand Up" Moment Exposed The True Agenda Of Democrats For those who remember the ever evolving nightmare of Joe Biden's far-left four year regime, it's not shocking at all to see the Democrat Party refuse to applaud even the most basic of pro-American policies. Many people remember Joe Biden's "Soul Of The Nation" speech, standing at his podium bathed in blood red lights and accusing...
Trump's SOTU "Stand Up" Moment Exposed The True Agenda Of Democrats For those who remember the ever evolving nightmare of Joe Biden's far-left four year regime, it's not shocking at all to see the Democrat Party refuse to applaud even the most basic of pro-American policies. Many people remember Joe Biden's "Soul Of The Nation" speech, standing at his podium bathed in blood red lights and accusing "MAGA conservatives" (who represent the vast majority of conservatives according to the election outcome) of being a "threat to democracy." It was this speech that cemented the clear division between the political left and anyone who disagrees with them. If you want common sense policies in government; if you want secure borders, no transgender surgeries or hormones for kids, no sexualized books in public schools, no vaccine passports and no war with Russia, then they consider you to be an enemy of the state. As a side note, it's impossible to get through this speech without realizing that Biden was obviously in cognitive decline and barely coherent. How Democrats thought they would be able to run him for a second term is bewildering. Fast forward to Trump's SOTU address this week and it's clear that the Democrats have learned nothing from their humiliating defeat in 2024. Their narrative has changed - They now present themselves as "freedom fighters" like the Founding Fathers, battling a "fascist dictatorship". It's a quaint notion given their authoritarian behavior during the Biden Administration and the pandemic lockdowns, but the real test of their loyalties was cleverly presented by Trump during his recent speech. Trump to the crowd: "If you agree with this statement, then stand up and show your support. The first duty of the American government is to protect American citizens, not illegal aliens." Dems nearly all stay seated. pic.twitter.com/liLo3h6kYa — Steven Crowder (@scrowder) February 25, 2026 It's a fundamental and undeniable duty of all US government officials...
We have put together stories from our coverage of Hong Kong’s 2026-27 budget. If you would like to see more of our reporting, please consider subscribing. 1. Budget reveal: government turns matchmaker with stronger hand in shaping economy Hong Kong’s finance chief on Wednesday lived up to his credentials as a chartered accountant when he produced a surprisingly robust budget, flush with surpluses ...
We have put together stories from our coverage of Hong Kong’s 2026-27 budget. If you would like to see more of our reporting, please consider subscribing. 1. Budget reveal: government turns matchmaker with stronger hand in shaping economy Hong Kong’s finance chief on Wednesday lived up to his credentials as a chartered accountant when he produced a surprisingly robust budget, flush with surpluses and full of initiatives to be funded through substantial means at his disposal. 2. Here is how you...