Mirovα, Creating Sustainable Value -March 2026

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.

5,280 $

Record price of an ounce of gold in February

United States: resilient macro data so far and ISM manufacturing index at its highest for 3 years (52.6). The Fed remains in wait-and-see mode.
Eurozone: industrial recovery in Germany, encouraging rise in PMI to 52. What about the conflict in Iran and soaring energy prices?
Japan: historic electoral triumph for Sanae Takaichi, giving a free hand to fiscal stimulus.
China: stabilisation without acceleration, PMI back below 50.

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.