--- title: Global leadership shifts east description: The week from 6 to 13 February 2026 saw U.S. tech drag global equities lower, as renewed pressure on mega-cap names weighed on sentiment and lifted volatility. 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) ### Global leadership shifts east The week from 6 to 13 February 2026 saw U.S. tech drag global equities lower, as renewed pressure on mega-cap names weighed on sentiment and lifted volatility. In contrast, Asian equities outperformed, supported by strong gains in Japan, Korea, and Taiwan. [**Jakub Dubaniewicz**](https://blog.syzgroup.com/fast-food-for-thought/author/jakub-dubaniewicz) **Jakub Dubaniewicz** **Monday, 02/16/2026** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](file:///C:/Users/awyneken/OneDrive%20-%20Banque%20Syz%20SA/Desktop/Equity_Weekly_%206-13%20February_2026.pdf) - - - - ## **The chart of the week** ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Feb-16-2026-03-54-48-6513-PM.png?width=819&height=520&name=image-png-Feb-16-2026-03-54-48-6513-PM.png)   ## **What happened last week?**   **Global markets** Global markets faced renewed pressure in the week from February 6 to February 13. The MSCI ACWI declined 0.2%, reversing the previous 0.5% gain. Weakness was led by the U.S., where tech sell-offs intensified. The S&P 500 fell 1.3% and the Nasdaq dropped 2.1%. In contrast, European and other developed international markets outperformed. The MSCI Europe rose 0.4%, and the MSCI EAFE gained 1.9% on the week.  In Asia, Japan rallied strongly, with its main index up nearly 6%. Korea’s Kospi climbed 8% and Taiwan’s TAIEX rose nearly 5%. The divergence confirmed a shift away from U.S. leadership toward developed ex-U.S. equities. Implied volatility increased, with the VIX up 15.7% to 20.6. Gold surged another 1.5% to above $5,040/oz, amplifying the prior week's hedging bid, while Brent crude stabilized near $68/bbl.  **US** US indices finished the week lower as investors balanced moderating inflation and resilient labour market data against rising valuation concerns in mega-cap technology.  The S&P 500 declined 1.4%, marking its fourth negative week in five, the first weekly drop exceeding 1% over that five-week stretch. The Nasdaq Composite fell 2.1%, its weakest weekly performance since late November.  Despite the headline weakness, market breadth improved, with a majority of S&P 500 constituents advancing, signalling a gradual broadening of performance beyond the largest technology names. Utilities rallied more than 7.1% as falling yields revived demand for defensive income-generating assets, while real estate and materials gained 3–4%. Financials declined nearly 5%, and communication services and information technology lagged. The “Magnificent 7” fell more than 3.2% collectively, extending their underperformance as investors reassessed the durability of AI-driven capex trends. Small caps proved comparatively resilient, with the Russell 2000 declining just under 1%. Macro data released during the week were constructive. Unemployment rate edged down to 4.3% from 4.4%. Inflation data reinforced the disinflation trend, with CPI rising 2.4% year-over-year, below the 2.5% forecast, marking the lowest reading since May 2025.  **Europe** In Europe, performance was constructive. The MSCI EAFE rose 1.9% over the week, the pan- European STOXX Europe 600 closed modestly higher by 0.09%. This marked the third consecutive weekly gain for the index, with a cumulative 1.54% rise over those three weeks. Across the main European indexes, Germany’s DAX advanced 0.78%, Italy’s FTSE MIB slipped 0.97%, France’s CAC 40 posted a 0.46% gain, and the UK’s FTSE 100 climbed 0.74% over the period. The week began on a softer note, as disappointing corporate results, notably from Stellantis, weighed on sentiment and pushed the automotive sector down 2.4%. Technology stocks also came under pressure amid renewed concerns about AI-driven disruption and valuation risks. Later gains came from aerospace strength, such as Safran's 7% surge after raising 2026 targets **Rest of the world** Asian and emerging markets outperformed last week, driven by a rotation into regional equities and away from U.S. tech amid AI-related valuation concerns. Japan supported the regional rally, with the Nikkei 225 surging nearly 6% to