What is going on in this Global Week Ahead?

Nvidia's (NVDA Quick QuoteNVDA - Free Report) earnings report is this week's centerpiece for markets, flanked by important data and politics in Europe, where both politicians and central bankers are jostling for top jobs.

Next are Reuters’ five world market themes, re-ordered for equity traders—
 

(1) Nvidia Reports Quarterly Earnings Results

Artificial intelligence bellwether Nvidia is set to post quarterly results as investors worry about returns on AI spending and industry disruptions caused by the emerging technology.

Wednesday's report from the semiconductor giant, the world's largest company by market capitalization, will be a major event for stock markets. Nvidia shares have soared following the launch of ChatGPT in late 2022.

Still, shares of the company and other "Magnificent Seven" mega-cap stocks have stalled so far in 2026.

Investors will also focus in the coming week on earnings reports from software companies including Salesforce (CRM) and Intuit (INTU). Software stocks have been hammered this year over concerns AI will lead to upheaval for the industry's business models.
 

(2) Tuesday Marks Four Years of Russia’s War on Ukraine

Tuesday marks the four-year anniversary of Russia's full-scale invasion of Ukraine, and though U.S. President Donald Trump's push for a ceasefire continues, getting one over the line remains devilishly difficult on all sorts of fronts.

Ukraine has faced sustained pressure to agree to a deal that could mean painful concessions, as Russian forces pound its power grid and slowly advance on the battlefield.

At the same time, the International Monetary Fund (IMF) looks set to rubberstamp extended support, meaning Kyiv's bonds are flying high.

As volatile oil prices show, markets are also grappling with the potential of U.S. military action against Iran amid the long-running dispute over Tehran's nuclear abilities.

Defense stocks and gold have also been beneficiaries.

Add in this year's Greenland and Venezuela flashpoints — and the tinderbox situations in Gaza, Africa and Taiwan — and analysts warn of an “everything, everywhere, all at once” era of geopolitical turmoil where one crisis rolls into the next.
 

(3) On Wednesday, Australia’s Latest CPI Data Comes Out. It Has Been “Hot”

Australia's consumer price reading due on Wednesday will be closely watched by investors, who are betting the central bank will hike rates at least once more this year as the economy remains in rude health and inflation proves sticky.

The Reserve Bank of Australia earlier this month became the only G10 central bank outside Japan to tighten policy, as it struggles to bring inflation under control in a supply-constrained economy.

Any upside surprise in Wednesday's figures would further cement bets that policymakers could deliver another 25 basis-point hike in May, bringing the cash rate to 4.10%.

Elsewhere in Asia, Tokyo's inflation data is due on Friday, though it's unlikely to materially alter the Bank of Japan outlook.

Analysts say Japanese Prime Minister Sanae Takaichi's historic election win clears the path for further BOJ tightening, leaving markets pricing in two rate hikes by December.
 

(4) On Thursday, U.K. PM Starmer Must Acknowledge Special Election Results

British Prime Minister Keir Starmer faces a reckoning on Thursday, when a Manchester special election could deliver a fatal blow to his faltering leadership.

Investors will be watching closely. Some fear a more left-wing successor to Starmer could ramp up spending and borrowing, adding to the flood of government bonds hitting markets.

British gilts and the pound wobbled earlier this month as a crisis engulfed Starmer over what he knew of Peter Mandelson's links to convicted American paedophile Jeffrey Epstein when he appointed the former as U.S. ambassador.

Markets calmed when Starmer's cabinet backed him, and recent UK bond sales have seen record demand as investors have snaffled up the sky-high yields on offer.

Should Labor get walloped by Nigel Farage's Reform or the Greens in the seat of Gorton and Denton, Friday could be another volatile day for British markets and Westminster.
 

(5) Who Is Next to Lead the European Central Bank (ECB)?

An otherwise dull ECB outlook just got a bit of a spark following a Financial Times report that Christine Lagarde plans to leave her post as president early.

Lagarde told the Wall Street Journal she expects completing her mission as president of the ECB will take until the end of her term.

This all has traders focusing on succession at one of the world's most important central banks, at the same time as bracing for change at the Fed.

Lagarde leaving early, the FT says, is to give outgoing French leader Emmanuel Macron a say in picking her successor.

It's early days, and Friday's preliminary February German, French and Spanish inflation data will likely confirm steady rates for the rest of 2026.

Still, a guessing game of who next leads the ECB is underway. And consider this: has central bank independence been compromised by politicians tempted to bend the rules to guarantee their pick of ECB chief?
 

Zacks #1 Rank (STRONG BUY) Stocks

I picked three top Zacks Value stocks, out of our Zacks #1 (STRONG BUY) list.

