Asian markets edged higher Tuesday as Japan’s Nikkei 225 closed at a record 57,821.58, up 2.6%, following Prime Minister Sanae Takaichi’s landslide election victory. Australia’s S&P/ASX 200 rose 0.3% to 8,893.60; South Korea’s Kospi gained 0.6% to 5,327.80; Hong Kong’s Hang Seng surged 1.0% to 27,300.00; and the Shanghai Composite added 0.2% to 4,130.20.

U.S. equities ended last week at their best since May, with the S&P 500 at 6,964.82 up 0.5%, the Dow Jones at 50,135.87 up 0.1%, and the Nasdaq at 23,238.67 up 0.9%. Nvidia rose 2.4% and Broadcom 3.3% amid AI investment momentum.

Yields on U.S. Treasuries held steady ahead of Wednesday’s nonfarm payrolls and Friday’s inflation report, key factors influencing whether the Federal Reserve will continue rate cuts. The 10-year Treasury yield eased to 4.20%. Gold closed at $5,079.40/oz; silver up 6.9%. Bitcoin hovered near $71,000 after a weekend rally; crude oil at $64.32/bbl and Brent at $69.02/bbl; and the dollar at 155.75 JPY and $1.1909/USD.

GAMCO Investors, Inc. (GM) released results for the quarter ended December 31, 2025, showing revenue of $1.21 billion, a 4.2% increase from $1.16 billion in Q4 2024. Net income rose to $154.3 million, up from $147.8 million, with operating income climbing to $112.9 million from $104.3 million. The gains were attributed to higher asset management fees and fee-based income, reflecting stronger client activity and a favorable market environment. The company maintained a strong balance sheet with total assets of $46.8 billion as of December 31, 2025.

February 10, 2026 — PennantPark Investment Corp. (PPAC) reported first-quarter net income of $12.5 million, a 22% drop from $16.1 million in the same period of 2025, and missed analyst estimates of $15.0 million. The decline followed a 14% drop in revenue to $47.8 million, with the firm citing lower interest income and higher credit losses. The stock closed at $12.43 on February 9, 2026, down 4.2% for the session.

U.S. President Trump told Fox Business on February 9, 2026, that if Kevin Warsh, a potential nominee for Federal Reserve chair, is confirmed, he could lift U.S. economic growth to 15% annually, a highly optimistic target given the current 2.4% annualized forecast for 2026 and a 2.8% historical average over the past 50 years.

Trump criticized nominating Powell over Warsh, who he describes as the “runner-up” in the selection process, and suggested Warsh’s agenda would favor rate cuts rather than hikes. He acknowledged a potential hold on confirmation by Sen. Thom Tillis (R-N.C.) pending an ongoing DOJ investigation into Powell and a Fed building renovation scandal, though Trump said he would “wait and see.”

A 15% annual growth rate would likely exacerb inflation, while Fed officials project only one rate cut in 2026, per December’s median forecast. The timing of Warsh’s nomination and confirmation remains uncertain amid political and legal challenges.

U.S. dollar index (DXY) retreated about 9% over the past year despite a recent partial rebound, yet CIBC economist Avery Shenfeld says there is no justification for concern over a free-fall.

He notes that heightened searches for “dollar debasement” and discussions remain elevated, but no significant flight from Treasuries or a cascade of sell-offs is evident. The traditional inverse relationship between gold and the dollar has weakened; gold advanced strongly in 2024 alongside the dollar, indicating gold cannot reliably gauge U.S. currency strength.

“There is no evidence of a disastrous market outcome from dollar depreciation,” Shenfeld said. Federal funds rate policy is likely to prioritize economic fundamentals over political preferences for a weaker dollar, with the Fed considering further easing only after clearer economic softening.

In conclusion, CIBC expects the dollar to回归 its longer-term average, with no immediate basis for severe economic or financial consequences.

Clear Channel Outdoor (CHL) agreed to be acquired by Mubadala Capital and TWG Global in a $6.2 billion all-cash transaction, effective immediately. The deal, valued at $33.50 per share, reflects a 12.5% premium to the company's closing price on February 9, 2026. The acquisition is expected to close in the first quarter of 2026, pending regulatory approvals. The transaction underscores continued consolidation in the outdoor advertising sector amid shifting digital ad spending.

Indian equity markets are expected to open slightly higher on Tuesday, February 10, 2026, amid cautious buying and limited volatility. The Nifty 50 index is anticipated to trade in a narrow range, reflecting mixed investor sentiment. Key factors include a slight easing in overseas risk sentiment and a small improvement in domestic earnings, though broader economic data remain mixed. The Reserve Bank of India is not scheduled to release new policy statements on this date, keeping the focus on regional trade and sectoral rotations.

