What is going on in this Global Week Ahead?

The U.S. and Israel's widening conflict with Iran will remain front and center for the world's financial markets this week.

• Not only is the war itself driving sharp moves in oil, gas and global shipping prices, but 
• Normally crucial indicators — including Wednesday and Friday's U.S. consumer inflation releases compiled before hostilities erupted — risk being overshadowed

Away from the Middle East? 

• China will remain busy with its "Two Meetings" sessions, while 
• In Latin America, Colombia holds congressional elections and presidential primaries ahead of its decisive presidential vote at the end of May

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

(1) What happens to Oil and Gas prices gets determined by conflict — now

The Middle East conflict has delivered an unwelcome reminder of how quickly an energy-price shock can unfold.

Since Israel and the U.S. launched their attack on Iran on February 28th, oil has gained nearly +20%, while European natural gas is up almost +60%.

Some of the most popular trades of the last year — from emerging-market equities to silver and tech stocks — have unraveled, as investors raced to cover losses elsewhere.

The dollar, which lost nearly -10% in value over 2025, has risen against almost every major currency, while gold has temporarily shed its safe-haven mantle and instead served as a tool for damage control.

Most investors expect the conflict to last only a few weeks before some kind of yet-to-be-defined resolution.

But the scope for surprise in either direction is clearly huge.
 

(2) Wednesday, traders get a pre-war CPI for FEB. Friday offers the JAN PCE data

Traders will get a double dose of U.S. inflation data next week just as the Middle East turmoil raises fresh doubts about the Federal Reserve's rate-cut plans and the resilience of the broader economy.

The figures won't capture this week's oil and gas price spikes, of course, but should still make for interesting reading.

Wednesday's February Consumer Price Index is expected to have risen 0.2% on the month, a Reuters poll shows, after a moderation in rent inflation and — wait for it — cheaper gasoline helped produce a tepid January reading.

The other marker comes Friday with January's personal consumption expenditures (PCE) price index.

Taken together, the reports will offer a snapshot of inflation trends ahead of the Fed's meeting later in March, even if events have almost certainly overtaken them.
 

(3) France convenes G7 finance ministers & central bank governors

France will convene G7 finance ministers and central bank governors next week to discuss the Middle East crisis.

Markets will be watching closely as concerns grow that surging oil and gas prices could turn major central banks hawkish again.

A prime example is the European Central Bank, where investors now see a rate hike by year-end as more likely than not — a sharp reversal ‌from last week, when another cut was still on the table. So much for ECB chief Christine Lagarde's "good place.”

Reflecting the rapid market repricing, Germany's rate-sensitive two-year yield is on course for its biggest weekly rise in a year. For UK gilts, it is the largest since late 2024, with traders now betting the Bank of England won't be able to cut rates this month.

Also on the radar: Friday brings a heavy slate of European sovereign rating reviews, including for Germany, Italy and Spain. Turkey's central bank rate decision on Thursday will be a cut-or-hold cliffhanger given the troubles next door.
 

(4) Mainland China’s government decides policy across “Two Meetings”

China will deliver fresh clues next week on the health of its economy.

Monday brings February inflation data, followed on Tuesday by trade figures for the first two months of the year.

Lending data may also appear, though its timing is typically fluid.

The numbers will provide context for decisions taken at the "Two Meetings" — the annual session of national legislature the National People's Congress and top political advisory body the Chinese People's Political Consultative Conference.

The eight-day event, which opened on Thursday and runs until March 12th, has likely already produced its biggest headline with the announcement of a 4.5-5% growth target. 

But next week's data will highlight the challenges in meeting it.
 

(5) In South America, congressional elections happen in Colombia

Colombia holds congressional elections this weekend in a vote seen as an early indicator for the presidential race at the end of May.

It coincides with inter-party presidential primaries that should clarify which candidates have momentum.

Polling suggests the presidential race is shifting, with left-wing candidate Ivan Cepeda of the ruling Pacto Historico coalition gaining ground, while right-wing outsider Abelardo de la Espriella could benefit in a second-round runoff as rivals fall away.

For investors, the key question is how the result might shape the next president's ability to govern.

A divided outcome in May would likely keep markets steady.

Stronger opposition momentum could support the peso and lift Colombia's bonds, while gains for the left could send them the other way if fiscal worries return.
 

