Daily Market Report – February 23, 2026
The financial markets switched to "risk-off" mode on Monday, February 23, 2026: Following the renewed escalation of US tariff policy – this time as a temporary global 15% tariff – concerns about new trade uncertainties prevailed across time zones. Accordingly, the major stock indices in the US and Europe declined, while defensive segments remained relatively stable.
Among the global heavyweights, Novo Nordisk OMXCOP:NOVO_B stood out today with a price drop of well over 15% – triggered by disappointing study data on the obesity candidate CagriSema.
US Treasury bonds were in demand, the 10-year Treasury yields TVC:US10Y and the US dollar declined, while the Euro FX:EURUSD showed strength. Gold OANDA:XAUUSD surged significantly as a hedge against political and trade policy shocks.