Overview of Key Events
Trump increases new tariff rate to 15%, effective February 24
According to CCTV News, after the U.S. Supreme Court ruled on the 20th that the U.S. government's imposition of large-scale tariffs was 'overreaching,' President Trump immediately issued a new executive order, announcing that starting from February 24, 2026, a 10% import tariff would be imposed on goods from all countries and regions.
U.S. President Trump will deliver the State of the Union address on the 24th
U.S. President Trump is scheduled to address a joint session of Congress on February 24 to outline his administration's policy priorities for the coming year and discuss the economic situation. The justices of the Supreme Court, which ruled his tariffs unlawful, will also be in attendance.
The U.S. PPI data released at 21:30 on Friday will provide further guidance on inflation trends
The U.S. January PPI data released on Friday will offer more clues about the inflation outlook. Economists at HSBC said in a report that they expect January PPI to rise 0.3% month-over-month, with the annualized increase slowing to 2.8% from 3.0% in December.
Data from LSEG shows that the U.S. money market has fully priced in expectations of two 25-basis-point interest rate cuts this year, although the first cut is not expected until July. However, analysts at LBBW noted that the minutes of the Federal Reserve's meeting increased the risk of only one rate cut this year.
Hong Kong SAR’s new budget will be announced on the 25th
According to China News Service, Financial Secretary of the Hong Kong SAR Government, Paul Chan, wrote in a blog post on the 11th that the new budget will be announced on February 25. Thanks to a thriving financial market, including increased stamp duty revenues, the operating account of the SAR government can return to surplus ahead of schedule. However, due to increased investment in public works projects, the capital account for this fiscal year will still record a deficit.
NVIDIA, Circle, HSBC Holdings, Hong Kong Exchange, CoreWeave, Rocket Lab, and other companies will announce earnings
The world's largest company by market capitalization $NVIDIA (NVDA.US)$ NVIDIA is set to release its earnings report after the U.S. stock market closes next Wednesday. NVIDIA's performance faces extremely high expectations, needing to exceed analysts' estimates and raise guidance to reassure investors about the sustainability of AI investments.
Marta Norton, Chief Investment Strategist at Empower, a retirement and wealth services provider, noted: 'Expectations for NVIDIA to deliver outstanding results have been a recurring theme over the past few years. Therefore, it becomes difficult for NVIDIA to surprise when everyone expects it to do so.'
According to LSEG data, NVIDIA’s fourth-quarter earnings per share are expected to increase by 71%, with revenue reaching $65.9 billion. For the upcoming fiscal year, analysts on average forecast earnings per share of $7.76, representing a 66% increase.
The remarks made by NVIDIA CEO Jensen Huang during the quarterly conference call could have broader implications for the entire artificial intelligence industry, including for large enterprises facing stock price pressure due to concerns over return on capital expenditure.
Additionally, $Hims & Hers Health (HIMS.US)$ 、 $STANCHART (02888.HK)$ 、 $Tempus AI (TEM.US)$ 、 $HSBC HOLDINGS (00005.HK)$ 、 $Circle (CRCL.US)$ 、 $HKEX (00388.HK)$ 、 $Baidu (BIDU.US)$ 、 $CoreWeave (CRWV.US)$ 、 $Rocket Lab (RKLB.US)$ Other companies, including those mentioned above, will also announce their results during the same week.
Apple Inc. will hold its annual shareholders meeting on February 24.
$Apple (AAPL.US)$ The company officially announced that its annual shareholders meeting will be held on February 24 Eastern Time. At this meeting, shareholders will vote to re-elect the board of directors, approve executive compensation, appoint Ernst & Young as Apple’s public accounting firm, and vote on shareholder proposals.
The February adjustment to the MSCI China Index will take effect after the market closes on February 27.
MSCI (Morgan Stanley Capital International), an international index compiler, announced the results of its quarterly index adjustments for February 2026. This adjustment will take effect after the market closes on February 27. In this adjustment, the MSCI China Index will include $HESAI-W (02525.HK)$ 、 $PONY-W (02026.HK)$ 、 $SENSETIME-W (00020.HK)$ 、 $YOFC (06869.HK)$ Four Hong Kong stocks were included, while six Hong Kong and US-listed Chinese stocks were excluded. $ZHEJIANGEXPRESS (00576.HK)$ 、 $CHINA VANKE (02202.HK)$ 、 $FOSUN INTL (00656.HK)$ 、 $CHINACOMSERVICE (00552.HK)$ 、 $Autohome (ATHM.US)$ and $Qifu Technology (QFIN.US)$ and other six Hong Kong and US-listed Chinese stocks.
Key Earnings Calendar for the Week Ahead
Monday (February 23)
Keywords: HIMS performance
In terms of economic data, the US will announce the December factory orders month-over-month rate at 23:00.
In terms of financial events, Federal Reserve Governor Waller will deliver a speech at 21:00.
In terms of performance, $Hims & Hers Health (HIMS.US)$ will announce earnings after the US stock market closes.
Tuesday (February 24)
Keywords: Trump’s new tariff rate taking effect, Trump’s State of the Union address, Apple’s annual general meeting
In terms of economic data, China will announce the one-year/five-year Loan Prime Rate (LPR) at 9:00; additionally, the United States will release the Conference Board Consumer Confidence Index at 23:00.
In terms of financial events, U.S. President Trump will deliver the State of the Union address, and Trump’s newly imposed tariff rate will increase to 15% and take effect on the same day. Additionally, $Apple (AAPL.US)$ will hold its annual general meeting.
In terms of performance, $Tempus AI (TEM.US)$ will release earnings after the U.S. stock market closes; additionally, $STANCHART (02888.HK)$ will also announce its earnings on the same day.
Wednesday (February 25)
Keywords: Hong Kong, China's fiscal budget, NVIDIA/Circle/HSBC Holdings earnings
In terms of financial events, Hong Kong, China will release a new fiscal budget on the same day.
In terms of performance, $Circle (CRCL.US)$ will announce earnings before the US stock market opens, $NVIDIA (NVDA.US)$ 、 $Salesforce (CRM.US)$ 、 $IonQ Inc (IONQ.US)$ and $Snowflake (SNOW.US)$ and other companies will announce earnings after the US stock market closes. Additionally, $HSBC HOLDINGS (00005.HK)$ will also announce its earnings on the same day.
Thursday (February 26)
Keywords: Baidu/CoreWeave/Rocket Lab/Hong Kong Exchange earnings
In terms of economic data, the United States will announce initial jobless claims at 21:30.
In terms of performance, $Baidu (BIDU.US)$ will announce earnings before the US stock market opens, $CoreWeave (CRWV.US)$ 、 $MP Materials (MP.US)$ 、 $Rocket Lab (RKLB.US)$ and others will announce earnings after the US stock market closes. Additionally, $HKEX (00388.HK)$ and $TRIP.COM-S (09961.HK)$ will also announce its earnings on the same day.
Friday (February 27)
Keywords: U.S. PPI, MSCI China Index Adjustment Effective
In terms of economic data, the U.S. will release January PPI at 21:30.
In terms of financial events, the February adjustment to the MSCI China Index will take effect after the market close on the same day.
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Wishing all fellow investors a successful new week ahead!
Editor/Jeffy