Real-time News

On Monday, February 9th, the German DAX 30 index closed up 284.52 points, or 1.15%, at 25004.32; the UK FTSE 100 index closed up 15.84 points, or 0.15%, at 10385.59; the French CAC 40 index closed up 49.44 points, or 0.60%, at 8323.28; the Euro Stoxx 50 index closed up 60.96 points, or 1.02%, at 6059.36; the Spanish IBEX 35 index closed up 244.61 points, or 1.36%, at 18187.91; and the Italian FTSE MIB index closed up 923.30 points, or 2.01%, at 46800.50.

February 10th - European Central Bank (ECB) Governing Council member Jean-Claude Nagel stated that the ECB's current policy interest rate is at an appropriate level, and inflation, after a brief dip, is expected to stabilize near the 2% target. The ECB unanimously decided last week to keep its main interest rate unchanged at 2%, but some policymakers remained concerned that inflation, which had slowed to 1.7% last month, might weaken further, forcing the Eurozone central bank to take action. Nagel stated that the ECB would only intervene if medium-term inflation expectations deviated "persistently and significantly" from the target, but this does not appear to be the case at present. He said, "Several factors suggest that the current interest rate level is appropriate. First, the (inflation) below target is short-term and limited in magnitude; in the medium term, inflation remains at our target level." He added that long-term inflation expectations are "firmly anchored," and core inflation indicators support this assessment, as does the latest update to the ECB's December forecasts.

The US 3-month Treasury auction ended February 9th with a winning yield of 3.6%, compared to 3.60% previously.

The bid-to-cover ratio for the US 3-month Treasury bond auction as of February 9 was 2.76, compared to 2.81 previously.

The US auction of 6-month Treasury bonds ending February 9th yielded a winning bid of 3.5%, compared to 3.53% previously.

The bid-to-cover ratio for the US 6-month Treasury bond auction as of February 9 was 3.09, compared to 3.08 previously.

ECB Governing Council member Nagel: Core inflation is expected to remain close to the target level.

ECB Governing Council member Nagel: The updated December 2025 forecast confirms the inflation outlook.

ECB Governing Council member Nagel: We will take action when medium-term inflation expectations continue to deviate significantly from 2%.

ECB Governing Council member Nagel: The ECB is unlikely to react to a temporary slowdown in inflation. Inflation risks are currently broadly balanced. Current interest rate levels are appropriate.

February 10th - A New York Federal Reserve survey showed that U.S. consumer expectations for inflation and the job market improved slightly in January. The median household expectation for inflation over the next year was 3.1%, down from 3.4% in December. Consumers perceived a slight decrease in the probability of losing their jobs, while the probability of finding new employment within three months rose to about 46%. Signs of a stabilizing labor market created conditions for the Federal Reserve to keep interest rates unchanged last month, following three consecutive rate cuts by the end of 2025. Policymakers stated that these rate cuts would support the labor market while keeping interest rates sufficiently high to continue exerting downward pressure on inflation. Households' views on their financial situation over the next year were broadly divided, with half of respondents expecting it to improve and the other half expecting it to worsen. Inflation expectations for the next three and five years remained unchanged at 3%.

Oracle (ORCL.N) shares rose 9.4%.

The New York Fed: The three-year inflation forecast remained unchanged at 3% in January, and the five-year inflation forecast remained unchanged at 3%.

The New York Fed reported that the labor market conditions improved in most areas in January compared to December. January home price expectations were 2.9%, lower than December's 3%.

New York Fed: Credit availability expectations declined in January compared to December.

New York Fed: Labor market expectations have not changed much.

New York Fed: Household optimism about current and future financial conditions declined in January.

February 9 – The U.S. Food and Drug Administration (FDA) stated that a television advertisement for Novo Nordisk's (NVO.N) new weight-loss drug contained “false or misleading” claims about the drug's weight-loss effects, exacerbating the pharmaceutical company's recent predicament. The FDA stated that the television advertisement “misleadingly” implied that the oral form of Wegovy had advantages over other weight-loss drugs. According to a letter the agency sent to Novo Nordisk on February 5, it raised specific concerns about phrases such as “live lighter” and “a brighter future” used in the advertisement. “Furthermore, these claims misleadingly implied benefits beyond actual weight loss, such as mood improvement, reduced psychological burden, or hope or direction in a patient's life, positioning the drug as a solution to broader life challenges rather than a treatment for a specific disease,” the FDA stated.