The University of Michigan’s consumer sentiment index rose by 0.9 points to 57.3 in February 2026, marking a third consecutive monthly increase and beating market expectations of 55, according to preliminary data. Despite the improvement, sentiment remained roughly 20% below its level in January 2025. The gains were driven largely by consumers with significant stock holdings, while sentiment among households without equity exposure stagnated at depressed levels. Modest improvements in perceptions of current personal finances and buying conditions for durable goods were partly offset by a slight deterioration in long-term business expectations. Concerns over the erosion of household finances due to high prices and the risk of job losses remain widespread. On the price front, year-ahead inflation expectations fell sharply to 3.5% from 4.0% in January, the lowest level since January 2025, while longer-term inflation expectations edged up for a second month to 3.4% from 3.3%.

Data delays from the partial US government shutdown resulted in both the US jobs report and CPI being released next week, set to impact both sides of the Federal Reserve’s dual mandate. Retail sales and employment costs data will also be featured. In Asia, an eventful week will be headlined by snap elections in Japan after swings in the yen and Japanese government bonds impacted global fixed income markets this year. Meanwhile, the UK will unveil its fourth quarter GDP, and inflation prints are due from China, Brazil, and India. On the monetary policy front, the Bank of Russia will set rates. Lastly, earnings results will be featured from McDonald’s, Coca-Cola, Cisco Systems, T-Mobile, and Applied Materials.

Silver extended its rebound toward the $76 per ounce mark on Friday, halting the selloff that started late January as markets gauged solid fundamentals for the metal against overdone speculative positions that triggered unprecedented volatility for the asset. Despite the rebound, silver prices erased all of this year's gain days after reaching a record of $121 on January 29th, after a wave of selling triggered higher margin requirements and magnified liquidation. Catalysts for the plunge also included the nomination of Kevin Warsh for the next Fed Chairman, who previously displayed strong views against a large Fed balance sheet. Precious metals had rallied after the US presidential administration hinted at efforts to weaken the dollar, in addition to geopolitical concerns in between NATO members and Middle Eastern military powers. At the same time, speculative bets on silver due to its industrial use in electrification and AI infrastructure added to the bullish sentiment.

The US Manheim Used Vehicle Value Index jumped 2.4% month-over-month in January 2026, the most since April last year, compared to a 0.1% gain in the previous month. EV prices increased 0.4% from December and Non-EV went up 2.2%. “We had planned for a stronger January from a pricing perspective, but wholesale values moved even faster than we expected on the back of strong retail demand, driving the MUVVI to its highest reading since September 2023. With tax refund season officially starting last week, we are expecting that more consumers will be getting refunds – and that the size of those refunds will hit a new record. Those factors should help consumers punch the ticket on some big-ticket purchases”, according to Jeremy Robb, Chief Economist, Cox Automotive. Year-on-year, used car prices also increased 2.4%, led by the luxury segment (1.6%) and non-electric vehicles (2.2%), while compact cars posted a 0.2% decline. Prices for EVs increased 0.8%.

The unemployment rate in Canada fell to 6.5% in January 2026 from 6.8% in the previous month, undershooting market expectations of 6.8% and marking the lowest level in 16 months, as fewer people searched for work. The decline marked a partial reversal of the prior month’s increase and reflected a 94,000 drop in the number of unemployed to around 1.5 million. The labour force contracted by roughly 94,000, pushing the participation rate down to 65.0% from 65.4%. Net employment fell by 25,000 to 21.12 million, interrupting the recent run of gains. Losses were driven by a 70,000 decline in part-time employment, partly offset by a 45,000 increase in full-time work.

Bitcoin rebounded above $65,000 from the two-year low of $60,000 earlier on Friday, as investors took advantage of cheaper prices following the plunge across cryptocurrencies in early February. Bitcoin remained around 30% lower year-to-date, trading at around half the value since its record high four months prior as a deterioration in its narrative was magnified by a selloff in a wide range of speculative assets. The higher share of Bitcoin in institutional portfolios made it more vulnerable to derisking, which recently dominated trades following higher volatility and margin requirements in precious and base metal derivatives. Other portions of the market also tie the decline in cryptocurrency holdings by retail traders on the broader range of substitutes for speculative trading, including leveraged ETFs with exposure to AI companies, zero-day options for equities, and the rise of betting markets.