(1) Barclays (BCS Quick QuoteBCS - Free Report) : This is a $26 a share stock, with a market cap of $91.5B. It is found in the Zacks Foreign Bank industry. There is a Zacks Value score of B, a Zacks Growth score of D, and a Zacks Momentum score of B.
 

Image Source: Zacks Investment Research

Barclays PLC is a major global banking and financial services company.

With 325 years of expertise in banking, and operating through an international network in many countries and regions in Europe, the U.S., Africa & Asia, the company provides a wide range of financial services to individuals, corporations and institutions.

The company restructured its business lines into two divisions - Barclays UK and Barclays International.

Barclays UK is a personal and business banking franchise, built around the customers' needs with innovation at its core. It comprises the company's UK retail banking operations, UK consumer credit cards business, UK-based wealth offering, and corporate banking for smaller businesses.

Barclays International is a diversified transatlantic business. The division comprises corporate banking franchise, investment bank, international cards business and international wealth offering and leading payments capability through both corporate banking and the Barclaycard merchant acquiring expertise.

(2) FedEx (FDX Quick QuoteFDX - Free Report) : This is a $383 a share stock, with a market cap of $90.1B. It is found in the Zacks Transportation-Air Cargo and Freight industry. There is a Zacks Value score of B, a Zacks Growth score of D, and a Zacks Momentum score of D.
 

Image Source: Zacks Investment Research

FedEx Corporation is the leader in global express delivery services.

The company provides a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand.

The company is currently reporting, primarily through the FedEx Express (including TNT Express acquired in 2016), FedEx Ground and FedEx Freight segments.

FedEx Express offers time-definite delivery to more than 220 countries and territories, connecting markets that comprise almost the entire gross domestic product of the world.

(3) Tokio Marine (TKOMY Quick QuoteTKOMY - Free Report) : This is a $41 a share stock, with a market cap of $81.3B. It is found in the Zacks Insurance-Property & Casualty industry. There is a Zacks Value score of A, a Zacks Growth score of D, and a Zacks Momentum score of F.
 

Image Source: Zacks Investment Research

Tokio Marine Holdings Inc., formerly known as Millea Holdings, Inc., headquartered in Tokyo, is a Japan-based holding company.

Through its subsidiaries and associated companies, the Company is engaged in the non-life insurance, life insurance and asset management businesses.

The company is also engaged in the security investment consultation, investment trust management, derivative, temporary staffing and real estate management businesses.

This company became Japan's first publicly owned holding company that completely integrated life and non-life insurance operations.

Their objective is to become one of the world's preeminent insurance groups within the next 10 years.
 

Key Global Macro

A focus this week is likely to be fresh global Consumer Price Inflation (CPI) prints.

On Monday, the Fed’s influential Chris Waller gives a speech.

On Tuesday, Australia’s CPI for January comes out. +3.8% y/y was the prior reading. Australia’s trimmed mean CPI comes out for January too. The prior there was a concerning +3.3% y/y number too.

On Wednesday, Australia’s Reserve Bank Governor Bullock gives a speech. This is significant, given the policy rate hike that took place, in the prior meeting, along with the latest CPI data.

On Thursday, Japan’s CPI data for January comes out. The broad CPI there has been at +1.5% y/y. Ex-food & energy is at +2.0% y/y.

On Friday, the U.S. PPI for January comes out. The broad PPI was +3.0% y/y in the prior reading, while the core PPI was +3.3% y/y.
 

Conclusion

On February 19th, 2026, Zacks Research Director Sheraz Main supplied an update, on Q4 earnings season.

Here are the key points:

(1) Total earnings for the 394 S&P 500 members that have reported Q4 results are up +12.7% from the same period last year on +8.8% higher revenues.

75.9% beat EPS estimates and 72.3% beat revenue estimates.

(2) The Q4 earnings growth pace and EPS beats percentage for this group of 394 index members is tracking below what we had seen from this same group of companies, in the preceding period.

The EPS beats percentage also tracks below the 20-quarter average, for this group of companies.

(3) The revenue growth pace for this group of 394 index members represents a clear acceleration relative to other recent periods.

The Q4 revenue beats percentage is tracking below the preceding period but is otherwise modestly above the 20-quarter average for this group of companies.

(4) For the Tech sector, we now have 2025 Q4 results from 72.8% of the sector’s market capitalization in the S&P 500 index.

Total earnings for these Tech companies are up +17.4% from the same period last year on +15.6% higher revenues, with 87.3% beating EPS estimates and 87.3% beating revenue estimates.

This is a notably better performance from these Tech companies relative to other recent periods.

(5) Combining the actual results that have come out with estimates for the still-to-come companies, total Q4 earnings are currently expected to be up +13.1% from the same period last year, on +9.1% higher revenues.

This will be the 10th consecutive quarter of positive earnings growth for the index.

Enjoy this week’s trading and investing!

Warm regards,

John Blank, PhD.
Zacks Chief Equity Strategist and Economist