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New record highs for Stock Indices; 2026 leaders maintain outperformance

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2026ๅนด2ๆœˆ25ๆ—ฅ

As many Asian economies rang in the Year of the Horse last week, we shared the first iteration of this article titled, "Best performers so far in 2026, and their 12-month forecasts. Year of the Horse: Can they gallop higher?"

In that article published on Tuesday, February 17th, we highlighted 3 key themes:

1) New record highs for individual stocks (Applied Materials and Caterpillar) and even stock indices (Swiss 20 index)

2) Asian stock indices have mostly outperformed their Western peers so far in 2026

3) The weaker US dollar has in turn boosted metals (Gold and Silver), major commodities such as Oil, and other major currencies (EUR, GBP, AUD, etc.)

Since that Feb 17th article, there have been further gains, new leaders, and even new record highs!

Here's what you've missed over the past week (since Feb 17th):

1) New record highs for Asian and European stock indices TODAY (Wed, Feb 25)

  • NETH25 (Netherlands 25 Cash): +7.7% year-to-date

  • EU50 (EUSTX50 Cash - benchmark index measuring European stock markets): +6.3% year-to-date

Even the SWI20 (Switzerland 20 Cash) - an index we highlighted in our Feb 17th article - posted a new record high on Tuesday, Feb 24th

UPDATE: TWINDEX is now Bybit's best-performing stock index so far in 2026

  • The Taiwan RIC Index's year-to-date performance has now overtaken Brazil's Bovespa Index (BVSPX) - the latter was the leader within the Bybit universe as of our Feb 17th article.

2) Asian stock indices mostly still outperforming Western peers

Since our Feb 17th article:

  • Nikkei225 (Japan's benchmark stock index): +2%

  • CHINA50 (China A50 Index Cash CFD): +1.2%

  • SGP20 (Singapore 20 Index Cash CFD): +1.2%

... compared to their Western counterparts' performance over the past week:

  • UK100 (FTSE 100 - UK's benchmark stock index): +1%

  • SP500 (US benchmark stock index): +0.7%

  • GER40 (DAX - Germany's benchmark stock index): -0.5%

Why are Asian and European stock indices rising faster than US stock indices?

  • Less exposed to AI fears

AI-mania had long supercharged US stock markets much higher.ย 

However, that has given way to fears in recent months that all this AI spending may not produce the intended returns anytime soon.

That has dragged down US stock indices (which have more AI-linked stocks) compared to their Asian and European counterparts which have fewer AI-linked stocks within those latter indices.

  • Trump tariffs uncertainties spell temporary relief for Asian/European economies

Recall last Friday, Feb 20th, the US Supreme Court struck down most of President Trump's trade tariffs.

Although Trump has since hit back with new tariffs set at 10%, while threatening to hike them to 15%, the SCOTUS ruling does raise major doubt over existing tariff levels and trade deals.

That is easing some of the pressures on Asian and European economies, at least for the time being - which in turn is sending cheer into the respective domestic equity markets.

3) Weaker US dollar boosts G10 currencies, metals, and commodities

In our Feb 17th article, we had highlighted the top-2 best performers among G10 currencies against the US dollar on a year-to-date basis: Norwegian Krone (USDNOK+) and the Australian Dollar (AUDUSD+).

Since then ...

The Australian Dollar has now leapfrogged the Norwegian Krone into first place!

Year-to-date performance:

  • AUD: +6.4%

  • NOK: +5.5%

AUD is also the only G10 currency that has risen against the US dollar (+0.2%) since the Feb 17th article.

Also since that Feb 17th article, major metals and commodities have risen as well:

  • WTI Crude Oil Cash (USOUSD): +5.9%

  • Brent Crude Oil Cash (UKOUSD): +5.3%

In light of all the data and figures shared above, perhaps the most important question to ponder:

Did you miss out all on those gains over the past week?

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