Daily Business News Digest — Monday, February 23, 2026

40 articles analyzed · 2 sources · 5 key highlights

Key Highlights

Market Turmoil as Supreme Court Strikes Down Trump Tariffs

Global markets experienced significant volatility on Monday as the U.S. Supreme Court struck down President Donald Trump's emergency tariff regime, throwing international trade policy into chaos and triggering sharp moves across currencies, commodities, and equities. The ruling creates immediate winners and losers among trading partners while raising fundamental questions about the future of U.S. trade negotiations and the dollar's strength.

Tariff Reversal Reshapes Trade Landscape

The Supreme Court's decision to block Trump's so-called reciprocal levies has fundamentally altered the global trade environment. Chinese stocks in Hong Kong rallied on the news, as the ruling put China among countries set to face lower duties on U.S. shipments. The development gives Chinese President Xi Jinping significant bargaining power heading into upcoming negotiations with Trump, according to analysts. The immediate market reaction was dramatic. The dollar fell against every major currency as traders sold U.S. assets on concerns about trade policy risks and economic outlook. Meanwhile, institutional investors turned long on the Australian dollar for the first time in more than a year, driven by a hawkish Reserve Bank and the weakening greenback. Former U.S. Trade Representative General Counsel Greta Peisch, now a partner at Wiley Rein, outlined the "gray areas" and uncertainties now surrounding the administration's tariff policy. Footwear industry executives noted that companies had been preparing to potentially file for tariff refunds in the lead-up to the decision, while some AmCham Hong Kong members are reconsidering plans to move supply chains out of China after weighing costs and sourcing stability.

Private Equity Faces Historic Drought

The private equity industry is experiencing its worst downturn since the 2008 financial crisis, according to a new Bain & Company report. The sector returned fewer profits to investors for a fourth consecutive year while sitting on a staggering $3.8 trillion in unsold assets. Fundraising has become increasingly difficult as limited partners grow cautious about commitments amid uncertain exit markets. Despite the broader industry malaise, some firms are still attracting capital. Qatar's $580 billion sovereign wealth fund announced an investment in 5C, a private credit firm run by former Goldman Sachs partners Tom Connolly and Michael Koester. The move underscores how Middle Eastern sovereign wealth continues to deploy capital selectively even as Western institutional investors pull back. Concerns about the private credit market's health intensified following what Bloomberg described as "Blue Owl anxiety" rattling the $1.8 trillion sector. Despite years of solid returns, direct lenders face persistent concerns about risk management and transparency in this once-niche corner of global finance.

Major Deals and Executive Moves

In deal activity, KKR & Co. agreed to acquire a majority stake in XCL Education Holdings, a Southeast Asian school operator, in a transaction valuing the company at approximately $1.3 billion. The deal highlights continued private equity interest in the education sector across Asia's growing markets. Chubu Electric Power Co. is in advanced talks to buy a stake in India's Continuum Green Energy Ltd. at a valuation exceeding $1 billion, reflecting ongoing Japanese investment in renewable energy infrastructure across South Asia. On the personnel front, BlackRock Inc. is losing Belinda Boa, an active equity specialist and one of the firm's most senior female executives, after more than 25 years with the company. Her departure was announced via LinkedIn, marking another high-profile exit from the world's largest asset manager.

Banking and Financial Services

JPMorgan Chase CEO Jamie Dimon faces a critical test Monday as he presents spending plans totaling approximately $2 billion per week to investors at a slimmed-down presentation. The longtime bank chief must convince shareholders that the massive cost structure is justified by growth opportunities and competitive positioning. In India, IDFC First Bank shares tumbled 15%—the steepest decline in nearly six years—after the lender disclosed suspected fraud in accounts linked to the Haryana state government. The state asked the bank to pull funds, raising questions about governance and risk management at the mid-sized institution. Meanwhile, a controversy erupted at the European Central Bank after it was revealed that President Christine Lagarde received €140,000 from the Bank for International Settlements despite a payment ban for ECB staff. Employees complained that different standards are being applied to the president versus "mortals" at the institution.

Commodities and Energy Markets

Gold prices rose as the tariff ruling threw trade deals into doubt, pushing the precious metal into what the Financial Times characterized as the "storybook stage"—trading far above levels suggested by fundamental forces with no clear catalyst to stop its ascent. Copper advanced for a second day as tariff uncertainty drove dollar weakness, while U.S. natural gas prices jumped on a powerful blizzard sweeping the Northeast and higher LNG export volumes. Oil markets declined as traders weighed prospects for a nuclear agreement between the U.S. and Iran, with negotiations expected later this week even as American forces mass in the Middle East. FGE NexantECA Chairman Fereidun Fesharaki suggested that open conflict between the U.S. and Iran could push prices into the $75-90 per barrel range, depending on export disruptions.

Regional Developments

Thailand reported its strongest export growth in four years, driven by an AI-led electronics boom and stronger demand for raw materials and machinery. The Southeast Asian nation is simultaneously seeking a trade agreement with the U.S. to secure market access. In the Philippines, Bank of America reported that companies are stepping up foreign exchange hedging efforts as global uncertainty fuels sharp swings in the peso. South Africa's Finance Minister Enoch Godongwana is expected to outline improvements in public finances this week that could pave the way for a sovereign credit rating outlook upgrade, according to a Bloomberg survey of analysts at Bank of America and Standard Chartered.

Outlook

The Supreme Court's tariff ruling has created a new era of trade uncertainty that will likely dominate markets in coming weeks. Companies face difficult decisions about supply chain positioning without clear policy guidance, while currency markets may experience continued volatility as the dollar's role as a safe haven is questioned. The private equity industry's struggles suggest a longer period of adjustment may be needed before exit markets normalize, potentially creating opportunities for patient capital providers. Meanwhile, geopolitical risks from the Middle East to Eastern Europe continue to inject uncertainty into energy markets and broader economic forecasts.