The Philippines’ political landscape is defined by sharp swings in civil liberties that correspond to changes in presidential leadership rather than formal rule changes. Family‑based dynastic networks and clientelistic coalitions amplify these shifts, producing periods of illiberal governance under leaders like Rodrigo Duterte and potential reversals under more institutionally minded presidents. Despite this volatility, the country’s economy has shown steady growth, driven largely by overseas Filipino worker remittances that have lowered inequality and sustained consumption. Institutional pillars such as the professional military and an independent judiciary have helped contain political turbulence from escalating into authoritarian collapse.
Fixed‑income ETFs have surged, yet most remain passive, contrasting sharply with the active dominance in mutual‑funds. J.P. Morgan’s report notes 85 % of global fixed‑income mutual‑fund assets are actively managed, while only about 17 % of fixed‑income ETF assets use active strategies....
Ghana's 45,000 b/d Tema Oil Refinery is conducting a major turnaround on its 14,000 b/d residual fluid catalytic cracker (RFCC), which has been offline since the plant’s restart at the end of December. The work is slated to finish by late April...

Kenyan electric‑bus startup BasiGo is piloting a scheduled, fixed‑route commuter service in Nairobi, integrating electric mid‑size buses with existing matatu cooperatives. The three‑bus trial offers nonstop links between estates and business hubs at KES 150‑200 per seat, with 80% of...

Gold prices have entered a consolidation phase, closing the week of Feb 20 at $5,067 per ounce, while a stronger dollar presents short‑term pressure. Ghana’s gold output rose to 187 t in 2023, positioning it as Africa’s top producer and potentially the...
Natural gas futures for March surged early Monday as cold‑weather forecasts sparked heightened demand and a short‑covering rally. Prices tested key resistance levels ahead of the contract's Thursday expiration, prompting analysts to warn of increased volatility. While the immediate upside...

A record influx of Designated Contract Market applications is straining an already depleted CFTC staff, marking the fastest cadence of new exchange filings in modern history. Meanwhile, the London Stock Exchange completed its first transaction under the new PISCES framework,...

Wild, the $17b that $IQMM took in on its first day of trading has it leading 1D, 1W and 1M flows instantly and is now 2nd in YTD. ProShares lined up all their funds and bought IQMM for each's cash...
Need to know where we are relative forecast-based policy setting. Neutral rate est at what it was a little less than 3%. The push to make policy on forecasts is something the administration’s nominee to replace Chair Powell has argued....

OpenAI disclosed it now targets roughly $600 billion in compute spend through 2030, a revision from the earlier $1.4 trillion infrastructure commitment that blended CAPEX and OPEX. The company’s push for additional AI‑compute power is hampered by the stalled Stargate joint venture...
Nebius Group $NBIS price tgt raised to $232 at Northland Conservatively raising CY26 ending ARR estimate to $5.4B from $4B on strong 4Q25 incremental ARR and low end of CY26 capex plans. While we are not changing our...
Potential pivot by @federalreserve Gov Chris Walller - IF the next retail sales & labor data continue to show signs of further improvement, like we saw in Jan, then would support a pause in rate cuts after dissenting in Jan....
BMO Global Commodities Research warns that tungsten prices have surged fivefold in the past year as chronic under‑investment and tightening Chinese supply create a looming shortage. With China providing about 75% of global output, ore‑grade declines, environmental limits and export...
🚨 Morning Market Rundown – Feb 23, 2026 🚨 🧠 Macro Headline: Markets digest Fed Waller + key U.S. data with durable goods and factory orders in focus. Growth vs slowdown narrative still in play. 📅 Economic Events: • 0800 – Fed’s Waller speaks •...

🚨 2 Biggest Accident of the day 🚨 Hit Lower circuit in 2 stocks 🔻 1) IDFC first bank Ltd. (-16%) Down 2) UPL Ltd. (-14%) Down - IDFC first bank stock hit lower circuit due to fraud case of ₹590 Cr. -...