Zacks #1 Rank (STRONG BUY) Stocks

I picked 3 top Zacks #1 (STRONG BUY) tech stocks, with Zacks Value scores of D or F.

(1) Garmin (GRMN Quick QuoteGRMN - Free Report) : This is a $240 a share stock, with a market cap of $48.3B. It is found in Zacks Electronics-Miscellaneous industry. The stock holds a Zacks Value score of D, a Zacks Growth score of D, and a Zacks Momentum score of B.

F12M P/E: 27.3.
 

Image Source: Zacks Investment Research

Olathe, Kansas-based, Garmin, Ltd. is an original equipment manufacturer (OEM) of navigation and communication equipment that incorporate the global positioning system (GPS)-based technology.

The company’s diverse portfolio of handheld, portable and fixed-mount GPS-enabled devices provides geographical location and navigation data using the GPS satellite system.

Garmin reported revenues of $6.3 billion in 2024. The company reports operations under five segments: Outdoor, Fitness, Marine, Auto and Aviation, which generated 31.2%, 28.2%, 17%, 9.7% and 13.9% of revenues, respectively.

Outdoor products currently include handhelds, wearables, golfing devices, dog tracking/training devices and action cameras. The Fitness segment offers running and cycling products of various kinds and includes platforms for connecting and sharing data with others.

Marine products include chartplotters, fishfinders, sounders, autopilot systems, radars, instruments, radios, handhelds and wrist-worn devices, sailing and entertainment products.

Auto offers personal navigation devices (PNDs), infotainment solutions and mobile applications.

Aviation offers integrated avionics or flight decks; panel mounted navigation, traffic, audio, transponder, weather and other products; portable and wearable solutions; and mobile apps.

Products are manufactured at its Xizhi, Jhongli and LinKou facilities in Taiwan, its Yangzhou facility in China and its Olathe, Kansas and Salem, Oregon facilities in the U.S.

They are sold through a big network of independent dealers across 100 countries globally.

Garmin products are distributed through a hybrid sales channel system that utilizes a network of distributors and retailers. They are also sold directly to OEMs that integrate the GPS capability into their end product.

(2) Ubiquiti (UI Quick QuoteUI - Free Report) : This is a $774 a share stock, with a market cap of $48.3B. It is found in the Zacks Wireless Equipment industry. The stock holds a Zacks Value score of F, a Zacks Growth score of B, and a Zacks Momentum score of C.

F12M P/E: 56.4.
 

Image Source: Zacks Investment Research

Headquartered in New York, Ubiquiti Inc., along with its subsidiaries, offers a comprehensive portfolio of networking products and solutions for service providers and enterprises.

Its service-provider product platforms offer carrier-class network infrastructure for fixed wireless broadband, wireless backhaul systems and routing; while enterprise product platforms provide wireless local area network (WLAN) infrastructure, video surveillance products and machine-to-machine communication components.

The company was earlier known as Ubiquiti Networks Inc. and traded under the symbol “UBNT.”

Ubiquiti offers high-performance radios, antennas, software, communications protocols and management tools that are designed to deliver carrier and enterprise class wireless broadband access and other services primarily in the unlicensed radio frequency spectrum.

The company offers its products and solutions through disruptive price offering. They are also integrated as well as easy to deploy and manage. Moreover, Ubiquiti follows a scalable community-led approach based on product feedback of customers.

Ubiquiti has two different product categories, namely, Service Provider Technology (10.5% of total revenues in second-quarter fiscal 2026) and Enterprise Technology (89.5%).

The Service Provider Technology Segment includes airMAX, airFiber and EdgeMAX embedded radio and antenna product lines. This segment also includes products like base stations, radios, backhaul equipment and Customer Premise Equipment (“CPE”).

The Enterprise Technology Segment includes UniFi and mFi product lines. This comprises Unifi Access Point ("UAP") products, Unifi Video Products, Unifi Voice over IP ("VOIP") phones and Unifi switches.

(3) Teradyne (TER Quick QuoteTER - Free Report) : This is a $305 a share stock, with a market cap of $47.8B. It is found in the Zacks Electronics – Miscellaneous Products industry. The stock holds a Zacks Value score of F, a Zacks Growth score of B, and a Zacks Momentum score of D.

F12M P/E: 51.6.
 

