A summary of key events and market trends during the month of February

Global Markets Updates

• Corporate Buybacks Hit Record Highs
  Continuing strong corporate performance saw US companies announce $233 billion in share buyback authorizations — the largest February on record. Salesforce, Walmart, and Verizon led the charge. Analysts now project a record $1.3 trillion in full-year repurchases, suggesting corporate America remains well-capitalized and confident in its own valuations. This activity is keeping a firm bid under the less loved, albeit still strong segments of the US equity markets.
• AI Enthusiasm Meets Market Skepticism
  February’s defining story was the market’s growing unease around AI. Despite strong Nvidia earnings, tech stocks fell sharply as investors questioned the sustainability of AI infrastructure spending. Defensive sectors — utilities, staples, and energy — led the monthly scoreboard, with the rotation away from mega-cap tech deepening noticeably.
• Supreme Court Clips the Tariff Agenda
  The Supreme Court struck down the administration’s use of emergency powers to impose broad-based tariffs, forcing a rapid pivot to alternative legal authorities. The ruling injected fresh uncertainty into trade relationships, and businesses with cross-border supply chains should monitor developments closely as the legal framework is rebuilt.
• Cross-Border Banking Hits Post-Crisis Highs
  European cross-border banking deals reached their highest level since 2008, driven by rising lender profitability making international mergers increasingly attractive. If momentum holds, it could mark the beginning of a genuine consolidation wave across a sector that has long remained fragmented along national lines. Healthy bank balance sheets and overall positive activity is a key indicator that we focus on and the news here is particularly encouraging.
• India Plants Its Flag on the AI Map
  New Delhi’s India AI Impact Summit signaled a decisive shift in the global AI conversation. CEOs of OpenAI, Anthropic, Google, and Meta gathered with PM Modi at what was billed as the first major AI summit hosted in the Global South. OpenAI signed a partnership with Tata Group, Anthropic announced a deal with Infosys, and India’s Reliance and Adani pledged a combined $210 billion in domestic AI and data infrastructure investment.

Geopolitical risk escalates

Global markets are currently digesting very rapidly the events over the weekend in the Middle East
In the short-term and while this conflict does not come to a close we would expect potential for enhanced volatility to most financial markets

Key Markets

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