European equity ETFs recorded a record €7.69 billion net inflow during the week of 16‑20 February, dwarfing all other asset classes. Materials and Industrials led sector inflows, while Financials suffered the largest outflow at €382 million. Geographic flows were dominated by Developed Markets,...
Another beaut from @JoeSquawk . @SquawkCNBC Only on Fin TV can a moderator who works for a company (in this case Versant Media Group $VSNT (parent of CNBC)) suggest a pairs trade of being long Versant and short Warner....
Last weeks tariff news still has ripples reverberating through. While the volatility hit Bitcoin as yesterday saw 65k fall through. $NVO comes up short in a head to head trial with $LLY while the Gold and Silver trade looking like...

Chancellor Rachel Reeves will deliver the UK Spring Statement on 3 March 2026, presenting the latest Office for Budget Responsibility (OBR) economic forecasts. The OBR outlook on growth, inflation, unemployment and public finances will be published after the speech via the...

Warren Buffett: “Success in investing doesn’t correlate with IQ once you’re above a certain level.” Takeaway: Temperament outweighs raw intelligence. Most investors don’t fail from low IQ — they fail from low discipline. 📉
Fed governor Chris Waller conditions his support for a March cut (or hold) on the February payroll data due for release on March 6. “As things stand today, I rate these two possible outcomes as close to a coin flip.” https://t.co/8ompstwgY9 If...

The OECD’s latest cross‑country data for Q3 2025 shows Australia posting the smallest rise in real per‑capita household disposable income among major English‑speaking economies over the past ten years. While other nations such as the United States, United Kingdom and Canada...
Phishing emails that look authentic on a desktop become far harder to spot on mobile devices, increasing the chance of credential theft. The author received a Vanguard‑style phishing message where the sender’s email address was hidden and the link text...
In January 2026 the U.S. housing market recorded a near‑record imbalance, with 44% more home sellers than buyers – roughly 600,000 excess listings. This buyer’s market, defined by a gap exceeding 10%, has persisted since May 2024 and follows a...
Major private‑equity firms such as KKR, Blackstone and CVC reported no publicly disclosed full exits from mainland Chinese portfolio companies in 2025. The exit drought reflects strained liquidity, higher interest rates and depressed valuations that have throttled deal activity. While...
Indian DAP stocks slipped to just under 1.9 million tonnes in January, marking the fourth consecutive monthly draw. Imports plunged to 70,000 t while domestic production held steady at 342,000 t, and sales rose to 535,000 t, outpacing the three‑year average. Despite the short‑term...
Bharti Airtel announced a ₹20,000 crore capital infusion into its non‑banking financial company arm, Airtel Money, to accelerate its digital finance push. The funding is expected to expand the company’s payments, credit and savings offerings across its telecom customer base. Following...
Thailand’s hotel sector is adding 43,067 rooms through 167 projects, with Bangkok, Phuket and Pattaya leading the pipeline. While demand continues to recover, supply growth now exceeds demand in many periods, tightening occupancy and ADR prospects. Luxury developments such as...
Uganda announced plans to connect its new standard gauge railway to Tanzania’s under‑construction rail network. The line would run from the Tanzania border through southwestern Uganda to Mpondwe on the DRC frontier, linking mineral‑rich regions to the port of Dar...

Freshpet reported Q4 2025 earnings, with shares slipping nearly 4% as Wall Street focuses on slowing sales growth. The company highlighted an expanding pet‑parent market, now 36 million households, and its 4% share of the $38 billion dog‑food sector. Core “MVP” customers—2.4 million...
I am seeing many market analysts include the accumulated copper stockpiles in the US in their global balance of copper stockpiles and therefore conclude that there are >1 million tonnes of available copper in global stockpiles today. I am not...

