Mirovα, Creating Sustainable Value -March 2026

In a nutshell

Key events – February 2026

• Markets: European equities rise for the 8th consecutive month, the first time this has happened since 2013. US markets are underperforming, penalised by the technology sector.
• Geopolitics: the United States and Israel launch strikes against Iran on 28 February, opening up a new source of major uncertainty for energy and inflation.
• Artificial intelligence: the release of agentic models (Claude Code, GPT 5.3 Codex) and an alarmist report on employment are causing a massive sell-off in software stocks.
• Tariffs: the Supreme Court strikes down Trump's IEEPA tariffs as unconstitutional. The authorities responded by invoking section 122 of the Trade Act.
   

The Long View

Nuclear: proliferation in a vacuum

• Nuclear weapons are making a major comeback on the global stage, as the nine nations possessing them seem determined to bolster their arsenals.
• The treatment of Iran's leaders has just dramatically increased the cost of acquiring this nuclear status.
• In an increasingly conflict-ridden world, it's reassuring that these weapons remain in the hands of just nine states, seven of which maintain a clear doctrine of use.

The information given reflects Mirova's opinion and the situation at the date of this document and is subject to change without notice. All securities mentioned in this document are for illustrative purposes only and do not constitute investment advice, a recommendation or a solicitation to buy or sell.

Source: Bloomberg, February 2026.