The American Fintech Council and industry allies are urging the Federal Reserve to advance a limited-purpose payment account that would allow eligible non-bank financial firms to clear and settle payments directly on the Fed’s balance sheet without full banking privileges. The proposal, under review following a February 2026 Request for Information, would cap overnight balances, pay no interest, bar access to the discount window, and limit use to Fedwire and FedNow. Proponents argue the current model increases costs, slows settlement, and creates operational dependencies, while opponents, including the Bank Policy Institute and Financial Services Forum, warn of heightened run risk, concentration of deposits outside the federal safety net, and compliance challenges, particularly for stablecoin and crypto-related activities. The Fed’s decision could shape the boundaries of banking, fintech, and the role of non-bank participants in U.S. payments infrastructure.

Cotton futures closed higher Monday as near-month contracts gained 55 to 75 points. Crude oil futures rose $0.87 to $64.41/bbl, while the US dollar index fell to 96.735.

Sales on 3,066 bales at 2/6 averaged 58.61¢/lb. The Cotlook A Index was at 72.80¢, down 40 points from Friday. ICE certified stocks rose 18,564 to 93,561 bales for February 6.

Contracts: Mar 26 @ 61.61 (+55), May 26 @ 63.76 (+72), Jul 26 @ 65.45 (+62).

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Data source: Barchart.com. (Publication: February 9, 2026 23:20 UTC)

Corn futures closed Monday lower, with Mar 26 at $4.28 3/4 (-1 1/2¢), Cash Corn at $3.95 1/4 (-1 1/2¢), May 26 at $4.37 (-1 3/4¢), and Jul 26 at $4.43 3/4 (-1 1/2¢). The CmdtyView national average Cash Corn price was $3.95 1/4 (-1 1/2¢).

US Corn exports for the week ended February 5 totaled 1.308 MMT (51.49 mbu), up 14.01% from the prior week but down 4.19% from the same week in 2025. Mexico accounted for 476,628 MT, followed by Japan (187,063 MT) and Colombia (135,816 MT). Marketing Year-2023 shipments reached 33.93 MMT (1.336 bbu), up 46.72% year-to-year.

USDA’s World Agricultural Supply and Demand Estimates (WASDE) are scheduled for Tuesday, with traders anticipating little change to U.S. ending stocks around 2.215 bbu on average. Global outlooks suggest Brazil’s first crop at 15% harvested, up from 19% in 2025, and second crop planting at 22%, slightly ahead of 2025.

Lean hog futures closed lower on Monday, with contracts ending 27 cents to $1.22 lighter. The CME Lean Hog Index was 19 cents higher at $86.57 on February 4. USDA’s pork carcass cutout value rose $2.06 to $95.83 per cwt; ham was the only primal down, while the butt was up $6.46. Federal hog slaughter for Monday totaled 490,000 head, 46,000 above last week and 859 above the same week last year.

Live cattle gains 45 cents to $1.55 across nearbys on February 5. No deliveries were issued for February live cattle on Monday. Cash trade ended last week at $240–$244 in the north and $242–$245 in the south. Feeder cattle futures added 70 cents in most front months; the CME Feeder Cattle Index rose 19 cents to $374.47. The Monday OKC feeder cattle auction expected 9,500 head, with feeder steers steady to $5 higher, heifers up $5–$15, and lighter weight calves up $15–$25.

On Friday, February 4, President Trump signed an executive order to raise the TRQ on beef imports from Argentina by 80,000 MT. Average monthly beef imports from all origins in 2025 were 151,666 MT. Wholesale boxed beef prices were mixed, with the Chc/Select spread narrowing to $2.41; Choice down $1.57 to $367.76, Select up $0.82 to $365.35. USDA estimated Monday’s federally inspected cattle slaughter at 107,000 head, 1,000 head below last Monday but 10,255 head above the same week in 2025.

[CME CLOSES: Feb 26 @ $239.300, +$1.550; Apr 26 @ $238.200, +$0.950; Jun 26 @ $234.325, +$0.475]

[CME CLOSES: Mar 26 Feeder @ $367.450, +$0.025; Apr 26 Feeder @ $363.200, +$0.400; May 26 Feeder @ $357.775, +$0.650]

U.S. investors are rotating capital from Big Tech to oil and gas as tech companies' aggressive AI spending drives sell-offs. Tech giants plan over $660 billion in AI-related capital expenditures this year, with Amazon and Meta significantly exceeding prior-year levels. NVIDIA CEO Jensen Huang defended the software industry, noting AI is not replacing it.