Former ECBer, Vitor Constancio, thinks the dollar debasement narrative is overstated. He says, yes, Trumpian policies are challenging the international monetary order, but they are not, as yet, leading it to crumble: "the dollar will continue to dominate for decades ahead". His...
The Council of Institutional Investors (CII) submitted a comment letter backing Nasdaq’s proposed rule that adds initial listing criteria for Chinese micro‑cap companies, including a $25 million minimum proceeds requirement. CII applauds the effort to curb abnormal trading in the smallest...
How low can mortgage rates go with tariff ruling and Kevin Warsh as Fed Chair? https://t.co/eEzHs3zcYh

Big moves in currencies are made one small move at a time. The fact that USD didn't rally substantially after the SCOTUS decision is remarkable. After all, it fell a lot when reciprocal tariffs hit, so the fact that it...
Insiders at Amphenol, Royal Caribbean, and Freeport‑McMoRan have sold multi‑million‑dollar stock positions despite recent price rallies. Amphenol CEO Adam Norwitt sold about $76 million after exercising options, yet retains roughly 2.8 million shares. Royal Caribbean executives collectively off‑loaded more than $168 million, including...
March cut may be a coin flip for Waller based on Feb payrolls, but it's not for the FOMC. Cut odds close to zero

What are the hottest EMs in 2026? There are a handful of EMs that have monthly BoP flows. Those show a big rise in foreign investor inflows for Colombia (red), Chile (blue) and South Korea (purple). India (green) and Mexico...
Optimal Market Technologies has launched a US listed options execution platform backed by Optiver, Virtu Financial, Akuna Capital and BSC Ventures. The FINRA‑approved broker‑dealer expects commercial availability later in Q1, initially serving retail options wholesalers, institutional broker‑dealers and large asset...
A tariff that expires in 150 days isn’t a long-run industrial policy. Firms invest on multi-year horizons. If the policy is temporary, the investment response will be, too: mostly none. (This was recorded when the tariff rate was 10%; it's...

Back to the 1970s again. History, Trump, the law and the balance of payments. Can the bofp be in deficit? Did a chartbook in response to the fascinating exchange between @Brad_Setser & @PhilWMagness https://t.co/ryYY7Z9OBm https://t.co/zySJwiEZN7

New @nberpubs: "A Theory of Subsidy Harvesting in Livestock Price Insurance" https://t.co/a2BTA7aoME "The subsidy harvest is a pure rent and costlier than a direct payment because it requires administrative oversight and federally-subsidized delivery" https://t.co/gmAA7SjVyG

The Mexican army killed CJNG boss "El Mencho" near Puerto Vallarta, triggering fierce gun battles and an unprecedented U.S. military task‑force partnership. President Trump announced a new 15% tariff regime under Section 122, but it can only stay in effect for...

New @nberpubs: "Industrial Policies for Multi-Stage Production: The Battle for Battery-Powered Vehicles" https://t.co/DX6XB7e1R0 "local content requirements... drive up costs and reduce subsidy uptake, undoing more than half of the EV adoption stimulus coming from pure buyer subsidies" 😲

The FIRE (Financial Independence, Retire Early) movement, born from the 2008‑2009 crisis, surged during COVID‑19 and then waned as remote work became mainstream. In 2024‑2025 large firms began re‑imposing in‑office mandates while pouring billions into AI, prompting massive productivity gains...
The Weekly Market Signals have outperformed $SPX for 6 weeks. +3.3% YTD (no leverage). https://t.co/WO1W4p4jFI $SPY $TLT $GLD $DBC $VEU $IEF $UUP
Economic calendar for Mon. Feb 23. 8:00am - Fed’s Waller speaks 8:30 - Chicago National Activity Index for December: Expected -0.08; Prior -0.04 10:00 - Factory orders m/m for December: Expected -0.6%; Prior 2.7%
Merck (MRK) is consolidating under resistance around $123 within a six‑month uptrend, with bullish RSI, positive MACD and low 1.2% short interest. The stock offers a 2.78% dividend yield and will trade ex‑dividend on March 16, while earnings are slated for...

On Feb 23, 2026, Gilead Sciences announced a cash deal to acquire biotech Arcellx for up to $7.8 billion, aiming to broaden its oncology portfolio. Merck & Co. is reportedly preparing to split its pharmaceutical division into separate cancer and non‑cancer units ahead...
I'll be on @FoxBusiness this morning with @MariaBartiromo today at 7:10 am EST, talking markets, recent tariff developments & what's in store