Image Source: Zacks Investment Research

Headquartered in North Reading, MA, Teradyne designs, develops, manufactures and sells automated test equipment and robotics products. Its automatic test systems are used to test semiconductors, wireless products, data storage and complex electronics systems in consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries.

Robotics products include collaborative robotic arms and autonomous mobile robots (“AMRs”) that are used by global manufacturing, logistics and industrial customers.

Teradyne's semiconductor test products are used both for wafer level and device package testing of semiconductor devices. Its product portfolio comprises the FLEX Test platform, J750 test system, Magnum test platform and ETS platform, each tailored for specific semiconductor testing needs.

The company’s system Test segment is comprised of three business units: Storage Test, Defense/Aerospace and Production Board Test. Wireless Test business operates under the LitePoint brand name and provides test solutions utilized in the development and manufacturing of wireless devices and modules.

The Robotics segment comprises two business units: Universal Robots and Mobile Industrial Robots (MiR).

Universal Robots offers a variety of collaborative robot models, including the UR3, UR5, UR10, UR16 and UR20, each with different weight carrying capacity and arm reach. MiR offers four collaborative autonomous mobile robot models, MiR100, MiR250, MiR600 and MiR1350, each with a different payload carrying capacity.

Teradyne reports revenues primarily under four segments: Semiconductor Test, System Test, Robotics, and Wireless Test. In 2025, the company reported revenues of $3.19 billion.

Teradyne competes globally with key rivals like Advantest, Cohu, Keysight, Test Research, SPEA, Rohde & Schwarz, Anritsu, KUKA, ABB, FANUC, Yaskawa, Techman, Doosan, AUBO, Omron, Fetch, OTTO Motors, Vecna, Seegrid and Balyo.
 

Key Global Macro

U.S. CPI and core PCE data will be the key macro prints. But expect the discussion to be on wartime effects to this now stale data.

On Sunday, Mainland China’s CPI for FEB comes out. The prior y/y reading was -1.4%.

On Monday, Mainland China’s export for FEB come out. The prior y/y reading was +6.6%. Import’s prior y/y reading? +5.7%. If this massive manufacturing-based economy grows +4.5% to +5.0% in 2026, this trade performance is acceptable.

On Tuesday, ADP 4-week U.S. employment change data gets a refresh. The 12.8K prior print is anemic.

U.S. existing home sales for FEB come out. The prior m/m reading was down -8.4%.

On Wednesday, the U.S. CPI for FEB comes out. The consensus is for +0.2% m/m data, in line with JAN’s +0.2% m/m data. This is pre-war data, so it does not matter much. The broad U.S. CPI increase for JAN was up +2.5% y/y.

On Thursday, U.S. home building permits (1.443M in JAN) come out for FEB, as do starts (1.404M in JAN).

On Friday, U.S. core PCE inflation data (the gold standard watched closely by the FOMC) comes out for JAN. The prior y/y core PCE reading was a ‘hot’ +3.0%.
 

Conclusion

On March 4th Zacks Research Director Sheraz Main supplied a look on Q1-26 earnings season.

Here are the key points:

(1) With the end-point of Q4-25 earnings season approaching, we can confidently claim that corporate profitability is not only strong, but also showing clear signs of improvement in key aspects.

The improvement is particularly notable with respect to the revisions trend, with earnings estimates for the current and coming periods steadily moving up.

(2) For Q1-26, total S&P500 earnings are currently expected to increase by +11.3% from the same period last year on +8.4% higher revenues.

(3) The Tech sector has been a critical growth pillar since 2023 Q3 and is expected to play that role in Q1-26 as well, with expected earnings growth of +23.7%.

Excluding the Tech sector’s substantial contribution?

Q-26 earnings growth for the rest of the S&P500 index would be +5% (versus +11.3% otherwise).

(4) A total of 10 Zacks sectors expect to enjoy positive earnings growth in Q1-26, including Tech, Finance (+19%), and Basic Materials.

In sum, over-valued tech stocks get support from strong +23.7% EPS growth in Q1.

That might support 27 F12M P/E large cap tech stocks — like a current Zacks #1 Rank pick like Garmin.

What about Ubiquiti shares at 56? Or Teradyne shares at 52?

Enjoy this week’s trading and investing!

John Blank, PhD.
Zacks Chief Equity Strategist and Economist