a record high after the ruling party of Prime Minister Sanae Takaichi secured a supermajority in the Lower House. The election outcome raised expectations for higher fiscal spending, tax relief, and a more assertive economic policy. Korea’s Kospi climbed 8% and Taiwan’s TAIEX rose nearly 5%, reflecting strong cyclical and tech performance. In China, the Shanghai Composite fell 1.26%, as investors trimmed positions ahead of the Lunar New Year holiday. Overall, broad index gains across Asia and emerging markets highlighted a regional rotation into value and cyclical sectors amid U.S. tech weakness. Hedge funds boosted exposure across Korea, Taiwan, Japan, and China, with investors favoring cyclicals, industrials, consumer discretionary, and real estate. Asian equity funds recorded ~$6.28 billion in inflows and emerging market funds ~$8.52 billion, while U.S. equity funds saw outflows of ~$1.42 billion. --- ## **Our view on equity** ##### **Equity asset class** > ##### **POSITIVE in the current environment** We remain positive on equities. Demand for AI infrastructure remains strong while a broadening of corporate earnings will help offset rich valuation multiples, particularly in the US. After an uneven year, earnings in 2026 are expected to accelerate and broaden. Technology stocks will continue to benefit from AI-related investments, while the “old economy” is expected to slowly recover thanks to lower interest rates and deregulation in the US. We continue to advocate diversification while maintaining overweight position in the US / China.   ##### **Earnings** Earnings remain a tailwind for equities, supported by a strong third-quarter earnings season and expectations that growth will accelerate and broaden in 2026. Technology stocks should continue to deliver robust performance, while the “old economy” is set to recover. ##### **Valuation** US technology stocks remain expensive, although growth and profitability provide some support while international equities are more reasonably valued. Equity risk premium remains low in both the US and Europe. --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) #### [Central Banks Deliver on a Well-Flagged Hawkish Pivot](https://blog.syzgroup.com/fast-food-for-thought/central-banks-deliver-on-a-well-flagged-hawkish-pivot?hsLang=en) Fed and BoJ hikes, an oil-driven inflation scare, and an AI-safety debate drove sector rotation across global equities over the past week. **[Jakub Dubaniewicz](https://blog.syzgroup.com/author/jakub-dubaniewicz?hsLang=en)** | 21/09/2026 [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) #### [Oil, Inflation and Trade Tensions Rattle Equities as Memory Chips Hold the Line](https://blog.syzgroup.com/fast-food-for-thought/oil-inflation-and-trade-tensions-rattle-equities-as-memory-chips-hold-the-line?hsLang=en) Global equities fell on oil, inflation and trade risk, while a Korea-led memory-chip rally offset losses in EM and rotated tech away from Nvidia. **[Jakub Dubaniewicz](https://blog.syzgroup.com/author/jakub-dubaniewicz?hsLang=en)** | 14/09/2026 [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) #### [Payrolls Surprise and Middle East Tensions Revive the Rate Hike Debate](https://blog.syzgroup.com/fast-food-for-thought/payrolls-surprise-and-middle-east-tensions-revive-the-rate-hike-debate?hsLang=en) Global equities were roughly flat over the week to 4 September 2026, as a much stronger than expected US August jobs report and renewed US-Iran tensions pushed oil prices and bond yields higher, reviving the case for a September Fed rate hike. The repricing hit European equities harder than the US, with German and French markets underperforming on rate- and energy-sensitive exposure, while banks and energy stocks outperformed globally. Within US tech, a sharp divergence emerged inside the Magnificent Seven, driven by company-specific news at Meta and Nvidia rather than a shared theme. Brazil was the standout market of the week, rallying on rate-cut expectations and firmer oil prices. **[Jakub Dubaniewicz](https://blog.syzgroup.com/author/jakub-dubaniewicz?hsLang=en)** | 07/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. [Discover more](https://blog.syzgroup.com/syz-the-moment?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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