As a result, U.S. oil and gas stocks have gained 17% since the start of 2026, with Exxon, Chevron, and ConocoPhillips seeing 25% increases in market cap over the past 12 months. The move reflects strong cash returns (about 50% of cash flow from operations for supermajors), relatively low debt levels, and a perceived safer alternative to the high-debt, cash-flow-constrained tech sector.

Despite lower oil prices, Big Oil remains profitable and the IEA's updated demand outlook, along with potential supply disruptions, are supporting the sector. The broader implication is a reallocation of risk-averse capital to more stable assets as the AI story continues to develop.

DRAM prices have surged over 600% amid persistent supply constraints, deepening sectoral divides. Consumer electronics and tech firms report margin compression and production cuts as they scramble to lock memory supplies, raise prices, or reduce device memory. The Bloomberg Consumer Electronics Index has fallen 12% since late September 2026, while memory makers outperformed, with SK Hynix up over 150%, Kioxia and TSMC (2408-TW) up about 280%, and SanDisk over 400% since late September.

AI infrastructure expansion, particularly toward high-bandwidth memory (HBM) for GPUs, is shifting production and extending the duration of the supercycle. Analysts warn that the tightness may persist into the remainder of 2026, with traditional DRAM and NAND facing continued upward pricing pressure despite疲弱终端 demand.

Alphabet (GOOGL-US) is launching the first 100-year corporate bond in over two decades, marking the first such issuance by a tech company since the 1990s and part of its broad fundraising effort. Bloomberg reports the issuance will be priced in British pounds, with potential pricing as early as February 11, 2026, and is the company’s maiden pound-denominated offering. This rare structure aims to access insurance and pension funds seeking ultra-long duration, and follows its November 2025 offering of $175 billion with over $900 billion in subscriptions. Alphabet plans additional ultra-long-dated notes, including in Swiss francs, to support its AI initiatives, with capital expenditures expected to double to $185 billion in 2026. Similar moves are being made by Meta (META-US) and Microsoft (MSFT-US), and Morgan Stanley forecasts cloud-computing giants to borrow about $400 billion in 2026, up from $165 billion in 2025.

The Hang Seng Composite Index added 1.2% to close at 28,000.39 on Tuesday (February 10, 2026), driven by a broad Asian buy-off. The benchmark surpassed 28,000 for the first time since late 2024, reflecting strong momentum in Hong Kong and mainland Asian markets. Key sectors contributing to the gains included financials and industrials, with the Hang Seng Financials index up 2.1% and the Industrials index up 1.4%.

Radiant Logistics (RLI) released its Q2 2026 earnings, showing a decline in both revenue and net income. Revenue fell 8.3% to $148.2 million, while net income contracted to $12.5 million, a 21.2% drop from $15.8 million in the same period of 2025. The company attributed the results to softer demand in North America and higher fuel and labor costs. Management cited pricing actions and a 12% increase in average daily throughput as factors mitigating the decline.

Energy Services Of America (ESO) reported a 12% increase in first-quarter revenue to $185 million, driven by higher demand for its midstream and engineering services, according to the company's earnings release dated February 10, 2026.

The company attributed the growth to strong pricing in its oilfield services segment and improved operational efficiency. EPS for the quarter rose to $1.15, up from $1.02 in the same period last year. Earnings per share guidance for 2026 remains unchanged at $3.50-$3.75.

Alphabet (GOOGL-US) will issue a rare 100-year corporate bond, the first by a U.S. tech company since the 1990s, as part of its aggressive AI infrastructure funding. The offering will also debut in the sterling and Swiss franc markets, with sterling-denominated notes pricing as early as February 10, 2026.

The issuance will include a mix of notes denominated in U.S., sterling, and Swiss francs, with sterling maturities ranging from 3 to 100 years and Swiss franc maturities from 3 to 25 years. Total proceeds for the U.S. portion are expected to reach $200 billion, exceeding the original $150 billion target, following a $175 billion offering in November 2025 that attracted about $900 billion in subscriptions.

The move follows Alphabet’s announced capital expenditures of $185 billion in 2026, a doubling from 2025, and reflects strong demand for long-duration assets from insurance and pension funds. However, analysts caution this issuance is likely an outlier rather than a trend.

OpenAI, parent company of ChatGPT, is set to release an upgraded chat model amid heightened competition from Anthropic's Claude and Google. CEO Sam Altman told employees and investors user growth in ChatGPT is back to over 10% per month, with the company planning a major release this week.

Currently, ChatGPT sees over 800 million weekly users, but it faces intensifying pressure from rivals. In December 2025, OpenAI issued a "red alert" to prioritize ChatGPT development.

Internal updates showed Codex, OpenAI's programming tool, posted about 50% weekly growth, outpacing Anthropic's Claude Code. Last week, OpenAI released GPT-5.3-Codex and a standalone application for Apple devices to broaden reach.